NSSF M.D Richard Byarugaba’s Tenure Extended for 5 Years

National Social Security Fund (NSSF) Managing Director Richard Byarugaba’s employment contract has been extended for another five year term. The Minister of Finance Matia Kasaija who by law is the appointing authority renewed Byarugaba’s contract according to a statement issued on Monday.

“In accordance with Section 39 (1) of the NSSF Act, the Minister of Finance, Planning and Economic Development has renewed the employment contract of Richard Byarugaba for a five year contract effective December 1, 2017,” the statement by NSSF’s Head of Marketing and Communications Barbra Arimi Teddy read.

Richard Byarugaba, 56, a seasoned banker has been at the helm of NSSF Uganda’s biggest pension scheme for the last seven years.

In 2013, the then Minister of Finance Maria Kiwanuka declined to renew his contract following an inquiry by the Inspector General of Government (IGG) related to mismanagement of funds only to be cleared and reinstated as Managing Director after 10 months.

Byarugaba has presided over a turnaround of the Fund, increasing its asset base from Shs 2.7 trillion in 2011 to the current Shs 7.92 trillion. Contributions by members have significantly grown to Shs 917 billion from Shs 473 billion seven years ago.

In his seven year tenure tenure, membership has doubled to about 1.7 million while NSSF has continued to diversify its investments to curb risks brought about by economic turbulence.

Real estate projects such as Mbuya I&II Housing Projects, Lubowa Housing Project, Commercial Developments in Jinja and Mbarara are among the notable ones.

Monday’s statement also revealed that Minister Kasaija has reappointed the Fund’s Corporation Secretary Richard Wabwire for another five years.

Meanwhile, Geraldine Ssali Busulwa who has served NSSF as the Deputy Managing Director since 2011 and Acting Managing Director in 2014 has been replaced by Patrick Ayota who has been Chief of Finance at the Fund.

Ssali’s contract expires this week on October 29.

“The Minister declined to renew the contract of Mrs. Geraldine Ssali Busulwa, the Fund’s Deputy Managing Director as per Section 40 of the NSSF Act,” NSSF said in a statement.

“The Fund wishes to thank Mrs. Busulwa for her service to the Fund over the last six years since her appointment in 2011.”

Her fate follows recommendations made by the NSSF Board to the Minister which stated that she was not fit for the job.