The National Pensions Regulatory Authority (NPRA) has directed the management of Social Security and National Insurance Trust (SSNIT) to stop all processes involved in the sale of four hotels to Rock City Hotel Ltd.
This is contained in a letter from the NPRA to SSNIT dated Friday, June 28.
“We write to acknowledge 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 four (4) hotels, namely La Palm Royal Beach Hotel, Elmina Beach Resort, Busua Beach Resort, Ridge Royal Hotel, Trust Lodge owned by the Social Security and National Insurance Trust (SSNIT).
“The Authority appreciates the efforts and commitment 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) of the National Pensions Act, 2008 (Act 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 relevant guidelines to guide your investment decisions. In furtherance of this requirement, you are hereby directed by the Board of the Authority to suspend all the processes seeking to engage Rock City Hotel Limited as the Strategic Investor in matter of the sale of the above-mentioned hotels,” the NPRA release signed by Chief Executive Officer, John Kwaning Mbroh said.
In its release, the National Pensions Regulatory Authority said it is engaging the Minister for Pensions and relevant stakeholders on the planned sale of SSNIT Hotels to Rock City Hotel Ltd.
The NPRA said further directives shall be issued to SSNIT on the subject matter as soon as it concludes its engagements and the evaluation of the relevant facts associated with the subject matter.
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