Revealed;NSSF investment committee in a fight with Board Members over Airtel IPO

Reliable sources at Workers House have revealed that the Investment Committee of NSSF is reluctant to invest in the IPO for the following reasons:

The separation of Airtel Money which is the most profitable arm from the Airtel Company. The Committee think NSSF will be investing in hot air given that the separation was done in bad faith.

The Committee noticed in the Prospectus that Airtel borrowed money to pay themselves dividends therefore the future of the company is unpredictable since they have to pay back that loan.Airtel refused to declare the transfer pricing between the telecom company and the Mobile Money since they were scared the Mobile Money was going to canibalise the Airtel Company with unfair cross ranging prices.

The Committee further contends that dividend declared in the Prospectus is for both Airtel Money and the Telecom but they did not declare for the telecom alone. This empasse led to the postponement for one week.

With all the above glaring iregularities, sources say some members are now arm twisting the NSSF investment Committee to reconsider their decision to protect the workers money.

They believe the IPO will be under subscribed to the extend that they will loose money on the very first day when the shares crushes. They are scared of becoming a guinea pig with the workers money.