NSSF, Mbire Cash In as MTN Uganda Shares Jump 15.6% in Four Months
The steady rally has translated into substantial financial gains for the company’s major local shareholders, most notably the National Social Security Fund (NSSF) and MTN Uganda Board Chairman, Charles Mbire.
MTN Uganda’s performance on the Uganda Securities Exchange (USE) continues to shine, with its stock rising from Ush 270 to Ush 312 per share as of Tuesday, November 25, 2025. This represents an impressive 15.6% growth in just four months, reaffirming the telecom giant’s strong market position and investor confidence in its long-term prospects.
The steady rally has translated into substantial financial gains for the company’s major local shareholders, most notably the National Social Security Fund (NSSF) and MTN Uganda Board Chairman, Charles Mbire.
NSSF’s Stake Gains Over Ush 110 Billion in Four Months
NSSF, which owns 10.7% of MTN Uganda, initially held investments worth Ush 2,629,607,910. With MTN’s stock appreciating by Ush 42 per share over the last four months, the Fund’s holding registered a significant value addition of:
Ush 110,443,532,220, equivalent to USD 30,610,480 based on the prevailing exchange rate of $1 = Ush 3,609.
At the new price of Ush 312 per share, the current value of NSSF’s stake in MTN Uganda has soared to:
Ush 820,437,667,920, which translates to USD 227,392,141.
This performance underscores the critical role strategic investments in high-performing companies play in growing workers’ savings.
Charles Mbire’s 4% Stake Appreciates by Over Ush 37.6 Billion
MTN Uganda Chairman Dr. Charles Mbire, one of the largest local individual shareholders with a 4% stake, is also among the biggest beneficiaries of the stock surge.
His initial investment of Ush 895,561,810 yielded an additional:
Ush 37,613,596,020, equivalent to USD 10,424,968 in new value over the last three months.
Mbire’s entire shareholding is now valued at: Ush 279,415,284,720, or USD 77,422,616 at the current exchange rate.
This remarkable appreciation further cements his position among Uganda’s most successful private investors.
The upward trend in MTN Uganda’s share price reflects a combination of positive fundamentals, including:
Robust financial performance, characterised by strong half-year and annual results.
An expanding subscriber base, driven by mobile money, data usage, and digital innovations.
Consistent and attractive dividend payouts, making the telecom stock highly appealing to both retail and institutional investors.
Market dominance, which continues to position MTN Uganda as one of the most stable and reliable investments on the USE.
These factors have helped maintain sustained demand for MTN shares, pushing the stock upward even amid broader economic pressures.
For NSSF and Mbire, the recent appreciation of MTN Uganda’s share price demonstrates the wealth-creation potential of patient, well-calculated investments in high-performing companies.
Their earnings over the last few months underscore how strategic corporate shareholding can generate significant returns, with MTN proving to be one of the most rewarding assets in Uganda’s capital markets.
Outlook: More Gains Ahead?
With MTN Uganda continuing to invest in network expansion, digital transformation, and customer experience, analysts believe the company’s growth trajectory remains strong. As such, major stakeholders—especially long-term investors like NSSF and Mbire—are well-positioned to reap even greater rewards in the coming years.
The recent performance reinforces MTN Uganda’s reputation as one of the most dependable long-term investment vehicles in the country, and a cornerstone of the USE’s market activity.
