NSSF Archives – CEO East Africa

Uganda Clays has returned to profit, but its recovery remains fragile. Thin margins, weak cash flows, and a UGX 23.6 billion NSSF loan, partly unsecured, highlight underlying risks. As repayments loom in 2028, the company’s ability to sustain growth and meet its obligations will be the true measure of its turnaround.

Deferred Strength: Uganda Clays’ Fragile Recovery and the UGX 23.6b NSSF Exposure

Uganda Clays Limited has returned to profitability. On paper, that statement marks a turning point for one of Uganda’s oldest industrial manufacturers, a company that has struggled in recent years under the

April 18, 2026

The Big Story

MTN Uganda’s rally on the USE continues to create massive wealth for top local investors. NSSF’s stake has surged past Shs1.23 trillion, while chairman Charles Mbire’s 4% holding is now worth about Shs420 billion ($118M) as the share price climbed from Shs312 in November to Shs470.

NSSF Stake in MTN Uganda Shoots to Shs1.23 Trillion in Less Than a Month

MTN’s strong rally on the Uganda Securities Exchange (USE) continues to create significant wealth for its large local shareholders, with the telecom’s share price climbing steadily from Shs312 in November 2025 to

March 4, 2026

The Big Story

Charles Mbire (left) and NSSF Managing Director Patrick Ayota (right), whose MTN Uganda shareholdings have surged in value as the telecom’s stock rally pushed NSSF’s stake past UGX 1 trillion.

NSSF stake in MTN Uganda hits UGX1 trillion

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

February 9, 2026

Billionaires·Technology & Innovation

Kenneth Owera, the newly appointed NSSF Chief Investment Officer, brings deep expertise in pension fund management and capital markets, thereby strengthening the long-term investment strategy and value creation for members.

NSSF appoints Kenneth Owera chief investment officer

The National Social Security Fund (NSSF) has appointed Kenneth Owera as its substantive Chief Investment Officer (CIO). He will steward the Fund’s UGX28 trillion investment portfolio with the target of expanding it

January 19, 2026

The Big Story

Fresh court summons pull Geraldine Ssali back into the spotlight, as the former star technocrat confronts UGX3.8b Buyaka compensation fraud charges, testing her legacy and public trust once hailed nationwide.

The Rise and Fall of Geraldine Ssali: What Went Wrong?

The Anti-Corruption Court recently issued fresh criminal summons against embattled former Permanent Secretary Geraldine Ssali, directing her to appear and answer charges in the long-running UGX3.8 billion war compensation fraud case. The

November 26, 2025

The Big Story

Balancing Numbers and People: Inside the Leadership Mind of NSSF’s Stevens Mwanje

To understand Stevens Mwanje is to understand the balance between numbers and humanity. A finance professional of 30 years, Mwanje has built a career defined by quiet discipline, strategic clarity, and a

November 14, 2025

Banking & Financial Services·CEO Perspectives·The Big Story

Abdul Makubuya, Senior Manager of Organisational Development at NSSF Uganda. He urges employers to create an environment where everyone can bring their best self. Even if not extraordinary, an employee who consistently delivers is invaluable.

Beyond HR: How Organisational Development Shapes People, Culture, and Performance

In today’s rapidly evolving workplace, organisations are discovering that people, culture, and strategy must move in harmony to achieve sustainable success. Abdul Makubuya, a senior manager of organisational development at NSSF, shares

November 1, 2025

Business & Markets

A photo collage of Bank of Baroda Managing Director Shashi Dhar, Quality Chemical Managing Director Ajay Kumar Pal, Stanbic Holdings Chief Executive Francis Karuhanga, Umeme Managing Director Selestino Babungi, and Airtel Uganda Managing Director Soumendra Sahu. The five companies delivered standout returns for the period between January and September 2025.

Black Diamonds: Five Stocks that Beat Bonds and NSSF in Returns

The stock market continues to deliver standout opportunities for investors. Five locally listed companies posted exceptional returns that outpaced both government bonds and the National Social Security Fund (NSSF). The latest edition

October 2, 2025

The Big Story

Milton Owwor, the Chief People and Culture Officer at NSSF, Ms Shamim Walusimbi, Director at the Africa HR Confederation, Ms Ruth Ndwiga, the founder of Badili Consults, Moses Wasswa, the co-founder/CEO at Swift Minds. These HR practitioners affirm that talent loss is a big blow to any institution and share why it hapens and solutions.

Silent Exits, Loud Consequences: HR Experts Explain the True Price of Talent Loss

From abandoned clients to drained colleagues and soaring recruitment bills, the cost of talent loss runs deeper than most CEOs admit. In Uganda’s tight talent market, HR experts unpack why staff walk,

September 29, 2025

The Big Story

A photo collage of Goodra Tumusiime Behakanira and NSSF Managing Director Patrick Ayota. NSSF is seeking to recover money for the space occupied at a section of the former J&M Airport Road Hotel.

NSSF Seeks Recovery of UGX708 Million in Unpaid Rent from Former Avemar Shopping Mall Owner

The National Social Security Fund (NSSF) is seeking to recover more than UGX708 million in unpaid rent arrears due to Goodra Tumusiime Behakanira. Goodra, a Kampala businesswoman, is the widow of the

September 13, 2025

The Big Story