Mr. Richard Patrick Byarugaba has been appointed new NSSF Managing Director/ Chief Executive Officer. The Minister of Finance, Planning and Economic Development, Hon. Syda Bbumba appointed the seasoned banker in accordance with section 39 of the NSSF Act.
A qualified professional for the job, Mr. Byarugaba brings to the Fund a wealth of experience in managing large financial organisations of international repute including commercial banks. He joins the Fund from Global Trust Bank where has been the Managing Director.
 With over 27 years of banking experience, he has held various senior positions at Standard Chartered Bank, Nile Bank, Barclays Bank and has been Managing Director of Global Trust Bank. Mr. Byarugaba beat off competition from 32 candidates who applied for the job in April 2010.
Announcing the appointment, NSSF Board Chairman Mr. Vincent Ssekkono said that the new MD will bring a lot of experience to the job. “He is qualified for the job and carries a wealth of experience in managing large financial organisations of international repute, including commercial banks,” he said.
Reacting to news of his appointment, Mr. Byarugaba immediately set his agenda for the Fund. “My objective is to lead the transformation of the organisation into a transparent, accountable and profitable institution capable of competing in a liberalised pensions market for the benefit of its contributing members in particular and Ugandans in general.”
“There is a lot of work to be done,” he said.
Who is Mr. Byarugaba?
Mr. Byarugaba is one of Uganda’s renowned bankers. Aged 49, his banking career spans over 27 years. He started his banking career in 1983 in Standard Chartered Bank, and rose through the ranks to the position of Executive Director for Finance in 1992.
In 1994, he was transferred to London as Regional Manager for Finance in charge of Africa region. In London, he made his mark through the implementation of a multi-million accounting software for the bank’s Africa operations.
He returned to Uganda and was in 2003, appointed Nile Bank Managing Director until December 2006 when the bank was acquired by Barclays Bank. He served as Barclays Bank Chief Operations Officer until November 2008 when he assumed a new role as Managing Director of Global Trust Bank.
Mr. Byarugaba is a qualified Accountant with the Association of Chartered Certified Accountants. He also holds a management diploma from the Henley Management College of UK.
A former President of the Uganda Institute of Bankers, he has also served on several board positions at Hospice Africa, Standard Chartered Bank, Nile Bank, Palliative Care Association of Uganda and the Uganda Institute of Banking and Financial Services.
Mr. Byarugaba’s colleagues in the banking industry describe him as a results driven CEO, with an inside knowledge of banking and investment. “He is the right person for the job,” was the universal reaction in the industry.
A family man, married with children, he is also one of the few Ugandans to take part in the London Marathon, a charity road marathon that has been held in London since 1981.
One of the World Marathon Majors that also includes the Boston, Chicago, New York and Berlin marathons, the London Marathon is one of the top five international marathons run over a distance of 42.195 km and draws the largest number of participants in the UK after the Great North Run of Newcastle.
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