The National Social Security Fund (NSSF) has earned Shs82.3 billion in gross dividends from its investment in Airtel Uganda since 2023 after receiving a Shs42.6 billion dividend cheque for the year ended December 31, 2025.
The dividend was handed over to NSSF Managing Director Patrick Ayota by Airtel Uganda Managing Director and CEO Soumendra Sahu during a ceremony held at Four Points by Sheraton in Kampala on Wednesday.
NSSF invested Shs199 billion in Airtel Uganda’s Initial Public Offer (IPO) in 2023, acquiring more than 4.21 billion shares and securing a 10.547 percent stake in the telecommunications company.
Ayota said the investment had continued to generate returns for the Fund and its members, with dividend earnings increasing from Shs8 billion in 2023 to Shs31.7 billion in 2024 and Shs42.6 billion in 2025.
“The Fund invested Shs199 billion during Airtel Uganda’s 2023 Initial Public Offer, acquiring over 4.21 billion shares at an effective price of Shs47.17 per share. This secured a 10.547 percent stake in the company,” Ayota said.
He said Airtel Uganda had become an important contributor to the performance of NSSF’s equities portfolio as the Fund continued to invest members’ savings in productive assets.
According to NSSF, the Fund’s overall dividend income increased by 55 percent last year, rising from Shs238.14 billion to Shs369 billion.
Ayota said the Fund would continue to view Airtel Uganda as a long-term investment opportunity and commended the company’s management for creating value for shareholders.
“Looking ahead, Airtel Uganda remains a long-term growth opportunity for the Fund. We commend the management for creating shareholder value while supporting the company’s continued growth,” Ayota said.
Sahu said NSSF remained an important shareholder in Airtel Uganda because the Fund represents the savings of working Ugandans whose money is invested in the company.
“NSSF is a key shareholder representing working Ugandans, highlighting the members whose savings underpin this investment,” Sahu said.
He handed over the Shs42.6 billion dividend cheque to Ayota as income earned from NSSF’s Airtel Uganda shareholding for the year ended December 31, 2025.
The latest payment brings NSSF’s total gross dividends from Airtel Uganda to Shs82.3 billion since the Fund acquired its stake through the 2023 IPO.
NSSF’s investment came during Airtel Uganda’s listing on the Uganda Securities Exchange, which was part of the company’s efforts to meet regulatory requirements for local ownership and participation in the telecommunications sector.
Airtel Uganda offered eight billion shares, representing 20 percent of its issued share capital, at Shs100 per share during the IPO. The offer attracted applications for about 4.36 billion shares, with NSSF emerging as the largest institutional investor.
The shares started trading on the Uganda Securities Exchange in November 2023, giving Ugandan investors an opportunity to participate directly in the ownership of one of the country’s largest telecommunications companies.
For NSSF, the Airtel investment forms part of its broader strategy of diversifying members’ savings across different asset classes, including equities, fixed income and real estate, with the aim of generating sustainable returns.
The Fund has also invested in other listed companies, including MTN Uganda, as it seeks to increase the contribution of equities to its investment income.
The dividend from Airtel comes as NSSF continues to grow its investment portfolio and seeks opportunities that can generate income for its members over the long term.
