Richard Byarugaba Reappointed NSSF Boss after transforming it to 17 trillion shs.

Nov 25, 2022 - 14:35
Richard Byarugaba Reappointed NSSF Boss after transforming it to 17 trillion shs.

KAMPALA - Government has renewed the contract of National Social Security Fund managing director Richard Byarugaba.

Our website has exclusively learnt that Byarugaba, whose tenure was due to expire at the end of this month, got a new five-year contract. His deputy, Patrick Ayota’s contract expired on October 29th 2022.

However, considering several issues, including the willingness of Byarugaba and Ayota to continue serving in line with the NSSF Human Resource policy and Procedures Manual, the Fund’s board of directors recommended that both should be granted contracts extension.
The NSSF board met on June 29th 2022 to discuss and consider, among others, awards of new employment contracts to Byarugaba and Ayota, upon the expiry of the current mandate.

The board submitted its recommendation to the gender minister, Betty Amongi, who, when contacted said she had passed over the board’s recommendations to President Yoweri Museveni for consideration.
Sections 39 and 40 of NSSF Act, Cap 222, as amended, provide that a managing director and deputy managing director shall be appointed by the minister.

When contacted yeaterday, Byarugaba, 61, said: “Yes, it has been renewed for five years.”

Asked how he felt about his contract being renewed, Byarugaba, who was first appointed to the position in 2010, said: “It is business as usual.”
Byarugaba’s new contract will run effective December 1st 2022, while that of Ayota,62, commenced on October 30th 2022.

By press time, however, it was not yet clear whether Ayota had also got a five-year extension.

The renewal of their contracts was premised on the fact that they have been at the helm of NSSF during its period of transformation, leading it to the current approximately two million members with assets under management, of UGX 17 trillion.
NSSF board chairperson Peter Kimbowa’s letter to Amongi, dated July 1st 2022, read: “Pursuant to your statutory mandate, the two officers would be issued appointment letters directly from your office after your final decision and approval. We shall be most grateful if this is done at your earliest convenience for the continued stability of the Fund.”

Additional source: New vison and Umaru Kashaka

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