Public confidence is severely broken by a national corporation feeding on taxpayers’ money and failing to deliver.
In the beginning
History of Gambia’s Social Security scheme began with the State Pension Board. In early 80s, there was felt need to build larger capital structure by investment of pensioner’s funds in commercial ventures. That idea gave birth to what is today known as Social Security and Housing Finance Corporation SSHFC.
Birth of Housing Estate in Gambia
It all started with low cost housing located at Bakoteh in coastal Gambia. Many of those who secured plots had structures built of war time like bunkers. With time, home owners transformed this by personal funds. Some of them through loans on top of what they already signed with SSHFC.
About early 90s, land was made available near Kanifing Industrial Estate. After completion of road works, houses began emerging in what many saw as improvement of the Bakoteh model.
Kanifing Industrial Estate never served the planned industrial use. Not a topic for this time. We still bear in mind that what was demarcated as industrial land allocation eventually transformed into cosy domestic housing; more homely than industrial. By turn of that decade, most of the factory work disappeared leaving behind private duelling homes.
Kanifing East Estate could not have come at better time as most public servants paid high rent to profiteering landlords in Gambia’s crowded urban settlements. Good job that Social Security Housing Finance Corporation broke new grounds with greater option for providing type and quality of housing to suit taste and purchasing power. We shall now on call the corporation Social Security or SSHFC.
For convenience and choice base options, wherever SSHFC established housing estate, government land authorities demarcate parallel scheme known as the Layout. Thus we have Bokoteh Layout, Kanifing Layout, and later Brusubi Layout.
Creation of BRUSUBI
Between Brufut, Sukuta and Bijilo, along the Kombo Coastal Road land grabbers already set their eagle eyes and sharp claws for mass possession. This was arrested when in 90s SSHFC expressed interest to create yet another housing estate.
Before the creation of Brusubi plans were afoot for provision of prefab housing units with prototypes placed on display at entrance to Kanifing Housing Estate. Whatever happened later remains a property of history. There was a push and pull between SSHFC and other stakeholders particularly the defunct National Investment Board NIB. Eventually, the idea of prefabs designed for the new estate laid dead for good.
At the time SSHFC and National Investment Board could not agree on terms. Planning resumed after long winding tussles with introduction of BRUSUBI.
The name BRUSUBI was coined by first syllables of the named settlements of Brufut, Sukuta, and Bijilo which readily gained acceptance by the general public.
Development of Brusubi came in phases. Phase 1 was largely subscribed with very stringent selection criteria based on need, ability to pay and condition of home owner status. Later on came Phase 2.
By all standards, Brusubi Phase 1 attracted slightly higher income brackets with access to personal loan facilities. Other economic brackets of society included those Gambians living abroad ready to invest in what many considered dream homes.
Accounting discrepancies and financial mismanagement by SSHFC
Due to lack of proper accounting, some clients of Social Security Housing Finance Corporation had their payments wrongfully diverted. The serious accounting error prevailed between Trust Bank and Social Security. Money paid by clients ended up in wrong accounts.
When challenged by some of the affected victims of this serious wrongful financial malpractice, neither of the two public institutions owned up responsibility. Some of the mismanaged and diverted funds have still not been accounted for.
Prohibitive Interest Charges
After discovering this massive scale of wrongful accounting, Social Security still charged prohibitive interest as way of scooping less than genuine revenue from clients. Even after raising the matter some clients of Social Security had to bear the bitter pain of paying undue interest.
Secret money making machine of Trust Bank and Social Security
Due to bad accounting practice, it is no surprise that both Social Security Housing Finance Corporation and Trust Bank boast of generating excessive revenue presented in their annual statements with lucrative Balance Sheet indicating gainful business.
Wrongful interest charges can be lucrative business for any dubious financial schemer. Going by tangible evidence at hand that is one avenue of cash flow helping these Gambia public finance institutions growing fat at dreadful cost to clients. Milking money from tax payers as scheme of getting rich is against all principles of ethical commercial operation.
Home owners need rescue plans and not insecurity
Recent public statement relayed through the media sends damaging signals from Social Security Finance Corporation. Instead of working out ways to finance housing and home development Social Security is threatening to impose forfeiture.
After almost two decades since allocation of plots by Social Security any action that threatens repossession is most inhumane to say the least.
What is the meaning of Social Security and Housing Finance?
Going back to basics, the meaning of Social Security and Housing Finance is clear for all to see. A caring and responsible social security outfit will come to the aid of people in need and not render people homeless at crucial stage of their life. Doing so is gross negligence of corporate social responsibility.
With the amount of cash flow fuelling the excesses of Trust Bank and Social Security, the most sensible move is to look for solutions and not to strip toiling Gambian tax payers their hard earned possessions. If Trust and Social Security staffs are happy to feed on juicy bonuses what are they doing about people whose money fills their pockets? Will any of them be happy to face similar situation they so blindly choose to impose on helpless persons?
Unscrupulous Gambians at it again
Upon detailed investigation, it emerged that some unscrupulous Gambians are behind all the crooked move of creating noise over undeveloped plots at Brusubi particularly. Their cry is that those allocated with plots of land at Brusubi and still not developed have to forfeit.
For one moment, how are these people thinking when they push this bad agenda? Don’t they realise that those they want to see suffer deserve a life too?
It appears that this is another money milking scheme for those unscrupulous elements of society. Between Social Security Finance Corporation and Trust (major shareholder) bailing out home owners is better solution than having them forfeit. This could have been a project developed as part of a rescue plan. Any genuine funder will look at a proposal for rescue of people in need. The World Bank and other international finance houses will not turn blind eye when a project proposal is submitted in rescue of those allocated with plots of land and still undeveloped due to funding constraints.
Rescue plan
Clearly stating, Social security Housing Finance Corporation of Gambia seriously betrays public confidence by letting a small problem grow out of proportion. What is the purpose of the corporation’s Finance Department apart from compiling wrongful interest charges? What stops the Finance Department of Social Security from coming up with a Rescue Plan rather than destroying the hope of families?
If there is anyone at Trust Bank or Social Security who disputes the case of wrongful interest charges, evidence to that effect is readily available for the public to see.
Gambian tax payers deserve better treatment than high handed abuse of position by those in trusted public responsibility. It has to be borne in mind that some of the affected clients of Social Security already paid off with all the prohibitive interest charges.
Gambia has more burning issues than undeveloped homes
In Gambia as with any part of the world there is no shortage of undeveloped property spanning to decades. It is therefore very unreasonable to raise alarm bells over undeveloped plots wherever the location. Any excesses will amount to infringement of domestic and personal rights. Even in the most develop parts of this universe there are undeveloped land space. Let Social Security and Trust Bank come of with solutions and desist from exerting pressure on struggling Gambian families.