By: Kebba AF Touray
The Public Enterprise Committee of the National Assembly (PEC) has requested the management and board of Social Security and Housing Finance Cooperation (SSHFC) to provide title deeds of properties worth over two Hundred and Eighty-Two Million Dalasi (D282 Million).
PEC members made this and other recommendations in their 2020 report on State Owned Enterprise (SOEs), which was tabled on Thursday 7th March 2024 at the National Assembly by the Committee’s Chairperson and Member for Brikama South, Hon.Lamin J. Sanneh.
“During the review on investment properties, Auditors indicated that they were not provided with title deeds for the properties,” Hon Sanneh said;
He added that the title deeds on the investment of properties of SSHFC which the committee demanded include Basse Investment Property-D12, 287,826.66,
Mansakonko Investment Property-D8, 704,999.87, Janjanbureh Investment Property-D5, 314,999.63, Land Purchase Kanifing Industrial-D15, 000,000.00, Cotton Street Building-D45, 535,000.00, Ocean Bay Hotel-D128, 849,000.62, and Sun Beach-D69, 425,000.13. The worth of these properties accumulates to over two hundred and eighty-two million Dalasi(D282M).
“The Committee recommends for the Board to ensure that title deeds for all these properties are obtained with immediate effect,” Hon. Sanneh said while tabling the report.
On fixed assets of the SSHFC, he reported that the Auditors selected samples of assets for verification, but said these assets were not provided for verification as stated by the auditors.
As explained by Hon. Sanneh, the said fixed assets are the following: APPLE MACBOOK PRO LAP TOP F/MDD/35 160,000.00 and DELL LAPTOP F/SHR.DM/32 93,150.00, worth two hundred and fifty-three thousand, one hundred and fifty Dalasi (D253,150.00).
He said the Committee recommends for the Board and Management of SSHFC to ensure that they keep an up-to-date fixed asset register that is regularly reconciled with their physical assets.
On mortgage debtors, PEC Chairperson also informed members of the Assembly that as part of the audit procedure to confirm the existence and accuracy of mortgaged customer balances, the auditors visited a sample of homes to interview homeowners. He however, said that the auditors had limitation in confirming the outstanding receivable balances due to various reasons, adding that some of the plots were reallocated, but the records were not updated in the corporation’s books.
He continued: “Furthermore, some of the landowners had either sold their lands or rented them but did not settle the Corporation.’’
It was also noted with concern that some landowners already had their title deeds even though they still owed the Corporation. He said the Committee recommends the Board and Management of the Housing Corporation to ensure that housing records are updated and follow-ups conducted on all outstanding mortgage balances and to ensure that these are settled by June 2024 or for necessary measures be taken immediately.
