Former NSSF Boss Richard Byarugaba Appointed Board Chairman of Old Mutual Investment Group

Richard Byarugaba, the former Managing Director of the National Social Security Fund (NSSF), has been named the new Board Chairman of Old Mutual Investment Group, succeeding Prof. Samuel Sejjaka. The move marks a significant shift in Uganda’s investment sector, with industry experts predicting that Byarugaba’s appointment will usher in a period of accelerated growth, innovation, and stakeholder value creation for the firm.

Byarugaba’s appointment comes on the strength of an illustrious career spanning over three decades in banking, social security, and investment management. His most notable tenure was at NSSF, where he transformed the fund into one of Uganda’s most formidable financial institutions.

During his leadership, NSSF’s assets under management grew from USD 600 million to an impressive USD 4.7 billion. This exponential growth was driven by his strategic emphasis on expanding pension coverage—through the landmark NSSF Amendment Bill—which extended benefits to more than 10 million workers.

In addition, Byarugaba championed digital transformation, introducing technology-driven services that enhanced efficiency, reduced operational costs, and improved customer satisfaction. His approach to governance and investment strategy turned NSSF into a cornerstone of Uganda’s economic stability.

In a statement, Old Mutual described him as “a transformational leader with over 30 years of experience in banking, social security, and investment management,” adding that his appointment “will strengthen our strategic vision and market leadership.”

Industry analysts say Byarugaba’s leadership is expected to bring tangible changes to Old Mutual in four key areas:

1. Accelerated Growth – His history of multiplying NSSF’s asset base suggests he will target similar expansion for Old Mutual’s investment portfolio.
2. Strategic Alignment – Byarugaba’s grasp of Uganda’s economic priorities could help Old Mutual better position itself in line with national development goals.
3. Digital Innovation – Building on his digitalisation track record, he is expected to modernise Old Mutual’s service delivery, enhancing accessibility and operational efficiency.
4. Stakeholder Prosperity – With his social security background, Byarugaba is poised to focus on sustainable, long-term value creation for both individual and institutional investors.

This appointment is widely viewed as a statement of intent by Old Mutual to consolidate its position as a dominant player in the investment space, not only in Uganda but across the region. By tapping into Byarugaba’s proven leadership style, the company appears set for a new phase of robust expansion, innovation, and enhanced competitiveness.

With a leader of his calibre at the helm, market watchers believe Old Mutual is strategically positioning itself to capture emerging investment opportunities, expand its client base, and deliver unmatched value to stakeholders in the years ahead.

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