NSSF stake in MTN Uganda hits UGX1 trillion MTN Uganda shares have staged a sharp rally on the Uganda Securities Exchange, jumping from UGX312 on November 25, 2025 to UGX428 by February 6, 2026—an eight-week gain of UGX116 per share that has rapidly reshaped the wealth of its biggest local investors. The biggest winner is NSSF, MTN Uganda’s largest local shareholder with a 10.7% stake, whose holding has now crossed the UGX1 trillion mark after the price surge generated over UGX305 billion in gains. The rally has also boosted the investment value of MTN Uganda board chairman Charles Mbire, whose 4% stake is now worth over USD108 million, reinforcing MTN’s outsized influence on market sentiment and wealth creation at the USE.

MTN Uganda shares have staged a strong rally on the Uganda Securities Exchange (USE), delivering massive gains to its largest local investors in just eight weeks as the stock surged by UGX116 per share. 

By November 25, 2025, MTN Uganda shares were trading at UGX312. By February 6, 2026, the price had climbed sharply to UGX428, marking a gain of UGX116 per share and signalling renewed investor confidence in the telecom giant. 

NSSF’s MTN stake now worth over UGX1 trillion

The National Social Security Fund (NSSF), MTN Uganda’s largest local shareholder with a 10.7 per cent stake, has emerged as the biggest winner from the rally.  

The pension fund holds 2,629,607,810 shares in the telecom company. 

Over the eight-week period, the increase in MTN Uganda’s share price generated gains of UGX305,034,517,560 for NSSF. In dollarterms, this translates to USD85,688,463.21. 

As a result, the total value of NSSF’s MTN Uganda shareholding has risen to over UGX1 trillion, standing at UGX1,125,472,185,480, equivalent to USD316,160,893.51, a significant boost to workers’ savings invested through the fund. 

Mbire’s MTN investment climbs past USD108 million. 

MTN Uganda board chairman and prominent businessman Charles Mbire has also recorded a sharp rise in the value of his holding. Mbire owns a 4 per cent stake, amounting to 895,561,810 shares. 

The rally has added UGX103,885,169,960 to the value of his investment in just eight weeks, equivalent to USD29,182,798.63. This lifts the total value of Mbire’s MTN Uganda stake to UGX383,300,454,680, or USD107,674,463.93. 

Renewed momentum on the USE 

MTN Uganda remains one of the most influential counters on the Uganda Securities Exchange, and the latest price surge underscores its central role in driving market performance. 

For institutional investors such as NSSF and high-net-worth investors like Mbire, the eight-week rally is a reminder of how swiftly value can be created on the stock market when sentiment turns bullish.