NSSF Stake in MTN Uganda Shoots to Shs1.23 Trillion in Less Than a Month
KAMPALA — A strong rally by MTN Uganda on the Uganda Securities Exchange (USE) is creating massive paper wealth for its top local shareholders, with the telecom giant’s share price climbing to Shs470 in March 2026.
The stock has steadily risen from Shs312 in November 2025 to Shs428 in February, before surging further to the current Shs470 — a total gain of Shs158 per share in just a few months.
Market analysts say the sustained upward movement reflects growing investor confidence in one of the most dominant counters on the local bourse, buoyed by strong financial performance, consistent dividend payouts and optimism about Uganda’s digital economy.
From Shs312 to Shs470
Between November and early February, MTN Uganda’s share price gained Shs116, moving from Shs312 to Shs428. The rally did not stop there. By March, the counter had added another Shs42, pushing it to Shs470.
Overall, the Shs158 appreciation per share marks one of the strongest runs on the USE in recent months.
NSSF’s Investment Crosses Shs1.236 Trillion
The biggest beneficiary locally is the National Social Security Fund (NSSF), which holds a 10.7 percent stake equivalent to 2,629,607,810 shares.
At Shs470 per share, the Fund’s total holding in MTN Uganda is now valued at approximately Shs1,235,915,713,700 (about $347 million), pushing the investment firmly above the Shs1.236 trillion mark.
Since November alone, the Shs158 per share gain has translated into a paper increase of roughly Shs415.5 billion (about $117 million) for Ugandan workers whose savings are managed by NSSF.
For contributors, the rally strengthens the Fund’s asset base and signals improved long-term returns, especially as equities remain a key pillar in NSSF’s diversified investment strategy.
Mbire’s Stake Nears $118 Million
MTN Uganda board chairman Charles Mbire, who owns a 4 percent stake amounting to 895,561,810 shares, has also seen the value of his holding surge.
At Shs470 per share, his stake is now worth approximately Shs420.39 billion (about $118 million). The rally has added nearly Shs141.5 billion (around $39.7 million) in value to his investment since November.
A Signal for Uganda’s Capital Markets
The steady climb from Shs312 to Shs470 underscores MTN Uganda’s growing influence on the USE and the broader economy.
Beyond headline numbers, the rally sends a powerful message about the maturing of Uganda’s capital markets. When strong corporate performance meets investor confidence, value expands — benefiting institutions, individual investors, and ultimately ordinary Ugandans whose savings are tied to these counters.
For now, MTN Uganda remains one of the market’s brightest stars — and shareholders are smiling.
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