Uganda: NSSF Stake in MTN Uganda Hits Shs1.2tn As Shares Soar

3 March 2026
Nile Post (Kampala)
By Amon Katungulu

MTN Uganda's robust performance on the Uganda Securities Exchange (USE) has significantly boosted the wealth of its largest local shareholders, including the National Social Security Fund (NSSF) and businessman Charles Mbire.

The telecom's share price has climbed steadily from Shs312 in November 2025 to Shs470 in March 2026, reflecting strong investor confidence in one of Uganda's top-listed companies.

From Shs312 to Shs428

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Between November 2025 and early February 2026, MTN Uganda's share price rose by Shs116, from Shs312 to Shs428. This initial surge delivered substantial gains for key shareholders, notably NSSF and Mbire.

From Shs428 to Shs470

By March, the stock had climbed further to Shs470 per share, extending the bullish momentum and reinforcing MTN Uganda's position as one of the strongest-performing counters on the USE. Overall, the stock has gained Shs158 per share since November.

NSSF Stake Surpasses Shs1.236 trillion

NSSF, holding a 10.7 percent stake equivalent to 2,629,607,810 shares, has seen the value of its investment rise sharply alongside MTN Uganda's share price. At Shs470 per share, the Fund's holding is now valued at approximately Shs1,235,915,713,700 ($347.12 million).

The Shs158 per share gain since November translates into a total appreciation of Shs415,478,034,980 (approximately $116.96 million) for NSSF, cementing its position as MTN Uganda's largest local institutional shareholder.

Mbire's Stake Approaches $118 million

MTN Uganda board chairman Charles Mbire, who owns a 4 percent stake totaling 895,561,810 shares, has also benefited from the rally.

At the current share price, his holding is valued at Shs420,392,050,700 (about $117.97 million), representing a gain of Shs141,498,765,980 ($39.74 million) since November.

Strong Momentum on the USE

The rise from Shs312 to Shs470 over four months underscores MTN Uganda's resilience and growing dominance on the USE.

For both institutional investors like NSSF and influential shareholders such as Mbire, the rally demonstrates how quickly wealth can grow when market confidence is sustained.

Read the original article on Nile Post.

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