Africa-Press – Gambia. The National Assembly’s Standing Committee on Public Enterprises on Friday reviewed a Special Audit Report on the Social Security and Housing Finance Corporation (SSHFC), revealing millions of dalasis in irregular payments and serious governance lapses.
The audit, covering the period January 2022 to June 2024, showed that the corporation’s board received payments exceeding D5.3 million, including dual monthly and sitting allowances for board members. Auditors said the practice contravened the State-Owned Enterprises (SOE) Code of Corporate Governance 2023, warning it undermined transparency and accountability.
During the committee session, auditors said payments were made without proper documentation or approval, and internal controls to monitor board expenditures were weak.
The report also noted the absence of formal board evaluations, a requirement under governance regulations, which affected the corporation’s ability to assess board performance and identify weaknesses.
The special audit further flagged more than D13.6 million spent on staff training and development without an approved framework or evaluation process. Auditors said the lack of a formal policy made it impossible to determine whether the expenditure delivered value or addressed skills gaps effectively.
Other findings included irregular procurement practices, contract extensions without adequate justification, and the allocation of contribution funds to external beneficiaries.
Auditors warned that these lapses could compromise the corporation’s financial sustainability and erode stakeholder trust.
In response, SSHFC management told the committee that a board charter is being developed to regulate future payments. It also said letters had been submitted to the Ministry of Finance and Economic Affairs to regularise the irregular allowances.
Management added that sitting allowances were intended only for subcommittee meetings and training, although auditors maintained that dual payments violated governance standards.
Committee members were urged to take corrective measures, including full recovery of ineligible payments, strengthening internal controls, ensuring proper oversight of procurement and allowances, and formalising staff training policies.
Auditors emphasised that adherence to governance protocols is critical to protecting the corporation’s resources, ensuring accountability and maintaining stakeholder confidence.
The Standing Committee is expected to deliberate further and recommend specific actions to recover funds and prevent future financial mismanagement, highlighting the need for robust oversight of state-owned institutions.
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