NSSF’s Airtel Uganda Investment Delivers UGX 82.3 Billion As Dividend Earnings Surge

The National Social Security Fund (NSSF) has received UGX 42.6 billion in dividends from Airtel Uganda, bringing the total gross dividends earned from its investment in the telecommunications company to UGX 82.3 billion since 2023.

The latest dividend cheque was handed over to NSSF Managing Director Patrick Ayota by Airtel Uganda Managing Director Soumendra Sahu during a ceremony hosted by the telecom company. The payment represents dividends arising from Airtel Uganda’s financial year that ended in December 2025.

NSSF entered Airtel Uganda’s ownership during the company’s Initial Public Offering (IPO) in 2023, when the Fund invested UGX 199 billion to purchase more than 4.21 billion shares. The shares were acquired at an effective price of UGX 47.17 each, giving NSSF a significant interest in the listed company.

Following the transaction, NSSF acquired a 10.547 percent stake in Airtel Uganda, which it continues to hold. The investment has since become one of the Fund’s sources of income from equities, with dividend payments adding to the returns generated from members’ savings.

The latest UGX 42.6 billion payment brings Airtel Uganda’s total contribution to NSSF’s dividend earnings to UGX 82.3 billion. The figure reflects the financial returns the Fund has generated from the investment while continuing to maintain its ownership stake in the company.

Ayota pointed to Airtel Uganda’s contribution as part of the broader performance of NSSF’s equities portfolio. He noted that the Fund’s overall dividend income increased by 55 percent in the last financial year, rising from UGX 238.14 billion to UGX 369 billion.

For NSSF, the performance of the Airtel Uganda investment highlights its strategy of putting members’ savings into different assets that can generate income over the long term. Through its continued shareholding, the Fund can benefit from dividends while also retaining its interest in the company’s future performance.
The latest payout comes as NSSF continues to strengthen and diversify its investment portfolio across various asset classes. The Fund says such investments are aimed at generating sustainable returns and increasing value for its members over time.