NSSA fires GM and 4 executives

The National Social Security Authority (NSSA) has dismissed its general manager, James Matiza, along with four senior executives, as part of a far-reaching restructuring exercise aimed at restoring public confidence and strengthening accountability within the institution.

NSSA board chairperson Robin Vela confirmed the dismissals, saying the move was designed to give the authority "a fresh start" and refocus it on its core mandate of serving pensioners and contributors.

In a statement issued yesterday, NSSA said those fired with immediate effect include Matiza, investment director Shadreck Vera, corporate services director Tendai Mafunda, finance director Patrick Mapani, and ICT director Bright Chidyagwai.

Vela said the newly constituted board, which assumed office in July, was determined to overhaul NSSA's operations, citing high operational costs, weak governance systems, and poor investment decisions that had tainted the organisation's reputation.

"A culture change doesn't come without changing personnel," Vela told NewsDay. "This restructuring is about returning NSSA to its rightful owners — the pensioners and contributors. We must restore accountability and efficiency in the way we manage public funds."

He added that the changes were necessary to improve NSSA's image and ensure better delivery of "living pensions" to retirees.

To ensure continuity, NSSA board member Hashmon Matemera has been appointed interim general manager pending the recruitment of a substantive head.

"Mr Matemera is not a candidate for the substantive position, and his acting appointment will not extend beyond March 31, 2016, under any circumstances," NSSA said in the statement.

NSSA has been dogged by controversy in recent years, largely due to questionable investment decisions that have cost pensioners millions of dollars. The authority lost around US$50 million in its failed attempt to rescue the collapsed Renaissance Merchant Bank, later rebranded as Capital Bank, which eventually surrendered its licence after NSSA refused to inject further funds.

The authority also lost about US$16 million in other defunct financial institutions, including Interfin Banking Corporation, which shut down in 2012 amid revelations of gross abuse of depositors' funds, and Genesis Bank, where NSSA had over US$750,000 deposited before its collapse.

These losses, coupled with meagre pension payouts, have drawn widespread criticism from pensioners and the public, prompting calls for greater transparency and reform.

Despite the challenges, NSSA remains one of Zimbabwe's largest institutional investors, with significant shareholdings in CBZ Holdings, ZB Financial Holdings, FBC Holdings, and Rainbow Tourism Group, among others.

Vela said the board would issue another statement in the coming days outlining further measures to improve governance and ensure NSSA delivers tangible value to its contributors.