NSSF investment in MTN Uganda climbs past 1 trillion shilling mark

KAMPALA, Uganda — MTN Uganda shares have staged a strong rally on the Uganda Securities Exchange, delivering massive gains to its largest local investors in just eight weeks as the stock surged by 116 shillings per share.

By Nov. 25, 2025, MTN Uganda shares were trading at 312 shillings. By Feb. 6, 2026, the price had climbed sharply to 428 shillings, signaling renewed investor confidence in the telecommunications giant.

The National Social Security Fund, MTN Uganda’s largest local shareholder with a 10.7% stake, has emerged as the biggest winner from the rally. The pension fund holds more than 2.6 billion shares in the company.

Over the eight-week period, the increase in the share price generated gains of approximately 305 billion shillings for the fund. In U.S. dollar terms, this translates to about $85.7 million.

As a result, the total value of the fund’s MTN Uganda shareholding has risen to more than 1.1 trillion shillings, or about $316.2 million, providing a significant boost to workers’ savings invested through the fund.

MTN Uganda board chairman and businessman Charles Mbire also recorded a sharp rise in the value of his holding. Mbire owns a 4% stake, amounting to about 895.6 million shares.

The rally added nearly 103.9 billion shillings to the value of his investment in eight weeks, equivalent to about $29.2 million. This lifts the total value of Mbire’s stake to approximately 383.3 billion shillings, or $107.7 million.

MTN Uganda remains one of the most influential counters on the Uganda Securities Exchange, and the latest price surge underscores its central role in driving market performance.

For institutional investors such as the NSSF and high-net-worth individuals like Mbire, the rally serves as a reminder of how swiftly value can be created on the stock market when sentiment turns bullish.