The 37-year-old Fund is the largest pension fund in the countries of the East African Community, with assets under management, worth over UGX 15.6 trillion as at the end of 2020/21. In the last 12 years, 11 of which have been under Richard Byarugaba, assets under management have grown 9 times (814%), from UGX1.7 trillion in 2009/10 to UGX15.6 trillion— a CAGR of 20%! Barring any occurrences, if the Fund’s CAGR can be maintained, and factoring in the UGX1 trillion that NSSF is expected to pay out in mid-term withdrawals, NSSF is expected to hit its UGX20 trillion assets target by 2023/24, at least a year ahead of the planned 2024/25. But who are the other senior executives supporting Richard achieve this dream? Here below, we present to you the Fund’s 12 members of the Exco leading the transformation of the NSSF!
RICHARD BYARUGABA
Managing Director
Years at the Fund: 11
Richard Byarugaba is the Managing Director/ CEO of the National Social Security Fund (NSSF), Uganda’s national savings scheme.
He was appointed to the position in 2010 and re-appointed in October 2014. He has a wealth of experience spanning over 31 years in managing large financial organisations of international repute including commercial banks.
He previously served as Managing Director, Afrimax Uganda, Global Trust Bank and Nile Bank. In 2007 He also served as the Chief Operations Officer at Barclays Bank Uganda Ltd (now Absa Bank Uganda Limited).
Richard started his career in 1983 with Standard Chartered Bank and rose through the ranks to the position of Executive Director for Finance in 1992. In 1994, he was transferred to London as Regional Manager for Finance in charge of the Africa region. In London, he made his mark through the implementation of multi-million accounting software for the bank’s Africa operations.
Richard is a qualified accountant with the Association of Chartered Certified Accountants. He also holds an MBA from Edinburgh Business School, Heriot-Watt University UK, a management diploma from the Henley Management College of UK and a Bachelor of Science, Statistics & Economics from Makerere University, Kampala.
He has also previously served as the Chairman of the Board of Directors of Vodafone Uganda Ltd, and Kulika Uganda, a charitable trust.
He also serves on the Boards of Uganda Clays and the Uganda Stock Exchange Governing Council. He is the former President of the East and Central Social Security Association and Chairman of Nakasero Hospital Limited as well as Hospice Africa Uganda.
A former President of the Uganda Institute of Bankers, Richard has also served on several board positions at Standard Chartered Bank, Nile Bank, Palliative Care Association of Uganda and the Uganda Institute of Banking and Financial Services.
He is an experienced leader with key skills in Business Planning, Risk Management, Banking, Investment Management, and Strategic Planning.
PATRICK AYOTA
Deputy Managing Director
Years at the Fund: 10
Patrick joined NSSF in July 2011 and is currently the Deputy Managing Director. He is also in charge of the Fund’s Strategy Function.
He was previously the Chief Financial Officer of the Fund, a position he held for 6 years until November 2017. Patrick has been at the forefront of various projects at the Fund which he steered successfully, including the setup of the strategy function, the rollout of the balanced performance scorecard, and was named runner up at the 2017 National CFO Awards organized by ACCA Uganda.
Before joining the Fund, he was the Finance Director for Barclays Bank Uganda (now Absa Bank Uganda). He has extensive experience in strategy formation and execution; innovation; financial reporting and accounting, taxation, leadership and project management.
Patrick is a Certified Public Accountant (CPA). He holds an MBA from the University of South Carolina (USA) and a Bachelor of Science Degree in Finance from Liberty University, Virginia (USA).
AGNES TIBAYEITA ISHARAZA
Corporation Secretary
Years at the Fund: 3
Agnes joined the Fund as Corporation Secretary and Head of Legal effective 1 April 2019. She is a seasoned corporate lawyer with 19 years of experience.
Before joining the Fund, she was the Chief Legal Officer /Company Secretary of DFCU Bank. Until 2014, she concurrently held the position of Corporation Secretary, DFCU Limited (which is the Bank’s holding company and is listed on the Uganda Securities Exchange).
Agnes was a member of the Capital Markets Authority (CMA) Board of Directors for two terms (2011 – 2017) representing the Uganda Bankers Association. While on the CMA Board, she chaired the Board’s Legal and Regulatory Affairs Committee.
In 2017, she was listed on the General Counsel Africa Power List by Legal 500, a series of publications that highlight and recognise the most influential in-house lawyers driving the legal business in Africa.
Agnes holds a Bachelor of Laws degree (Hons) from Makerere University, a Post Graduate Diploma in Legal Practice from the Law Development Centre and an Executive MBA from the Eastern and Southern African Management Institute (ESAMI).
She has attended several trainings over the years in various areas of business and legal practice including Board/corporate governance training from the prestigious Financial Times Non-Executive Directors Club, UK and the Institute of Directors in South Africa.
