Gambiaj.com – (BANJUL, The Gambia) – The Public Enterprises Committee (PEC) of the National Assembly, chaired by Honourable Lamin J. Sanneh, on Monday, 27th October 2025, sharply questioned the management of the Social Security and Housing Finance Corporation (SSHFC) over what lawmakers described as a “controversial and poorly justified” bus purchase deal.
The hearing formed part of the committee’s consideration of SSHFC’s activity and financial reports for 2022 to 2024, but tensions quickly rose after the National Audit Office (NAO) presented findings highlighting twelve major audit concerns, most notably, the purchase of seventy buses valued at approximately eight hundred and seventy-two million dalasis (D872 million).
According to the NAO report, no formal loan agreement existed between the Government of The Gambia and SSHFC to define repayment terms or interest rates, despite the magnitude of the expenditure.
The audit further uncovered a discrepancy of D80.7 million between the loan schedule and the total payments made for the buses.
The auditors also observed that the procurement was carried out through TK Export LLC and TK Motors in the United Arab Emirates without any evidence of competitive bidding or evaluation of alternative suppliers, a process they said raises serious concerns about transparency, due process, and value for money.
The report warned that such weak internal controls and governance practices could threaten SSHFC’s financial stability and jeopardize workers’ pension funds, exposing the corporation to potential legal and reputational risks.
In response, SSHFC management defended the transaction, stating that it stemmed from a government directive dating back to 2013, which instructed the corporation to finance buses for the Gambia Transport Service Company (GTSC).
Management maintained that SSHFC merely acted as a financier and viewed the deal as a “business opportunity” to invest idle funds.
However, lawmakers remained unconvinced. Chairperson Hon. Lamin J. Sanneh questioned why a corporation entrusted with safeguarding workers’ savings would finance a government project without explicit approval, describing the move as “a serious breach of financial independence.”
“What was wrong yesterday cannot be right today,” Hon. Sanneh declared, warning that such transactions undermine public trust and accountability.
The committee is expected to make formal recommendations as it concludes its review, with several members calling for a comprehensive investigation into the bus deal and other questionable financial transactions at SSHFC.
