Byarugaba re-appointed NSSF boss

Wednesday October 29 2014

Meeting. Mr Richard Byarugaba, the managing

Meeting. Mr Richard Byarugaba, the managing director NSSF. The firm’s interest income rose by 22 per cent despite the declining interest rate in the Ugandan market. FILE PHOTO 

By FREDERIC MUSISI

KAMPALA.Mr Richard Byarugaba has been re-appointed managing director for National Social Security Fund (NSSF) after close to 10 months of a search process to fill the position
Daily Monitor understands that Ms Geraldine Ssali, who has been acting MD has also been re-appointed to her previous position as deputy MD.
Mr Byarugaba, 53 exited office last December after his contract was not renewed by Finance Minister Maria Kiwanuka; who directed that all executive positions at NSSF be advertised internationally to have a new team in place.
A month-long search process by the Workers Fund board led by Chairman Ivan Kyayonka and a consultancy firm, PriceWaterHouse Coopers was initiated and had zeroed down on Edgar Agaba as MD, Patrick Ayota, as deputy MD and Richard Wabwire, as Corporation Secretary.

The names were then forwarded to Ms Kiwanuka in June for appointment but the process had since then attracted a parliamentary investigation.
Mr Wabwire has also been appointed corporation secretary.
This comes a day after NSSF announced a growth in its balance sheet from Shs4 trillion to Shs4.4 trillion, outstripping workers funds for Kenya which stands at Shs4.2 trillion ($1.6 billion) and Tanzania Shs3.5 trillion ($1.3b).
The Fund also revealed on Tuesday that no losses were recorded in the financial year ending 2013/2014 and revenues grew steadily to 26 per cent largely from bonds, equities and assets and monthly collections have grown to Shs55 billion up from Shs28 billion in the previous years..

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