The National Social Security Fund (NSSF) is bleeding value, with Sh4 billion in prime Nairobi real estate left dangerously exposed to land grabbers, Auditor-General Nancy Gathungu has revealed in a scathing new report.

This is not just administrative negligence; it is a red alert for every Kenyan pensioner. The abandonment of five strategic properties in the Central Business District (CBD) signals a potential looting spree in the making, echoing the darkest days of state capture where public assets vanished into private pockets. Ms. Gathungu’s warning is clear: unless immediate action is taken to secure and monetize these assets, the life savings of millions of workers could be wiped out by a cartel of well-connected predators waiting in the shadows.

The Ghost Buildings of Nairobi

The details contained in the audit report for the year ending June 30, 2025, paint a disturbing picture of an organization asleep at the wheel. The Auditor-General has flagged five specific properties within the heart of Nairobi, collectively valued at Sh4.02 billion, which have remained idle and unutilized. In a city where real estate is gold, leaving such high-value assets dormant is not only fiscally irresponsible but suspicious.

According to the report, this idleness is a direct violation of Section 1.5.2 of the Fund Investment Policy Statement, 2020. This policy explicitly mandates that all assets must be structured and invested prudently to generate returns for retirees. Instead, these buildings stand as ghost structures—monuments to waste that are generating zero income while incurring maintenance and security costs. The Auditor-General noted that the management has failed to provide a satisfactory explanation for this inertia, raising fears that the properties are being deliberately run down to justify their disposal at throwaway prices to cronies.

A History of Looting

The NSSF has long been the cash cow for Kenya’s political elite, and this latest revelation reopens old wounds. History is replete with instances where public land belonging to the Fund was "allocated" to private individuals under dubious circumstances. The fear now is that history is repeating itself. By keeping these properties off the official active register, they become prime targets for land grabbers who specialize in manufacturing fake title deeds and laying claim to "abandoned" government assets.

• The Valuation Gap: While the properties are listed at Sh4 billion, independent experts warn that their market value could be significantly higher, making them a lucrative prize for cartels.
• Lost Income: The opportunity cost of leaving these buildings idle is estimated at over Sh300 million annually in potential rental income—money that should be going into the pockets of retirees.
• Legal Vulnerability: In Kenya, adverse possession laws allow individuals to claim land if they have occupied it for 12 years. If these properties remain neglected, they risk being legally stolen through the courts.

The Pensioner’s Plight

For the average Kenyan worker, who sees a portion of their salary deducted monthly, this report is a slap in the face. The NSSF is meant to be a safety net for old age, not a buffet for the corrupt. The management’s failure to secure these assets suggests a systemic rot that goes beyond mere incompetence. It implies a deliberate strategy to degrade the Fund's asset base.

As Ms. Gathungu demands accountability, the clock is ticking. The NSSF management must now move with speed to either develop, lease, or secure these properties. If they fail, the Sh4 billion figure will not just be a statistic in an audit report; it will be the price tag of yet another grand heist in Nairobi.