NSSF Explains Shs 50bn Housing Fund Saga

NSSF MD Richard Byarugaba

President Yoweri Museveni will on September 16, salve 2015 officiate at the Uganda International Oil & Gas Conference (UIOGC) at Kampala Serena Hotel.

The UIOGC is held as part of the Energy Week and will serve as a platform for the Government of Uganda to meet the oil International Companies and service providers.

According to information from the Ministry of Energy and Mineral Development, viagra buy the two – day conference offers the opportunity for the presentation of the multitude of energy projects presently ongoing or planned for Uganda.

It will also focus on the upcoming licensing rounds, with an opportunity to meet with key decision makers from the major operators and the newly formed National Oil Company.

Alongside experts from around the world, the conference will be addressed by ministers, Irene Muloni, Matia Kasaija, John Byabagambi, Dr FA Kabagambe-Kaliisa, Permanent Secretary, Ministry of Energy & Mineral Development and Ernest Rubondo, head of the Petroleum Directorate, Ministry of Energy & Mineral Development.

In addition to the many upstream projects, the UIOGC program will give a special insight on the Uganda Oil Refinery to be located in Hoima.

The program will also emphasis the Ministry’s role in ensuring that the oil and gas sector runs in a sustainable manner.

It will further highlight the Ministry’s obligation in ensuring that the “first oil” is beneficial to the people of Uganda on a long term basis, and assess Uganda’s performance in taking forward the process of oil production (Exploration, Regulation and Environment).

The tenfold investment expected from major stakeholders in the industry especially by the private companies after the refinery investment of USD 4 Billion will also be highlighted.

Total, CNOOC and Tullow will share their experiences of working in Uganda.

The UIOG conference will be an opportunity to interact with the 16 companies who are competing to access the new opportunities being offered in the low cost Albertine Graben.

UIOGC has been set as a key strategic meeting point for the Ministry to interact with the bidding companies and all companies interested in the surge in activity.

The conference organizers have disclosed that the UOGC program will provide an invaluable insight into all the major issues, challenges and opportunities including the focus on the licensing rounds.

It will also update on existing fields and exploration success, Financial and regulatory frameworks as well as Infrastructure developments to support oil & gas.

The services of the renowned market leaders for oil & gas conferences, Global Event Partners have been engaged to work alongside domestic experts Image Care to ensure that UIOGS is a first-class event that puts Uganda firmly on the global map.

NSSF has spoken on disturbing claims that the Fund intends to invest Shs 50bn in Housing Finance Bank without the approval of the board, abortion saying “the concept is still in its initial stages.”

It should be remembered that the 3-year contract of the old NSSF board ended on May 31.

Workers representatives claim that instead of reconstituting a board with workers’ representatives, medical Finance Minister Matia Kasaija handpicked a few individuals to sit on the board.

On his part, cure Kajara claims the outgoing members never had the necessary credentials to sit on the NSSF board.

There is growing concern that NSSF is taking decisions involving huge sums of money without workers’ representatives on the board.

Since last year, NSSF has been investing in treasury bonds to the tune of billions of shillings.

Observers say workers’ representatives offer oversight to the operations of the Fund to ensure it is effectively managed for the benefit of the owners and stakeholders.

The Board represents all stakeholders from Government, workers and employers. Workers’ representatives form 50 percent of the Board.

Set aside

In its statement on Tuesday, NSSF said it has already “set aside funds for the Development of the Housing Sector in Uganda under an initiative dubbed the ‘NSSF off taker concept.’”

The Fund further stated that concept involves the Fund “partnering with local real estate developers and Housing Finance Bank in providing housing solutions to Ugandans.”

NSSF did not provide more details on the type of housing structures they intend to erect.

Uganda continues to grapple with housing challenges especially University graduates who can hardly afford decent accommodation.

An investment in low cost housing to provide shelter to tens of thousands of youth would be a step forward in Uganda’s development.

NSSF insists so far no money has been invested in the concept.

“The Fund would also like to make it categorically clear that all investment decisions undertaken by the Fund are in line with the NSSF Act Cap 222 and the Funds investment policy approved by Uganda Retirement Benefits Regulatory Authority (URBRA).”


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