Dr David Ogong has taken over as the new chairperson of the National Social Security Fund (NSSF) Board of Directors.
He replaces Dr Peter Kimbowa.
The new board was inaugurated on Tuesday September 10, 2024 by the Minister of Gender, Labour and Social Development, Hon Betty Amongi, for three years, effective September 1, 2024, marking a beginning of a bold new chapter for NSSF’s future.
The outgoing Chairman, Dr. Peter Kimbowa, thanked the 12th Board for the resilient and insightful strategies executed since 1st September 2021, and the impact they have created.
“You could say I’ve been a Team Leader, but leadership is collective. I’ve been part of the team and not on top of the team,” said Kimbowa.
“I would also like to thank NSSF’s management and staff, as a global and local consultant, I can attest to the fact that the Fund is one of the most resilient and innovative organisations. I take a lot of pride in having worked alongside all of you. We have had phenomenal growth with assets under management growing from 17 trillion when we came to over 21 trillion today. The diversified portfolio and forward-looking policies of the Fund have yielded results for members.”
He assured the new Chairman that the Fund is cohesive, focused, and dynamic.
“As the 13th board, you are going to defend our legacy, we will be assessed as the 12th board based on the performance of your board. The Fund is not just an institution, it’s the bedrock of hope for millions of Ugandans in terms of securing their financial future.”
In her speech, Minister Amongi lauded the outgoing board for the role it played, especially growing the Fund from 17 trillion when they took over to over 22 trillion.
“I would also like to thank the management team, there’s nothing a board can do without a competent technical team. Over the period I’ve worked with you, I’ve noticed you are very hardworking, meticulous, innovative, but most importantly, you have a firm desire to protect the Fund. Management has had to make very difficult decisions and you always keep firmly in line with the procedures and legal framework even if it may not please the political class. I encourage you to remain firm even in the most difficult circumstances,” she stated.
She urged the incoming board to continue advancing the 2035 strategy while balancing the Fund’s mission and vision with the national development agenda.
“Safeguard the Fund’s land against any illegitimate claims, and innovate in managing real estate to increase uptake. I also encourage you to thoroughly evaluate each investment before committing members’ funds, ensuring you invest only in strategic areas that will deliver returns for our members.”
In his maiden speech, the incoming Board Chairperson, Dr. David Ogong, said the Fund is a significant trust placed in his hands.
“Members are looking to the board, management, and your ministry to see how we perform and how we respond to their needs.”
He said the new board’s primary role is to ensure timely payment of benefits to qualifying members.
“While we collect contributions to make these payouts possible, our main job is to serve our members when claim their savings. In the last three years alone, we have paid out over 3.5 trillion shillings to members, and I assure you, we will continue to do so whenever required. When members entrust us with their savings, there comes a time when they depend on those savings to sustain their lives,” he pointed out.
He added: “Our performance in this regard will inspire others across various sectors to save with the Fund. I also thank you, Hon. Minister, and Parliament for providing us with an enabling law that allows us to welcome all Ugandans through the voluntary savings scheme.”
The new NSSF board:
- Dr. David Ogong – Chairperson
- Mr. Ramathan Ggoobi – Member
- Mr. Patrick Ayota – Member
- Mr Aggrey David Kibenge – Member
- Ms. Peninnah Tukamwesiga – Member
- Dr. Sam Lyomoki – Member
- Ms. Annet Birungi – Member
- Mr. Richard Bigirwa – Member
- Mrs. Annet Mulindwa – Member
- Dr. Eng. Silver Mugisha – Member.
