The National Pensions Regulatory Authority (NPRA) has directed the suspension of the sale of the hotels belonging to the Social Security and National Insurance Trsut (SSNIT). We write to acicnowledge receipt of the documents submitted to us on 7th June, 2024 in response to our request for information on the Trust’s intention to engage Rock
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The National Pensions Regulatory Authority (NPRA) has directed the suspension of the sale of the hotels belonging to the Social Security and National Insurance Trsut (SSNIT).
We write to acicnowledge receipt of the documents submitted to us on 7th June, 2024 in response to our request for information on the Trust’s intention to engage Rock City Hotel Limited as the Strategic Investor in the matter of the sale of the f.r (4) hotels, namely La Palm Royal Beach Hotel, Elmira Beach Resort, Busua Beach Resort, Ridge Royal Hotel, Trust Lodge owned by the Social Security and National Insurance Trust (SSNIT).
In assisting the Authority to have a better understanding of the facts associated with the sale and the pending negotiations to engage Rock City Hotels Limited as the SUategic Investor, you and your team appeared before the Board of the Authority at their meeting held on Thesday, 25th June, 2024 to further provide insights on the subject, albeit inconclusive. The Authority appreciates the efforts and commitxnent demonstrated so far by your good self and your team to assist us make the necessary determination on the matter, pursuant to our function under Section 7(g) a the National Pensions Act, 2008 (44 766) that mandates us to “regulate and monitor the implementation of the Basic National Social Security Scheme (BNSSS)”.
As you may be aware, Section 67(2) of the Act requires us to issue releva.nt guidelines to guide your investment decisions. In furtherance of this requirement , you are hereby directed by the Board of the Authority t spend all the processes seeking to engage Rock City Hotel Limited as the Strategic Investor in matter of the sale of the above-mentioned hotels.
More soon…
The post NPRA directs suspension of sale of SSNIT hotels as it conducts full scale probe into the matter first appeared on 3News.
