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 summons, captured in the latest court communication and referenced in ongoing proceedings, underscores that the legal storm surrounding Ssali is far from over. The new directive comes at a time when her co-accused, including Busiki County MP Paul Akamba, have already appeared to face charges, while Ssali herself has missed earlier sessions on account of procedural delays. The court’s insistence that she now appears in person reflects a…
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Old Mutual Investment Group has unveiled a strengthened governance bench with two strategic appointments: veteran financial services executive Richard Patrick Byarugaba as Board Chairman, and seasoned corporate leader Charles Ernest…
As CFO, Byarugaba leads the Bank of Uganda’s financial operations, managing everything from budgeting and compliance with international financial reporting standards to supervising critical government projects. These include the Agricultural Credit Facility for farmers and the Small Business Recovery Fund, which supports businesses impacted by the COVID-19 pandemic. Until recently, he also spearheaded the bank’s payment systems, licensing fintech operators and ensuring the seamless operation of systems like real-time gross settlements and the East African Payment System. In his extensive role, Byarugaba ensures that every shilling spent by the central bank aligns with policy, integrity, and professionalism. His steady hand…
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The role of the CFO is fast-evolving to that of a Chief Value Officer (CVO). What unique challenges and opportunities does this present in the context of a central bank? The CFO role in a central Bank is a very diverse one. It goes beyond being an ordinary CFO. The team you lead is also very diverse and half of the team are not actually finance professionals. For instance, the CFO heads the Agricultural Credit Facility (ACF) and other schemes which have nothing to do with accounting and the staff are agricultural financing specialists. You also lead the National Payments…
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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 Parliamentary Select Committee on the state of affairs at Uganda’s National Social Security Fund (NSSF) has released its anxiously-awaited report, recommending that among others, the Minister of Gender, Labour and Social Development, (MGSLD), Hon Betty Amongi Ongom, at whose instigation the probe was constituted, resign immediately. The Hon Mwene Mpaka Rwamirama chaired the probe committee, found the Minister guilty of abuse of office, bordering on corruption as well as going beyond her powers to put the Fund’s board and management under pressure to make certain investments, which is outside her powers and without doing the necessary due diligence. The…
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The management of the National Social Security Fund (NSSF) has defended its performance track record, insisting that they have delivered value for the members, even amidst claims of mismanagement and running a high-cost operation. Patrick Ayota, the Ag. Managing Director, last week told Members of the Parliamentary Select Committee investigating the Fund that merely looking at the Fund’s costs of operation without a comparative analysis of the value created as well as a peer review of similar funds in the region would only give an incomplete picture. “In 2021/2022 our costs were UGX203 billion. In that time, the Fund grew…
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The re-appointment of Richard Byarugaba as Managing Director of Uganda’s National Social Security Fund (NSSF), the UGX17.3 trillion pensions Fund, appears close as Hon Betty Amongi, the Gender, Labour and Social Affairs Minister has reached a consensus with the Prime Minister, Rt Hon. Robinah Nabbanja over the matter. Minister Amongi had previously held back over a number of reservations, including that Mr. Byarugaba had reached 60 years, the official retirement age for civil servants. However, the Attorney General, the official government advisor on interpretations of laws, had advised that the high-performing NSSF Managing Director was not a civil servant and…
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Under the new National Social Security Fund (Amendment) Act 2022, the National Social Security Fund (NSSF) was put under the dual supervision of the ministries of Gender, Labour and Social Development on one hand and Finance, Planning and Economic Development on the other. The former would take the lead on supervising the social security component of the Fund while the latter, would supervise matters of finance and investments. This reversed years of management by the finance ministry, under whose regime the Fund has seen a scandal-free rapid growth, compared to the pre-2010 scandals, when the fund was under the gender…
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Patrick Ayota, has been reappointed Deputy Managing Director for Uganda’s National Social Security Fund (NSSF) for a 5-year term, effective 30th November 2022, the Fund has announced. In a statement today, Patrick Ocailap, a board member, acting on behalf of the Chairman, Peter Kimbowa, also said that Mr. Ayota, will also act as Managing Director, as the process to appoint a substantive Managing Director gets concluded. “In accordance with Sections 39 and 40 of the National Social Security Fund (NSSF) Act ( Cap 222), as amended, the Board of Directors submitted its recommendations to the Minister of Gender, Labour, and…
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