By Patience Namuddu
KAMPALA — An investment made from workers’ savings in Airtel Uganda has generated Shs82.3 billion in gross dividend income for the National Social Security Fund (NSSF) since 2023, highlighting the growing contribution of listed equities to the Fund’s returns.
The latest payment of Shs42.6 billion, covering the financial year ended December 31, 2025, was handed over to NSSF Managing Director Patrick Ayota by Airtel Uganda Managing Director and CEO Soumendra Sahu at a ceremony in Kampala on Wednesday.
NSSF invested Shs199 billion in Airtel Uganda’s Initial Public Offer (IPO) in 2023, acquiring more than 4.21 billion shares and a 10.547 per cent stake in the telecommunications company.
The Fund said the investment has generated progressively higher dividend income, with earnings rising from Shs8 billion in 2023 to Shs31.7 billion in 2024 and Shs42.6 billion in 2025.
“The Fund invested Shs199 billion during Airtel Uganda’s 2023 Initial Public Offer, acquiring over 4.21 billion shares at an effective price of Shs47.17 per share. This secured a 10.547 percent stake in the company,” Mr Ayota said.
Equity investment
Mr Ayota said Airtel Uganda had become an important contributor to the performance of NSSF’s equities portfolio as the Fund seeks to invest members’ savings in productive assets.
He said the Fund would continue to regard its Airtel Uganda holding as a long-term investment.
“Looking ahead, Airtel Uganda remains a long-term growth opportunity for the Fund. We commend the management for creating shareholder value while supporting the company’s continued growth,” he said.
The latest dividend takes the cumulative gross dividends received by NSSF from Airtel Uganda to Shs82.3 billion since the Fund acquired its stake through the 2023 IPO.
NSSF said its overall dividend income also increased by 55 per cent last year, from Shs238.14 billion to Shs369 billion.
The Fund has invested in listed companies as part of its broader strategy of diversifying members’ savings across equities, fixed-income securities and real estate.
Airtel shareholders
Mr Sahu said NSSF’s position in Airtel Uganda was significant because the Fund represents the savings of working Ugandans.
“NSSF is a key shareholder representing working Ugandans, highlighting the members whose savings underpin this investment,” he said.
Mr Sahu handed over the Shs42.6 billion dividend cheque to Mr Ayota as income earned from NSSF’s shareholding in Airtel Uganda for the year ended December 31, 2025.
Airtel Uganda listed its shares on the Uganda Securities Exchange in 2023 as part of efforts to broaden local ownership and participation in the telecommunications company.
The company offered eight billion shares, representing 20 per cent of its issued share capital, at Shs100 per share during the IPO.
The offer attracted applications for about 4.36 billion shares, with NSSF emerging as the largest institutional investor.
Airtel Uganda shares began trading on the Uganda Securities Exchange in November 2023, allowing Ugandan investors to acquire direct ownership in the telecommunications company.
NSSF investment strategy
For NSSF, the Airtel investment is part of efforts to diversify the Fund’s portfolio and generate sustainable income for members over the long term.
The Fund has also invested in other listed companies, including MTN Uganda, while maintaining investments in fixed income and property.
The growing dividend contribution from equities comes as NSSF seeks to balance its portfolio across different asset classes and strengthen investment income.
Mr Ayota said the Fund would continue evaluating long-term investment opportunities capable of generating value for its members.
The Airtel Uganda investment illustrates the role listed companies can play in providing dividend income to institutional investors while giving savers indirect participation in Uganda’s capital markets.