Airtel Uganda has paid a dividend of Shs42.6 billion to the National Social Security (NSSF) for the financial year ended December 31, 2025.
NSSF in 2023 purchased 4.21 billion shares (representing a 10.5% to 10.55% stake) in Airtel Uganda during its 2023 initial public offering (IPO).
Speaking during the dividend handover, Airtel Uganda Managing Director Soumendra Sahu said the company’s performance had been supported by an expanded network footprint, improved operational efficiency and efforts to enhance customer service.
“We have grown the network footprint. We have improved our operational efficiencies and we have continued to serve our customers better,” Sahu said.
He said Airtel Uganda remains committed to supporting NSSF’s Vision 2035 ambitions through responsible growth, continued investment in Uganda and expansion of access to connectivity.
Sahu added that the company would continue working to create sustainable value for its stakeholders, including NSSF members whose savings are invested in Airtel Uganda.
“Our responsibility remains growing that trust into value and continuing to take that value further across,” he said.
NSSF Managing Director Patrick Ayota said the Fund’s investment in Airtel Uganda was made on behalf of its 2.6 million members with account balances, giving them an indirect stake in the telecommunications company.
Ayota said although Airtel shares were initially priced at Shs100 during the public offering, NSSF benefited from a volume discount, bringing its effective acquisition cost to approximatelyShs47.17 per share.
By the end of June 2026, Ayota said, the value of the share had risen to Shs152, representing a substantial increase from NSSF’s effective acquisition price.
He said the investment had contributed to NSSF’s overall returns and demonstrated the potential of collective investment of members’ savings.
NSSF currently holds approximately 10.6% of Airtel Uganda, according to Ayota, who said the investment allows the Fund to leverage the collective strength of members’ savings to negotiate favourable investment opportunities.
“If we pull our funds together, on behalf of our members we can negotiate and buy things at a discount that adds so much value to the savings that we have in the country,” Ayota said.
He also highlighted the dividends generated by the investment since Airtel Uganda’s listing in 2023.
NSSF received Shs8 billion in dividends for 2023, followed by Shs31.7 billion for the year ended December 2024. The latest Shs42.6 billion dividend for 2025 represents a further increase in cash returns from the investment.
Ayota described Airtel Uganda as a long-term investment opportunity for NSSF and said the Fund remained focused on the company’s underlying business fundamentals and its continued expansion of connectivity across the country.
He particularly noted Airtel Uganda’s expanding ability to provide connectivity and support business activity across different parts of Uganda.
“NSSF is a long-term investor. We are very proud of the way Airtel has relationship between Airtel Uganda and NSSF, with the Fund continuing to hold a significant stake in the grown,” Ayota said.
The latest dividend payment underscores the growing financial relationship between Airtel Uganda and NSSF, with the Fund continuing to hold a significant stake in the listed telecommunications company on behalf of Ugandan savers.
