Ogong replaces Kimbowa as NSSF chairman
Dr David Ogong is the new NSSF chairman
What you need to know:
- Dr Ogong, a seasoned strategy, planning, and regulatory executive, has more than 15 years of experience in driving growth in the communications industry and capital markets
National Social Security Fund (NSSF) has appointed Dr David Ogong as the new chairperson, replacing Dr Peter Kimbowa, whose three-year term ended on September 1.
Speaking at his inauguration in Kampala yesterday, Dr Ogong, a seasoned strategy, planning, and regulatory executive with more than 15 years of experience in driving growth in the communications industry and capital markets, said it was a privilege to provide oversight to members' savings, which NSSF holds in trust, noting that he will largely rely on teamwork to ensure that the Fund meets the challenges ahead.
He has previously worked as the director of market supervision at Capital Markets Authority and as director of competition, corporate and consumer affairs, and finance and ICT at Uganda Communications Commission (UCC).
He holds a Global MBA from Oxford Brookes University (UK), a masters of science and bachelors in accounting and finance from London South Bank University, UK.
NSSF also indicated that Secretary to the Treasury Ramathan Ggoobi joins the board, replacing Deputy Secretary to the Treasury Patrick Ocailap to represent Ministry of Finance, which supervises the investment decisions of the Fund, while Aggrey David Kibenge, the Gender permanent secretary joins to represent the ministry.
Mr Richard Bigirwa joins as a workers’ representative under the National Organisation of Trade Unions (NOTU), replacing Lwabayi Mudiba Hassan, while Dr Eng Silver Mugisha and Ms Annet Mulindwa Nakawunde have been re-appointed to represent employers under Federation of Uganda Employers.
Other members include Dr Sam Lyomoki and Ms Penninah Tukamwesiga representing workers under the Confederation of Free Trade Unions, Ms Annet Birungi, also representing workers under the National Organisation of Trade Unions, and Patrick Ayota, the NSSF Managing Director.
The term of the new board runs for three years effective September 1.
Gender Minister Betty Amongi, said the new board is expected to double the Fund’s assets from Shs20 trillion to Shs50 trillion by 2035.
About 70 percent of NSSF's investments are held in bonds, closely followed by equities and real estate.
Dr Ogong, a fellow of the Association of Chartered Certified Accountants, UK, and a member of the Institute of Chartered Public Accountants of Uganda, has previously coordinated the development of UCC and the East African Communications Organisation’s strategic plan.
He is also a fellow of the Association of Chartered Certified Accountants (UK).