Over and above legal knowledge, her expertise lies in Governance and compliance, Corporate and regulatory affairs, Banking, finance, pension and capital markets as well as Board management.
She is a 2018 Graduate of the Female Future Programme which prepares women for top decision-making positions through training in leadership development and Board competencies, amongst others. More recently, Agnes obtained a Master Trustee certification from the Johannesburg School of Finance/Jomo Investments.
GEOFFREY BARIGYE
Head of Internal Audit
Years at the Fund: 11
Geoffrey joined the Fund in March 2010 and is currently the Head of Internal Audit. He previously worked as Deputy Chief Internal Auditor, Audit Team Leader and Internal Auditor for the Fund.
Before joining the Fund, worked as an Accountant for Uganda Breweries Limited.
He wields key competencies in Auditing, Accounting, Finance, Leadership and management, Governance, Risk management as well as Coaching and mentoring.
Geoffrey is a Fellow of the Chartered Association of Certified Accountants (ACCA), a member of the Institute of Certified Public Accountants (CPA) of Uganda and a member of the Institute of Internal Auditors.
He holds an MBA and a Bachelor of Commerce Degree from Makerere University and a Diploma in Business Studies from Makerere University Business School.
He has also attended the Executive Leadership Program at the Strathmore Business School, Nairobi, Kenya.
ARIMI BARBRA TEDDY
Head of Marketing & Communications
Years at the Fund: 06
Barbra joined the Fund in December 2014 as Head of Marketing and Communications from Orient Bank where she was the Group Head of Corporate Communications and Marketing.
She has also previously worked as the Marketing and Sales Manager at PostBank Uganda as well as Brand Manager at Centenary Bank.
Barbra is also a board member at dfcu Limited, the holding company of dfcu Bank, one of Uganda’s 10 largest banks.
She is a member of the Chartered Institute of Marketing (CIM) and a Member of the Chartered Institute of Public Relations (CIPR). She also holds an MBA from the Eastern and Southern Africa Management Institute (ESAMI) and a Bachelor of Commerce Degree (Marketing) from Makerere University.
Her key competencies are strategic marketing and brand management, public relations, marketing communications, product development and research.
STEVENS MWANJE
Chief Financial Officer
Years at the Fund: 11
Since February November 2017, Stevens has been the Fund’s Chief Finance Officer who is responsible for managing the financial function of the Fund.
He was previously the head of Sales & Operations, a position he held for over 6 years until November 2017.
Before joining the Fund, Stevens worked with Bank of Africa (U) Ltd where he headed the Finance, Treasury and Commercial Departments.
How Ecobank is Betting on Inclusive, Tech-Powered Learning in UgandaStevens is a Fellow of the Association of Chartered Certified Accountants. He holds an MBA in Business Management from Heriot-Watt University. He also holds a Post Graduate Diploma in Business Management from the University of Leicester and a Bachelor of Arts Degree from Makerere University.
He is also an alumnus of the Executive Education Programmes of: The Wharton School (University of Pennsylvania), The Gordon Institute of Business Science (University of Pretoria) and Strathmore Business School (Strathmore University). Stevens sits on the Boards of CiplaQCI (listed on the Uganda Securities Exchange) and Entrepreneurs Financial Centre – EFC (a Microfinance Deposit- Taking Institution).
His major competencies lie in strategy formation and execution, financial reporting and accounting, taxation, leadership, project management, coaching and mentoring, sales and marketing, operations management and change management.
Stevens is also a board member of CiplaQCI and Entrepreneurs Financial Centre (EFC) Uganda, a Microfinance Deposit – Taking Institution.
GERALD PAUL KASAATO
Chief Investment Officer
Years at the Fund: 11
Gerald joined the Fund in July 2011 as Portfolio Manager Equities and rose through the ranks to become Chief Investment Officer.
He has been Chief Investment Officer since April 2014. He previously worked as Finance and Investment Manager (National Housing and Construction Company) and served as Manager Investment and Treasury (NIC) as well as fulfilling similar roles in various other entities in the UK.
Gerald is a CFA Charter holder, a Chartered Accountant of the UK, a Fellow of the Chartered Management Institute of the UK, and a Certified Public Accountant of Uganda. He is an alumnus of the Harvard Business School (USA).
He holds an MBA in Finance from Exeter University in the UK, a Master of Science Degree in International Finance and Investments from the London Southbank University in the UK and a Bachelor of Science Degree in Accounting from Oxford Brookes University in the UK.
He is also an Aresty scholar of the Wharton Executive Programme, University of Pennsylvania (USA) and has trained at the London Business School in the UK.
Gerald possesses a wealth of knowledge in investment and portfolio management, corporate and international finance, risk management, financial reporting, accounting, and taxation as well as strategy formation and execution. He is also skilled in people leadership, operations management, financial economics, sales and marketing, Project management, property management and compliance and governance.
