National Social Security Fund (Uganda)

The National Social Security Fund (NSSF) is a semi-government agency responsible for the collection, safekeeping, responsible investment and distribution of retirement funds from employees of the private sector in Uganda

Uganda

Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...

, who are not covered by the Government Retirement Scheme. Participation for both employers and employees is compulsory.

Investment Portfolio

The current National Social Security Fund investment portfolio includes the following:

Fixed Income

-Short term: Fixed deposits & Treasury Bills
-Long term: Corporate loans, Corporate & Government bonds

Real Estate

-Properties
-Land

Equities

-Private Equities
-Listed Equities

The Fund is a leading investor on the USE It is reported to own bank deposits of about US$400 in Uganda

Uganda

n commercial banks. The National Social Security Fund also owns the following investments, as of June 2011:

{| style="font-size:100%;"
|-
| width="100%" align="center" | NSSF (Uganda) Investment Portfolio
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Investment!!Percentage Shareholding
|-
|1||Housing Finance Bank

Housing Finance Bank

Housing Finance Bank is a commercial bank in Uganda. It is one of the commercial banks licensed by Bank of Uganda, the national banking regulator.-Overview:...

||50.0
|-
|2||Kampala Serena Hotel

Kampala Serena Hotel

-Location:Kampala Serena Hotel is located on Kintu Road, on Nakasero Hill, nestled among of manicured lawns and gardens in one of Kampala's most exclusive hillside neighborhoods. This location is adjacent to the Kampala Sheraton Hotel and the Imperial Royale Hotel...

||20.0
|-
|3||New Vision Group

New Vision Group

The New Vision Group of Companies, commonly known as the New Vision Group, is a multimedia conglomerate in Uganda.-Location:The Group's headquarters are located on at 2/4 First Street, in the Industrial Area of Kampala, Uganda's capital city. The coordinates of the company headquarters are:00 19...

||19.61
|-
|4||DFCU Bank

DFCU Bank

DFCU Bank, commonly known as DFCU, but whose full name is Development Finance Company of Uganda Bank Limited, is a commercial bank in Uganda...

||5.93
|-
|5||Stanbic Bank (Uganda) Limited

Stanbic Bank (Uganda) Limited

Stanbic Bank Limited is a commercial bank in Uganda. It is one of the commercial banks licensed by Bank of Uganda, the national banking regulator.-Overview:...

||1.72
|-
|6 ||Uganda Clays Limited

Uganda Clays Limited

Uganda Clays Limited , commonly referred to as Uganda Clays, is a building materials manufacturer in Uganda. The company manufactures baked clay building products, using Italian-made heavy clay processing machinery. The clay is excavated using surface mining techniques...

||32.52
|-
|7||Safaricom

Safaricom

Safaricom, Ltd is a leading mobile network operator in Kenya. It was formed in 1997 as a fully owned subsidiary of Telkom Kenya. In May 2000, Vodafone group Plc of the United Kingdom, the world's largest telecommunication company, acquired a 40% stake and management responsibility for the...

||0.6
|-
|8||Bank of Baroda (Uganda)

Bank of Baroda (Uganda)

Bank of Baroda is a commercial bank in Uganda. The bank is involved in all aspects of commercial banking, focusing on servicing large, medium and small business enterprises as well as individuals...

||01.5
|-
|9

History

The National Social Security Fund (NSSF) is a National Saving Scheme mandated by Government through the National Social Security Fund Act, Cap 222 (Laws of Uganda) to provide social security services to employees in Uganda.

It was established by an Act of Parliament (1985) to provide for its membership, payment of contributions to, and payment of benefits out of the Fund.

NSSF is a provident fund (pays out contributions in lump sum). It covers all employees in the private sector including Non Governmental Organisations that are not covered by the Government's pension scheme. It is a scheme instituted for the protection of employees against the uncertainties of social and economic life.

Ownership

As of June 30, 2011, NSSF had a total of over 9,000 employers registered with the Fund. The number of account holders stood at over 450,000 members.

Recent Scandals

During the 2000's, NSSF has been shaken by numerous investment scandals involving poor investment oversight and multiple conflicts of interest issues. The most recent scandal involved the purchase of a piece of investment property from a cabinet minister in the government

Government

Government refers to the legislators, administrators, and arbitrators in the administrative bureaucracy who control a state at a given time, and to the system of government by which they are organized...

, without following the required tendering and bidding process.

In February 2009, the President of Uganda

President of Uganda

-List of Presidents of Uganda:-Affiliations:-See also:*Uganda*Vice President of Uganda*Prime Minister of Uganda*Politics of Uganda*History of Uganda*Political parties of Uganda...

fired the Minister of Finance, whose ministry supervises the activities of NSSF. Also terminated were the Managing Director of the NSSF and his deputy.

With the appointment of a new Board of Directors in 2009 and a new management team, the NSSF has since recorded improvements in corporate governance. Analysts in the country say NSSF has since moved on to be a leading player in the country's economy.

Restructuring

In late 2010, NSSF underwent a restructuring process aimed at making it more efficient, competitive and responsive to the needs of the members. The Fund is now poised to provide a wide range of social security products and also play its role as the lead institution for domestic capital formation and deepening the financial sector.

The Fund has also been preparing itself to compete in a liberalised pensions sector. The Fund's Management says it is ready for competition, with the recent passage of a law establishing a regulator and another law to fully liberalise th sector awaiting debate in Parliament of Uganda.

