Airtel Uganda has paid Shs 50.3 billion in dividends to the National Social Security Fund (NSSF), highlighting the strength of the Fund’s investment strategy and its ongoing commitment to delivering returns to its members.
In 2023, NSSF invested Shs 199 billion to acquire over 4.21 billion shares in Airtel Uganda during its Initial Public Offering (IPO), purchasing the shares at an average price of Shs 47.17 each. This acquisition secured the Fund a 10.5% ownership stake in the telecom giant.
Since then, Airtel has demonstrated steady performance, consistently posting positive growth since the IPO. In its first year as a listed company, Airtel paid Shs 17 billion in dividends to the Fund.
NSSF’s Managing Director, Patrick Ayota, reported that the Fund’s assets under management (AUM) reached over Shs 25 trillion by the end of the last quarter—exceeding the Vision 2025 target of Shs 20 trillion, which was achieved 18 months ahead of schedule in January 2024.
“Our growth is a result of a disciplined investment approach, a diversified portfolio, and a well-balanced asset allocation strategy,” said Ayota. “Currently, 79.5% of our total assets are in fixed income, 14.1% in equities, and 6.4% in real estate.”
Since the November 2023 launch of SmartLife Flexi, NSSF’s voluntary savings product, contributions have surpassed Shs 16.1 billion, showing increasing uptake by Ugandans. The product now serves 29,110 members out of the Fund’s 2.2 million-member base.
Today’s announcement brings exciting news from Airtel—one of NSSF’s top-performing equity investments. For the financial year ending December 2024, the Fund earned Shs 33.2 billion in dividends from Airtel, bringing its two-year total earnings from the telecom to Shs 50.3 billion.
“This morning, I’m proud to present a dividend cheque of Shs 50.31 billion for the 2024 financial year,” said Soumendra Sahu, Managing Director of Airtel Uganda. “This is a testament to Airtel’s growth, NSSF’s investment acumen, and the power of long-term savings in shaping the financial future of millions of Ugandans. The success of our IPO proved the confidence investors have in Uganda’s financial landscape.”