EDWARD SENYONJO
Head of Risk
Years at the Fund: 07
Edward is a risk professional, with vast experience in risk and business continuity management. He joined the Fund in January 2015.
He holds a master’s degree in Business Administration (MBA) from the University of Nicosia, Cyprus, and he is a Fellow of the Association of Chartered Certified Accountants (FCCA), the UK, a member of the Institute of Certified Public Accountants of Uganda (ICPAU), and a member of the Institute of Internal Auditors, Uganda.
He also holds a degree of Bachelor of Commerce from Makerere University, and currently, he is pursuing an FRM (Financial Risk Manager), from the Global Association of Risk professionals, USA.
Edward’s major competencies are people leadership, risk management, business continuity management and disaster recovery as well as financial reporting and accounting.
GEOFFREY WAISWA SAJJABI
Head of Business
Years at the Fund: 14
Geoffrey joined NSSF in August 2008 and is currently the Head of Business. In his role, he is responsible for the Fund’s business growth and retention through improved compliance and member recruitment. He is also the Chairman of the NSSF Contracts Committee and is charged with ensuring value for money in Fund procurements as well as compliance with local and international regulatory requirements.
He has worked across the Fund in a variety of commercial, operational, and managerial roles.
Having started as a Benefits Officer, he quickly rose through the ranks to Senior Benefits Officer, Branch Manager, Contributions Manager and more recently Head of Business. He has played a critical role in several Fund projects and initiatives including the Rebranding Project oversaw major changes to the Fund’s brand and more recently the Sky Fall Project is focused on process re-engineering.
Geoffrey holds a Master of Business Administration from Heriot-Watt University-UK and a Bachelor of Arts in Social Science from Makerere University.
He also holds a certificate in Administrative Law from the Law Development Center -Uganda. He is an alumnus of the Strathmore Business School Executive Leadership Program and CEO apprenticeship program.
Geoffrey is a Balanced Scorecard Professional of the Balanced Scorecard Institute and George Washington University.
His key expertise is leadership, strategy formulation and execution, project management, customer service, operations management, procurement, disposal and contract management, process re-engineering and job evaluation.
MILTON OWOR
Head of Human Resources and Administration
Years at the Fund: 05
Milton joined the Fund in February 2017 as the Head of Human Resources and Administration.
He comes with several years of Local and International work experience in leading multinational companies including British American Tobacco Plc, Royal Dutch Shell, and General Electric Company (GE), having worked across Africa, Europe, and the US over the years.
He holds an MBA in Strategic Human Resource Management (University of Leicester, UK), Certification in Global Business Leadership (INSEAD, France) a bachelor’s degree in Economics and Public Administration (Makerere University) and is a certified Predictive Index Psychometric Analyst.
Prior to his current role at NSSF, Milton was the Africa HR Director for General Electric, Regional HR Director Anglophone Africa for Royal Dutch Shell, Regional HR Director West and Central Africa for British American Tobacco, Regional HR Director East and Southern Africa for British American Tobacco, among others.
He is an expert in People leadership, Strategic talent management, Change management, Executive leadership development, Reward and compensation and Executive coaching.
GERALD MUGABI
Head of Procurement
Years at the Fund: 09
Gerald has been Fund’s Head of Procurement since July 2013. Prior to joining the Fund, he worked for Uganda National Roads Authority, the Ministry of Finance Planning and Economic Development under the Financial Management and Accountability Programme.
Gerald is a member of the Chartered Institute of Purchasing and Supply (UK) (MCIPS).
He holds an MBA from Uganda Management Institute and a Bachelor of Commerce Degree (Transport Economics) from the University of South Africa.
Gerald also has several qualifications that among others include a Diploma in Business Studies (UDBS)-Makerere University Business School (MUBS); a Diploma in Stores & Stock Control-The College of Professional Mgt-UK and a Diploma in Project Planning and Management-UNCCI.
He also did a mini-MBA in procurement and Supply Chain Management – Purchasing and Procurement
FREDRICK MAYANJA
Acting Head of Operations
Years at the Fund: 02
Fredrick was appointed the Ag. Head of Operations in July 2020.
He holds a Master of Science (Mathematical Modelling), from the University of Dar es Salaam; a Master of Business Administration, from the University of Nicosia, and a Bachelor of Science (Mathematics), from Makerere University. A Graduate of the Strathmore University Leadership Excellence Academy, Fredrick has also attained a Corporate Innovation Certification, from the Massachusetts Institute of Technology (MIT) as well as an Executive Data Science Specialization, from John Hopkins University, USA.
He is an ITIL4 Strategist from AXELOS; a Certified Digital Transformation Practitioner, from the US, as well as a Project Management Professional (PMP) and a Chartered Quality Professional (CQP), CQI, UK.
