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| Langat has been formally appointed to a position he held in an acting capacity for six months. [Photo: File/Standard] |
By Standard Reporter
Nairobi, Kenya: Richard Lang'at has been confirmed as the National Social Security Fund managing trustee, ending a year-long vacuum at the helm of the Sh120 billion public pension scheme.
Lang’at, who has been in the spotlight for a contract to develop infrastructure in the now controversial Tassia II project got the formal appointment yesterday to a position he held in an acting capacity for six months.
He now takes over a much bigger fund where monthly membership contributions are expected to increase from Sh200 to a maximum of Sh6,000, pegged on a worker’s income. Adan Mohammed, the chairman of the board of trustees said Lang’at had scored the highest marks among the 67 applicants interviewed for the position in a process that concluded mid yesterday.
“Thirteen shortlisted candidates were invited for the selection interview, Richard Kipkoech Lang’at was unanimously picked by the Board having emerged top,” explained Mohamed. Francis Atwoli, who has been critical of the entire board over the award of the Tassia II project, was, however, not in the meeting yesterday that confirmed Lang’at as the new NSSF head.
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Lang’at takes over a fund that has seen the highest turnover rate in the country’s public sector. Insiders and people close to the operations of NSSF link the high turnover to the Fund’s huge asset base, which has in the past been abused by political correct individuals with selfish interest.
Fund’s worth
Over Sh10 billion worth of members’ savings have been lost in the past on shoddy deals, including payments made to non-existent assets and contracts.
NSSF is struggling to shed its old image, as it seeks the confidence of an estimated 2.5 million members,
It’s projected that the new law would enable NSSF to collect Sh15 billion a year, making it the richest public entity. But even before the hike in collections, NSSF is the single biggest investor in the stock market, a factor that could explain its strategic importance. Lang’at succeeds former company secretary Hope Mwashumbe, who also served in an acting capacity for five months.
