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Patrick Ayota, has been reappointed Deputy Managing Director for Uganda’s National Social Security Fund (NSSF) for a 5-year term, effective 30th November 2022, the Fund has announced.
In a statement today, Patrick Ocailap, a board member, acting on behalf of the Chairman, Peter Kimbowa, also said that Mr. Ayota, will also act as Managing Director, as the process to appoint a substantive Managing Director gets concluded.
“In accordance with Sections 39 and 40 of the National Social Security Fund (NSSF) Act ( Cap 222), as amended, the Board of Directors submitted its recommendations to the Minister of Gender, Labour, and Social Development ( the Minister) for the appointment of a Managing Director and Deputy Managing Director,” read the statement.
CEO East Africa Magazine understands that the Board submitted both Richard Byarugaba and Patrick Ayota’s names to be reconsidered for another 5-year term as Managing Director and Deputy Managing Director respectively.
“This is to inform NSSF members, stakeholders and the public as follows: Patrick Ayota has been appointed Deputy Managing Director for a five-year period with effect from 30th November 2022. The processes leading to the appointment of the Managing Director have taken longer. In the interim, the Deputy Managing Director will caretake this office until these processes are concluded,” Ocailap added.
He also assured the NSSF members and other stakeholders that “the Fund remains stable, and its operations are running normally.”
The National Social Security Fund Uganda is a multi-trillion Fund mandated by the Government through the NSSF Act, Cap 222 (Laws of Uganda) to provide social security services to employees in the private sector. The Fund manages assets worth over UGX 17.2 trillion as of June 30 2022, invested in fixed income, equities and real estate assets within the East Africa region.
Who is Patrick Ayota?
Patrick joined NSSF in July 2011. As the Deputy Managing Director, he is also in charge of the Fund’s Strategy Function. He was previously the Chief Financial Officer of the Fund, a position he held for 6 years until November 2017.
Patrick has been at the forefront of various projects at the Fund which he steered successfully, including the setup of the strategy function, and the rollout of the balanced performance scorecard, and was named runner-up at the 2017 National CFO Awards organized by ACCA Uganda.
Before joining the Fund, he was the Finance Director for Barclays Bank Uganda (now Absa Bank Uganda). He has extensive experience in strategy formation and execution; innovation; financial reporting and accounting, taxation, leadership and project management.
He is a Certified Public Accountant (CPA) and holds an MBA from the University of South Carolina (USA) and a Bachelor of Science Degree in Finance from Liberty University, Virginia (USA).