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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The Association of Chartered Certified Accountants – ACCA in partnership with Deloitte Uganda have announced the winners of seven categories of Chief Finance Officers Awards. The 6th edition of CFO awards was held at Kampala Serena Hotel on Thursday evening. Charlotte Kukunda – Country manager – ACCA Uganda noted that CFOs have demonstrated that their role is critical for decision-making and business in general. “It develops people for leadership roles. 60% of our previous over roll winners have moved on to senior roles within the organizations or elsewhere,” she revealed. She noted that this is inspirational and enables the creation…
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Uganda’s National Social Security Fund (NSSF) is not only the largest pensions Fund in East Africa, but it is also one of the best-run government parastatals in Uganda and probably one of the best-run companies in the region too! Barring any occurrences beyond control, if NSSF sustains its current compounded annual growth rate (CAGR), the Fund is expected to hit its UGX20 trillion target by 2023/24, at least a year ahead of the targeted 2024/25! The numbers do not lie. NSSF assets over the last twelve years, eleven of which have been under Richard Byarugaba, grew 9 times (814%)at…
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The National Social Security Fund (NSSF) has unveiled its mixed-use affordable housing project located at Temangalo, 17Kms from Kampala City Centre. When completed, it will comprise 3,500 houses of various types, retail and commercial spaces, community amenities including education, health and social facilities, a large neighbourhood green park, associated infrastructure including roads, electric power, sewage drainage and water supply, according to NSSF Managing Director Richard Byarugaba. Construction of Phase 1 comprising 550 units that include 200 bungalows, 100 town houses, 50 villas and 200 apartments and attendant infrastructure started in October 2021, and is scheduled to be concluded in June…
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President Yoweri Museveni on Thursday commissioned the Solana Lifestyle and Residences, National Social Security Fund – NSSF’s Lubowa Housing Project. The President applauded the National Social Security Fund (NSSF) for its contribution to the socio-economic development of the country through their investments in real estate and other productive sectors of the economy. Seated on 60 hectares, the project consisting of 306 houses is just 10% of the total land (600 hectares) that the Fund intends to develop at a cost of about half a billion dollars. Richard Byarugaba, the chief executive officer of the Fund told the guests that launched…
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Uganda Securities Exchange (USE) Uganda’s principal stock Exchange, has on Monday announced the admission of Chipper Technologies Uganda Limited as a new Trading Participant/stockbroker on its market and as a USE Securities Central Depository Agent (SCDA). As a trading participant, Chipper’s core mandate is to enable existing and potential investors execute transactions in relation to shares and bonds listed on USE by providing stock brokerage services in line with the rules of the Exchange, the Capital Markets Act and regulations thereunder. “Having acquired a stockbrokerage license from the Capital Markets Authority (CMA) and having satisfied the eligibility requirements to be…
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“Board members must shift their approaches; they must adopt digital tools to enhance governance.” These were remarks made by Francis Kamulegeya during a high profile convention was organized by the League of East African Directors (LEAD). Kamulegeya, a thought leader and adviser on corporate strategy, leadership, governance and policy, was the keynote speaker at the event. Richard Byarugaba the Managing Director at National Social Security Fund (NSSF) echoed Kamulegeya’s sentiments by stating that technology has become so important. “You need to have a board that appreciates technology,” Byarugaba told the audience during the convention that was held on Thursday at…
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Following approval of the declaration of dividends by its shareholders at the Annual General Meeting held on the 27th day of May 2022, MTN Uganda has paid out a total dividend of UGX105.4 billion to its 21,452 shareholders for the year ended 31st December 2021. The National Social Security Fund – NSSF is MTN Uganda’s second-largest shareholder, with 8.84% shareholding, earned a total of UGX 9,317,880,000/= in dividends for the year 2021. Each shareholder, registered on the books of the company by 01 June 2022, has received a dividend of UGX4.706 per share in accordance with the Uganda Securities Exchange…
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The National Social Security Fund (NSSF) has put in place initiatives to support local firms’ capacity, growth and competitiveness for better business opportunities. The initiatives that are already in practice include, the NSSF Suppliers Forum, access to finance through advance payments for high value works, reserve of services, supplies or works to local firms in accordance with the PPDA guidelines as well as an innovation program dubbed the Hi-innovator in partnership with Mastercard Foundation where small and growing businesses receive entrepreneurial skills and funding of upto US$30,000. Richard Byarugaba, the NSSF Managing Director, revealed this strategy at the 6th Annual…
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Many of them failed to complete their terms, largely to poor management and subsequently poor performance. Others are serving prison terms due to integrity issues. It was not until 2010, and the appointment of banker, Richard Byarugaba that the elusive security in social security returned to the Fund as these infographics show. MEMBER CONTRIBUTIONS: With an economy reeling from the effects of 2 Covid-19 related lockdowns and depressed economic growth, NSSF still registered an 8% growth in member contributions, from UGX1.27 trillion to UGX1.37 trillion, 3 percentage points better than the 5% growth rate in 2019/20. In the 12 years,…
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