The National Social Security Fund (NSSF) has earned value from the 373,771,921 shares purchased from the power distributor Umeme Limited the Managing Director, Mr. Richard Byarugaba has said.<\/p>\n\n\n\n
Byarugaba was responding to media reports that erroneously stated that the Fund lost money as a result of reduction in Umeme share price. The Fund acquired shares at a unit price of Ushs 371 while the current share price is about Ushs 219.<\/p>\n\n\n\n
\u201cWe invested a total of Ug.shs 138.7 billion in Umeme Limited for the 373,771,921 shares. Over the years, we have earned more than Ushs 65 billion in dividends and coupled with the current market value of our investment at Ug.shs 81.8 billion, we have a net gain of Ug.shs 8.4 billion,\u201d Byarugaba explained.<\/p>\n\n\n\n
\u201cIt is incorrect to say that we have lost money simply because the reduction in the share price has led to a reduction in the value of our investment this financial year, as per current share price. On a deeper analysis, over the years, the Fund has made money from this investment,\u201d he added.<\/p>\n\n\n\n
The Fund initially purchased 251,951,071 Umeme shares in 2013. Later in November 2016, the Fund entered into an agreement to buy an additional 121,820,850 shares from Actis Infrastructure, at a cost of UShs 59.4 billion.<\/p>\n\n\n\n
The purchase increased the Fund\u2019s total stake in Umeme Limited from 15.5% (251,951,071 shares) to 23% (373,771,921 shares), making NSSF the largest institutional investor in Umeme.<\/p>\n\n\n\n
Byarugaba said that the Fund still views Umeme Limited as a viable investment for its members in the medium to long term, given that the demand for electricity is still growing.<\/p>\n\n\n\n
ABOUT NSSF<\/strong><\/strong><\/p>\n\n\n\n The National Social Security Fund Uganda is a multi-trillion Fund mandated by Government through the NSSF Act, Cap 222 (Laws of Uganda) to provide social security services to employees in the private sector. <\/em><\/p>\n\n\n\n NSSF is the most profitable, trustworthy, efficient, secure, innovative and dynamic social security provider that guarantees safety, security and a competitive return on members\u2019 savings, delivering an annual return of investment of over 2% above the 10-year inflation average.<\/em><\/p>\n\n\n\n The Fund manages assets worth over UGX 14 trillion invested in Fixed Income, Equities and Real Estate assets within the East Africa region. As the largest Fund in East Africa by value, we have the ambitious goal of growing our Assets Under Management to 20 trillion by 2025.<\/em><\/p>\n\n\n\n Since 2012, the Fund is regulated by the Uganda Retirement Benefits Regulatory Authority while Minister of Finance, Planning and Economic Development is responsible for policy oversight.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" The National Social Security Fund (NSSF) has earned value from the 373,771,921 shares purchased from the power distributor Umeme Limited<\/p>\n","protected":false},"author":1,"featured_media":2319,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[24,65],"tags":[],"class_list":["post-3272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-national-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2020\/12\/byaru.jpg","jetpack-related-posts":[{"id":8173,"url":"https:\/\/prowebinhost.com\/anzu\/nssf-saga-byarugaba-accuses-minister-amongi-of-interference-in-management-of-the-fund\/","url_meta":{"origin":3272,"position":0},"title":"NSSF\u00a0 SAGA: BYARUGABA ACCUSES MINISTER AMONGI OF INTERFERENCE IN MANAGEMENT OF THE FUND","author":"UgandaUpdate","date":"February 5, 2023","format":false,"excerpt":"By Our Parliament Reporters Out going Managing Director \u00a0,Richard Byarugaba who is at the center of a leadership row at the - 18 Trillion National Social Security Fund (NSSF) has told the parliamentary select committee that \u00a0Minister of Gender, Labour and Social Development, Betty Amongi \u00a0was overstepping her oversight mandate\u2026","rel":"","context":"In "Workers savings"","block_context":{"text":"Workers savings","link":"https:\/\/prowebinhost.com\/anzu\/category\/workers-savings\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7979,"url":"https:\/\/prowebinhost.com\/anzu\/nssf-saga-gender-minister-amongi-defends-ug-shs-6b-she-directed-to-be-included-in-the-funds-budget\/","url_meta":{"origin":3272,"position":1},"title":"NSSF SAGA: GENDER MINISTER AMONGI DEFENDS UG.SHS.6B SHE DIRECTED TO BE INCLUDED IN THE FUND\u2019S BUDGET","author":"UgandaUpdate","date":"January 11, 2023","format":false,"excerpt":"By Our Reporters The Minster of Gender Labour and Social Development Betty Amongi Ongom has once again defended the Ug.shs. 6bn she directed the NSSF Management and Board to include in its 2023\/24 budget to mobilise more savings for the fund. While addressing journalists at the Media Center in Kampala\u2026","rel":"","context":"In "NSSF Savings"","block_context":{"text":"NSSF Savings","link":"https:\/\/prowebinhost.com\/anzu\/category\/nssf-savings\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/01\/amongi-1.jpeg","width":350,"height":200},"classes":[]},{"id":8029,"url":"https:\/\/prowebinhost.com\/anzu\/nssf-saga-gen-salim-saleh-writes-to-cartoonist-and-social-critic-spire-sentongo\/","url_meta":{"origin":3272,"position":2},"title":"NSSF SAGA : GEN SALIM SALEH WRITES TO CARTOONIST AND SOCIAL CRITIC SPIRE SENTONGO","author":"UgandaUpdate","date":"January 17, 2023","format":false,"excerpt":"By Our Senior Reporters NRA Veteran war hero ,Gen Salim Saleh has written to cartoonist and social critic Spire Sentongo after the latter drew a cartoon depicting the general to be involved in the running leadership battles at the NSSF . 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