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Former SSNIT board chairman denies ordering sale of trust properties
A Daily Guide publication on March 8 under the headline “EOCO Chases SSNIT,” reported that the outgoing SSNIT board under Joshua Alabi also gave approval for the trust to put a number of its expensive management residential facilities in Accra on sale at the eleventh hour when the NDC was on its way out of government.
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A Daily Guide publication on March 8 under the headline “EOCO Chases SSNIT,” reported that the outgoing SSNIT board under Joshua Alabi gave approval for the trust to put a number of its expensive management residential facilities in Accra on sale at the eleventh hour when the NDC was on its way out of government.
"The buildings include six residential properties and two guest houses located in plush areas like North Ridge, Cantonments and Airport Residential Area – all in Accra – but there are concerns that the facilities will be sold at very cheap rates as most state properties are being sold allegedly to cronies," the story addd.
But in a rejoinder, Prof. Alabi, explained that: "a committee which was set up to look into the financial viability of some of the assets of the Trust found that the listed properties were either unoccupied, or had deteriorated, while others had outlived their usefulness.
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"Management explained to the Board that these assets did not yield any cash returns to the Trust and had negatively affected the return on assets ratio while the cost of maintenance of the properties were too high.
"The Committee in its report recommended that the listed properties should be sold.
"Following the recommendations, the Board at its last meeting held on 5th January, 2017 directed that management of the Trust should engage the services of the Architectural Engineering Services Limited (AESL) to value the properties to be disposed of and revert to the Board. That is the incoming Board.
"The Board decided that the report of the valuation should be submitted to the next Board for review and consideration before the process of divestiture begins.
"The Board further directed that the sale should be advertised and bidders should be required to submit bid bonds as part of the process. The Board further directed that in doing so, due process should be followed.
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"I am not aware of any contrary decisions taken subsequently regarding this matter. So it cannot be true that the former Board decided to sell properties at the eleventh hour as claimed by the Daily Guide."
He emphasised that the sale of the properties could not have begun and concluded under his watch.
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