NSSF received a dividend worth UGX 31.5 billion from MTN

In Summary
  • MTN pays a dividend to NSSF worth UGX 31.5Bn.
  • The fund collects the money, invests that money, and pays benefits back to its members
Sylvia Mulinge, CEO MTN Uganda hands over a dummy check worth shs31.5bn as dividend payment to Patrick Ayota, NSSF Ag. Managing Director.

The National social security Fund has earned a total of UGX 31.5 billion as dividends for the years ended December 2022 from its investment in MTN Uganda.

In December 2021, the FUND invested, UGX 360 Billion to acquire 1.98 shares in MTN Uganda following its Initial public offer.

While receiving the cheque, from MTN CEO, Patrick Ayota the Ag. National social security Fund has noted that the payment is the single largest dividend earned by the Fund to date, in addition to UGX 9.3 billion achieved last year from Uganda’s telecommunications operator.

‘’The fund collects the money, invests that money, and pays benefits back to its members that’s basically our business model. So if we look at what is happening in those areas so far this year we have collected slightly over UGX 1.5 trillion for the 11 months ending May and that is above our annual target that we had. Ayota noted.

He added that the new amended law has given the fund these opportunities of expanding coverage and the investment in MTN is quite fastening.  ‘’The members of NSSF now are the second largest shared holder of MTN Uganda, we own collectively about 8.84% of MTN’’ Patrick said  

Sylvia Mulinge, the MTN CEO, has noted that the telecom company currently has 20,870 shareholders with over 200 smaller pension funds and SACCOs representing millions of Ugandans and reaffirmed MTN’s Commitment to delivering value to each of them.

‘The good thing is that these shares are owned by many Ugandans who have a stake in the fund with about 1.3 members, so we are glad today that we a returning value to the fund members in line with the company’s ambition of ensuring that we create shared values for all our stakeholders’’ she noted

She further added that MTN will pay out the final dividend for the Financial Year 2022 of Ugx 5.5 per share totaling Ugx 123.1 billion by 22nd June 2023 to all registered shareholders on their mobile money wallets and nominated bank accounts. This is in addition to the two interim dividends paid out last year in September of Ugx 5.0 per share and Ush 5.4 per share in December totaling Ugx 232.8 billion.

“We are cognizant of the significant contribution of the NSSF to social security and we reiterate our commitment to ensuring that the investment in MTN fulfills the investment objectives and goals for the Fund,” Mulinge said.