SIGA’s ‘massive turnaround’ claim not borne out by data – Bright Simons

Vice President of IMANI Africa, Bright Simons, has disputed the State Interests and Governance Authority's (SIGA) assertion that it achieved the highest proportion of audited financial statements among state-owned entities. Simons asserts that SIGA's claim in its latest report, citing a 66% audited proportion, is inaccurate. He states that the figure from 2021 was actually higher, at 68%.

Simons pointed out this discrepancy during an appearance on JoyNews' Newsfile on September 5. He revealed that SIGA had claimed significant improvement in its reporting of audited statements, but the numbers do not support this claim, as 2021 saw a higher proportion. Simons criticizes SIGA's 2025 State Ownership Report, alleging that it presents an oversimplified picture of SOE performance by aggregating figures without providing transparency on individual entity performance.

He notes that the number of profitable entities has actually decreased, from 35 in the prior year to 34 in the current reporting period, contradicting SIGA's presentation of a turnaround. Simons also questions SIGA's methodology for combining financial results, arguing that the report conflates aggregation with consolidation, a distinction crucial for accurate accounting.

He raises concerns over the use of certain indicators, such as group profit and current ratio, which rely on methodologies that do not fully align with consolidated financial reporting standards.