By the way going by David Jamwa's balance sheet, NSSF is the richest institution in Uganda by asset value.

It clocked some one trillion shillings. All that is 'supposed' to be owned by 250,000 members.

Instead of hearing Christmas carols all year round from the 14-storeyed building, the Fund is making ridiculous headlines that can only be lamentations from a night dancer.

It is not doing any good to its own credibility - or rather does it actually still have any to protect? It has suffered a reputational risk for such a long time that very few observers now believe the institution still has the proverbial biblical salty taste it once exuded.

Some of us are optimist and I try to stick around hoping something positive might fall off the patch.

As savers with the institution we expect that after all the noise coming from the back and foreground in the last so many months, the people at the Fund should put a determined face of commitment to right things up.

When disposed David Jamwa first appeared at NSSF, there was an air of freshness and renewed direction because he didn't come with the 'baggage of a godfather' that usually accompanies such postings to public institutions. Even internally within the organisation it is said most of the staffers were relieved to have somebody who, at least at the time of his appointment, spoke a different language both literally and metaphorically.

He was received with applause when he declared that he would 'change NSSF for the better' on the backdrop of a series of scandals that had downed the institution's reputation.

Barely two years after, it turns out Jamwa was just a pack on the pile like those before him - used, thrown out and ridiculed for incompetence. But that's not all; the incompetence at NSSF is entrenched and runs in its veins. The latest from those people is an attempt to explain why we should receive three percent interest.

We still haven't seen how much we lost last financial year but we are being told three percent is the figure - that is the most basic one can get anyway.

The Daily Monitor last week quoted Finance Minister Syda Bbumba claiming she has never seen the Fund's financial performance report for 2008/09 even though the deadline the declaration of the report expired.

The drop from 14 percent to three percent on interest rate is itself telling about how the Fund runs its business. It is now claimed that the basis for Jamwa's 14 percent was fraught with unrealistic "ambition".

However, Jamwa's balance sheet showed that the Fund's assets were in the tune of over a trillion shillings - much more than any single institution in the country has.

The build-up of wealth at the Fund has become its poisoned chalice because of the amount of interest it has attracted.

Such attraction would be healthy if it served to enhance and consolidate the Fund's asset value unfortunately; it is being raped and ripped apart by a bunch of kanyamas.

The reason for this sorry state is that the institution has been turned into a cash cow by politicians who want to serve their self interest. Pot-bellied managers and stiff-backed managers who fail to bend over and measure up to the political correctness are 'killed'. The institution now suffers from lack of freedom for technocratic direction.

The solution to NSSF's woes is to open the pensions sector to competition. If liberal capitalism is the way to eliminate 'players' in a pitch of competitive provision of services and products, NSSF would find the sternest test to its solemn presence.