Kenya’s National Social Security Fund (NSSF) will axe at least four companies from its investment portfolio this year in an effort to prevent the fund’s earnings from plummeting further.
East African Portland Cement Company, Consolidated Bank, Sameer Group and UAP Old Mutual Holdings will be the first companies to be cut from the pension scheme’s portfolio. New CEO and managing trustee David Koross tells The Africa Report that others may follow as it hunts alternative revenue flows from the market.
Years of losses
The plan comes after the pension scheme suffered huge losses via the capital markets in the past two financial years. The losses explain the need to find alternative investment avenues for NSSF to grow members’ contributions.
NSSF, which pocketed an additional KSh10bn ($69m) from the increase in monthly pension contributions that began in March 2023, has continuously been
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