Alarming Revelations Suggest SSHFC Management May Be Risking Billions Again!
Open Gambia was again given explosive information from a whistleblower deep within the Social Security and Housing Finance Corporation (SSHFC). This insider warns of a looming disaster: SSHFC is allegedly poised to sink billions of pensioners’ hard-earned funds into purchasing the Tropics Shopping Centre in Senegambia, opposite the Village complex. This move eerily mirrors the infamous D900 million debacle involving 70 buses for GTSC over two years ago—a colossal investment that has yet to yield any returns!
Our investigation unearthed that a seasoned financial expert was approached by a client in discussions with Shams of Construct Ltd around either buying the Tropics Shopping Centre or taking over its management on behalf of Construct Ltd/Shams as Construct Ltd/Shams lack any experience in property management and have no interest in retaining ownership of the property.
Initially, the Gambia Tourism Board (GTB) commissioned Shams/Construct to build Tropics as their headquarters to compensate them with a prime site in the Tourism Development Area (TDA). The grand plan was for Tropics to house the GTB and the Ministry of Tourism. But in a twist under Minister Amat Bah, the agreement was reversed, instead giving Shams/Construct Ltd a 50-year lease on Tropics!
The consultant advised their client to avoid the deal for two glaring reasons: first, Shams/Construct demands an outrageously inflated price tag. Second, the proposed management terms are severely skewed in favour of Construct/Shams.
There is mounting suspicion that Shams has set sights on SSHFC, one of the few entities with the financial muscle to swallow such a staggering investment. Concerns are growing that SSHFC’s management might plunge headfirst into this perilous deal without proper due diligence, recklessly overpaying or agreeing to lopsided management terms. This could spell disaster, putting pensioners’ life savings in grave jeopardy!
We call upon all SSHFC pension holders and the SOE Commission to be vigilant and ensure the management and Board of Directors of SSHFC are not allowed to gamble with pensioners’ futures for potential personal gain. The time to act is NOW before it’s too late!
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