The Prime Minister, Robinah Nabbanja has written to Gender and Labour minister Betty Amongi, the appointing authority, directing that Mr Richard Byarugaba be re-appointed for another five years as the Managing Director of National Social Security Fund (NSSF).
Byarugaba’s tenure as NSSF MD had expired on November 1, 2022. He has held the position since 2010.
In a letter dated December 7, 2022, the Prime Minister said Byarugaba’s re-appointment followed a meeting they had at State house Entebbe chaired by President Museveni and the recommendations from the Board of Directors of the NSSF.
“As you are equally aware; H.E The President delegated me to conclusively handle this matter and provide update. I am happy to note that comprehensive consultations with key stakeholders on the matter have taken place. You and I have been pivotal. In my assessment, consensus has emerged that we should agree with the Board Recommendations to give a five-year non-renewable performance contract to Mr. Richard Byarugaba and Mr. Patrick Ayota as Managing Director and Deputy Managing Director respectively,” the letter reads in part.
“I appreciate that you have already appointed Mr. Patrick Ayota the Deputy Managing Director.”
“The purpose of this letter is to guide that you proceed and appoint Mr. Richard Byarugaba as the Managing Director of NSSF as recommended by the Board to avoid any managerial gaps which can put the workers funds at risk. This will ensure that the fully constituted Management Team can embark on implementing the Fund new Strategy in light of the New NSSF Law as amended,” the letter adds.
The Fund position itself is to mobilize retirement savings from citizens as envisaged in the amended NSSF Act. The Fund further ensures that those funds are invested for the benefit of the members and the overall socio-economic transformation.
Nabbanja added that in light of the allegations submitted to them in the last meeting, they referred the matter to the Auditor General for investigations.
NSSF-Uganda is a quasi-government agency responsible for the collection, safekeeping, responsible investment, and distribution of retirement funds from employees of the private sector who are not covered by the Government Retirement Scheme.
It is the largest pension fund in East Africa with total assets of about Ush16.86 trillion as of March 2022.
