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e-statement

Welcome to the NSSF E-statement feature. In our continued effort to serve NSSF members better, we have enhanced the e-statement feature to make it more user-friendly, quicker and easier and to access your e-statement online.



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Welcome to the NSSF pre-registration feature. Please note that only non-registered members are to use this feature.



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Customer query

Welcome to the NSSF customer query feature. In our continued effort to serve NSSF members better, we have enhanced the e-statement feature to make it more user-friendly, quicker and easier and to access your e-statement online.



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Contributions

The NSSF covers all employers who have 5 or more employees between 16 and 55 years of age, with the exception of employees under the Government Pensions Act. The NSSF Act requires a registered employer is required to pay contributions to the Fund for his\her employees every month during which he/she pays salaries.

The NSSF Act also provides for voluntary membership for employers with less than 5 employees.

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Investment

NSSF collects members' contributions and invests them judiciously, and pays commensurate benefits to qualifying members. The money collected is maintained on individual member accounts, invested and earns an annual interest depending on our return on investments.

NSSF's Investment Policy provides for clear guidelines on investments. The Board and Management are mandated by the NSSF Act to invest the money on behalf of the NSSF members. Currently, NSSF has various investment interests in real estate, equities, and fixed income. The benefit for the member is that the member is assured of secure retirement.

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Benefits

NSSF administers and pays qualified contributing persons the following benefits;
Age
Invalidity
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Exempted Employment
Emigration Grant

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Contact info

  • Plot 1 Pilkington Road,
    Workers House, 14th Floor

  • P.O Box 7140, Kampala, Uganda
  • Email: customerservice@nssfug.org
  • Phone: +256 313-331-755
  • Toll free: 0800 286 773
  • Website: www.nssfug.org

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NSSF redeems investment in Nsimbe land, acquires 830.68 acres

 April 18, 2017

       MEDIA STATEMENT

 

NSSF REDEEMS INVESTMENT IN NSIMBE LAND, ACQUIRES 830.68 ACRES

The National Social Security Fund (NSSF) has redeemed its interests in Nsimbe Holdings Limited, acquiring a total of 830.68 acres of prime land located at Nsimbe & Seeta, Mpigi district, 21kms from Kampala City, and 300 metres off Kampala – Masaka highway.

This development is as a result of a protracted effort by the Fund since 2012 to redeem the Fund’s initial Ugx 8.2 billion investment in Nsimbe Holdings Limited, made in 2004, that had been written off, and convert the Fund’s 49% shareholding in Nsimbe Estates Limited into land, an asset that the Fund could develop in future. 

In order to actualise both the above, on September 13, 2016, the High Court endorsed a  consent judgement/decree between the Fund and Mugoya Estates Limited, the majority shareholder in Nsimbe Holdings Limited.. The judgement provides that;

  1. Mugoya Enterprises Limited recognises the interests of NSSF in the joint venture company then called Nsimbe Holdings Limited

 

  1. The Fund acquires the Mugoya Estates Limited’s 51% share in the land at Nsimbe

 

  1. Mugoya Estates Limited offers the Fund first option to purchase its 51% share in the piece of land at market price

 

  1. In accordance with the procurement guidelines, the Fund acquires 51% shareholding in the land at Nsimbe held by Mugoya Estates Limited

 

  1. Upon purchase, Mugoya Estates Limited transfers the land titles, unencumbered, into the names of National Social Security Fund (NSSF), and hands over the same titles to the Fund

The above terms of the consent judgment have been adhered to.

As a result, the Fund has acquired 423.6 acres of prime land at Nsimbe at Ugx 21.6 billion, a figure informed by a valuation returned by the Chief Government Valuer.

The land titles have been transferred into the names of NSSF, and we have taken over possession  of the land.

This transaction is a positive development for the Fund, its members and the country at large because;

  • It allows the Fund redeem its initial investment and acquires a valuable asset in a prime location

 

  • It allows the Fund to recover its initial investment of Ugx 8.2 billion in Nsimbe Holdings that had been written off.

 

  • It allows the Fund to obtain a high value asset (830.68 acres of good land) at a market rate that can be used for future developments.

 

  • The recovery of the Fund`s interest of 49% of the land, means that the Fund makes a 132% gain on its initial investment, going by the current market trend.

 

  • It is consistent with the Fund’s strategy to re-start all stalled real estate projects, and the National Development Plan to reduce housing deficit in Uganda.

Going forward, the Fund has initiated a process to finally realise the establishment of a low cost housing estate in the next 5 years.

We would like to reiterate that decisions regarding this transaction, and indeed all investment decisions are made in the interest of the members of the Fund, guided by the law, our internal policies and procedures.

 

 

Richard Byarugaba

MANAGING DIRECTOR

 

 

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