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Byarugaba re-appointed NSSF boss

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Byarugaba re-appointed NSSF boss

Former National Social Security Fund managing director Richard Byarugaba has been re-appointed as the Fund’s boss.

He retakes the stewardship of the Fund after close to 10 of a search for the Fund’s managing director.

Ms Geraldine Ssali, 53 exited the Fund in December after Finance Minister Maria Kiwanuka insisted that NSSF advertises all senior positions including that of the managing director.

His contract was subsequently not renewed, which kicked of a search for the new Fund’s managing director.

A month’s long search led by Ivan Kyayonka, the NSSF chairman and PriceWaterHouse Coopers, a consultancy firm zeroed down on Edgar Agaba for the managing director job, Patrick Ayota, [deputy MD] and Richard Wabwire, as corporation secretary but there appointments were never confirmed.

The development comes a day after the Fund announced a growth in its balance sheet from Shs4 trillion to Shs4.4 trillion.

NSSF, according to the results is the largest pension fund in East Africa with Kenya coming in in second [Shs4.2 trillion] and Tanzania at [Shs 3.5 trillion].

The Fund also said it had grown its revenues by 26 per largely on income generated from bonds, equities and assets.

NSSF also said its monthly collections had grown to Shs55b up from Shs28b last year.

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