Airtel Uganda, a leading provider of telecommunications and mobile money services, recently presented a dividend cheque of UGX 50.3 billion to the National Social Security Fund (NSSF). This significant payout follows NSSF’s strategic acquisition of shares in Airtel Uganda during the company’s initial public offering (IPO). This payout follows Airtel’s 2023 decision to list in Uganda, becoming the second telecom company on the Uganda Securities Exchange. The company offered 8 billion ordinary shares representing 20% of its equity at UGX 100 per share. While the IPO raised UGX 211.4 billion, below the UGX 800 billion target, it attracted 4,614 new shareholders…
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The High Court of Uganda has delivered a powerful verdict in favour of corporate transparency and statutory duty, directing the National Social Security Fund (NSSF) to release a comprehensive breakdown of pension contributions made by Uganda Telecom Limited (UTL) under the Uganda Communications Employees Contributory Pension Scheme (UCECPS) since 1998. In a ruling delivered on April 11, 2025, Hon. Justice Emmanuel Baguma ordered NSSF to provide UTL Administrator Ruth Sebatindira SC with: An accurate and itemized statement of all employer contributions made on behalf of current and former employees, A detailed breakdown of the said contributions including all accrued interest…
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Corporate reputation is an aggregate of public perceptions about an organisation’s social, political, ethical and business behaviour and how people engage with that organisation based on these perceptions. Ultimately, this…
The National Social Security Fund (NSSF) has reaped a total of UGX 80.6 billion from its investment in MTN Uganda over the last 3 years, following payment of UGX 39.8 billion dividends for the year ended December 31, 2023. The payment is the largest the Fund has earned from a listed company in the region this year, NSSF Managing Director Patrick Ayota said during a media conference at Workers House on Thursday. “Not only is MTN Uganda the highest dividend payer across our equity portfolio this year, but the company has also been consistent in delivering positive growth over the last…
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Ahead of the event, David Wandera FCCA, the Absa Executive Director & Head of Financial Markets discusses the financial markets landscape in 2023 and why it is important for financial markets actors, policymakers and other stakeholders to attend and or follow the release of the #AFMIIndex2024. From your perspective as a key financial markets actor in Uganda, how did Uganda’s financial markets perform in 2023? The Ugandan financial markets performed well – especially when compared to global and regional financial markets. Specifically, the currency remained fairly stable – depreciating less than 2% compared to several other African currencies that depreciated…
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Ramathan Ggoobi, the Permanent Secretary and Secretary to the Treasury (PSST) and Dr. Michael Atingi-Ego, the Bank of Uganda Deputy Governor are headlining this year’s Africa Financial Markets Index (AFMI) Report Presentation and Economic Outlook Forum. Now in its seventh year, the Africa Financial Markets Index (AFMI) is a collaboration between the Absa Group and the Official Monetary and Financial Institutions Forum (OMFIF). Each year, the AFMI assesses 28 African nations on economic development using specific indicators that consider market accessibility, transparency, and openness. Ggoobi who is the chief guest and Dr. Atingi-Ego, the keynote speaker, are both accomplished economists…
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The just-announced FY2022/23 was quite surprising for many a stakeholder. Given what happened in the financial markets, here and globally but more importantly, the ‘negative noise’ that dominated much of the second half, many a stakeholder didn’t expect better performance than what we experienced in FY2021/22. It is an amazing story. If you look at what the fund went through in the last six months of FY2022/23, I can say it really tested the trust that the members have in the Fund. To put it into perspective, we had a contribution target of UGX135 billion per month in FY2022/23. As…
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Despite significant market turbulence home and away, Uganda’s National Social Security Fund’s (NSSF) revenue increased by 15% from UGX1.9 trillion to UGX2.2 trillion for the Financial Year ended June 30, 2023, Managing Director Patrick Ayota has announced. Addressing the media at the NSSF Annual Media Roundtable, Ayota attributed the growth to increased earnings from interest income from UGX1.79 trillion to UGX2 trillion and dividend income which grew from UGX84 billion to UGX139 trillion. Income from the Fund’s real estate projects also slightly increased from UGX13.4 billion to UGX14 billion. “Other income” also increased to UGX16 billion. “Overall, the investment environment…
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Richard Byarugaba, the former Managing Director of the National Social Security Fund (NSSF) has spoken out about the just-released report by the Inspectorate of Government, saying he welcomed the report as it cleared him of the major allegations levelled against him. “I welcome the report and I thank her and her team for such a great job that has been done. The report clearly does resonate with what I’ve always said. That I am innocent and the accusations that were levelled against me, are baseless,” Byarugaba told the media at a press conference held at the Kampala Serena Hotel in…
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The National Social Security Fund (NSSF) Managing Director Richard Byarugaba has been elected the African region representative to the International Social Security Association (ISSA) Bureau. The election was confirmed at the 34th ISSA General Assembly during the World Social Security Forum in Marrakech, Morroco on October 28, 2022. Byarugaba was nominated by the ISSA President Mohammed Azman bin Aziz Mohammed to the ISSA Council, the election body of the association. The ISSA Bureau constitutes the administrative authority of the Association, composed of the President of the ISSA, the Treasurer, the Secretary-General, and elected members representing the different geographical regions of the…
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