Board of Directors

Government of Uganda appointed a Board of Directors

Board of directors

A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...

in April, 2009. The current Board has the following as its members, as of September 2011:

Vincent B Ssekkono - Chairman
Bruno Pajobo
Christine Guwatudde Kintu
Engineer Martin Sseremba Kasekende
Jolly Aripa Kirabo
Christopher Kahirita
Richard Bigirwa
Romano Ojiambo Ochieng
Christopher Kassami
Richard Byarugaba - Managing Director & CEO

Management

The management of the NSSF consists of the following individuals:

Richard Byarugaba - Managing Director & Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
Geraldine Ssali - Deputy Managing Director & Deputy Chief Executive Officer
David Nambale - Corporation Secretary
Dennis Ochieng - Head of Risk Management
Patrick Ayota - Head of Finance
Collin Babirukamu - Head of Information Technology
Charles K. Muhoozi - Head of Marketing & Communications
Geoffrey Barigye - Head of Internal Audit
Hope Bizimana - Head of Human Resources
George Kyarikunda - Head of Administration
Stevens Mwanje - Head of Commercial

Branch Network

As of June 2011, the National Social Security Fund has a branch network of twenty four(24) branches in the central, eastern, northern and western parts of Uganda, with 6 branches dedicated to Kampala.

Head Office - Workers House, One Pilkington Road, Kampala
Kampala
Kampala is the largest city and capital of Uganda. The city is divided into five boroughs that oversee local planning: Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division and Lubaga Division. The city is coterminous with Kampala District.-History: of Buganda, had chosen...
Nakasero Branch
Bugolobi Branch
Kireka Branch
Zzana Branch
Kawempe Branch
Bakuli Branch
Arua Branch - Arua
Arua
Arua is a town in Arua District, Northern Uganda. An important local commercial centre, it is a base for a large refugee population from Southern Sudan and the Democratic Republic of the Congo and is an aid distribution centre for those nations.-Location:...
Gulu Branch - Gulu
Gulu
Gulu is a city in Northern Uganda. It is the commercial and administrative centre of Gulu District. The city is located at 2˚46'48N 32˚18'00E, on the metre gauge railway from Tororo to Pakwach. Gulu is located approximately , by road, north of Kampala, Uganda's capital and largest city...
Lira Branch - Lira
Lira, Uganda
Lira is a city in Northern Uganda. It is the main municipal, administrative and commercial centre of Lira District. Lira was the main metropolitan center of the now defunct Lango District ....
Moroto Branch - Moroto
Soroti Branch - Soroti
Soroti
Soroti is the main municipal, commercial and administrative centre of Soroti District in Eastern Uganda, lying near Lake Kyoga. It is known for the rock formation near the town as well as a variety of Muslim mosques, Hindu temples, Sikh gurdwaras as well as several churches that meet in various...
Mbale Branch - Mbale
Mbale
Mbale is a city in Eastern Uganda. It is the main municiplal, administrative and commercial center of Mbale District and the surrounding sub-region. The district is named after the town.-Location:...
Tororo Branch - Tororo
Tororo
Tororo is a town in Eastern Uganda. It is the main municipal, administrative and commercial center of Tororo District. The district was named after the town.-Location:...
Jinja Branch - Jinja
Jinja, Uganda
Jinja is the largest town in Uganda, Africa. It is the second busiest commercial center in the country, after Kampala, Uganda's capital and only city. Jinja was established in 1907.-Location:...
Lugazi Branch - Lugazi
Lugazi
Lugazi is a town in Buikwe District, in Central Uganda. The town is also called Kawolo, and the two names are interchangeably used by the local inhabitants.-Location:...
Masaka Branch - Masaka
Masaka
Masaka is a town in Central Uganda, lying west of Lake Victoria. It is the chief town of Masaka District. Besides being the headquarters of Masaka District, the town is the regional headquarters and largest metropolitan area in Lyantonde District, Sembabule District, Lwengo District, Bukomansimbi...
Mubende Branch - Mubende
Mubende
Mubende is a town in Central Uganda. It is the main municipal, administrative and commercial center of Mubende District and is the location of the district headquarters. Mubende is the sister city of Tumwater, Washington, USA.-Location:...
Masindi Branch - Masindi
Masindi
Masindi is a town in Western Uganda, which lies on the road from Kampala to the Murchison Falls National Park. It is the 'chief town' of the Masindi District and the district headquarters are located there...
Hoima Branch - Hoima
Hoima
Hoima is a town in Western Uganda. It is main municipal, administrative and commercial center of Hoima District in Uganda. It is also the location of the palace of the Omukama of Bunyoro.-Location:...
Fort Portal Branch - Fort Portal
Fort Portal
Fort Portal is a town in Western Uganda. It is the seat of both Kabarole District and Toro Kingdom.-Location:Fort Portal is located approximately by road, west of Kampala, Uganda's capital and largest city, on an all-tarmac two-lane highway...
Kasese Branch - Kasese
Kasese
Kasese is a town in Western Uganda, lying north of Lake George. It originally grew around the copper mine at Kilembe, while attention later turned to cobalt mining. It is the 'chief town' of Kasese District and the district headquarters are located there...
Bushenyi Branch - Bushenyi
Bushenyi
Bushenyi is a town in Western Uganda. It is the 'chief town' of Bushenyi District and the district headquarters are located there. The district is named after the town, in keeping with the practice in most of the districts in the country.-Location:...
Mbarara Branch - Mbarara
Mbarara
Mbarara is a town in Western Uganda. It is the main municipal, administrative and commercial center of Mbarara District and the location of the district headquarters. It is also the largest urban centre in Western Uganda.-Location:...
Kabale Branch - Kabale
Kabale
Kabale is a city in Western Uganda. It is the 'chief town' of Kabale District and the district headquarters are located there. The district is named after the town.-Location:...