Also David Ogong, the NSSF board chairman has been appointed a new director on MTN board. According to the AGM resolution, Mbire was reappointed for a fresh three-year term after securing an emphatic 99 percent vote, highlighting strong shareholder approval of his stewardship.
The vote reflects recognition of Mbire’s role in steering MTN Uganda’s growth, with investors crediting his strategic guidance and decisions for the telecom’s continued success in a competitive market.
Leadership credited for market dominance
Under Mbire’s chairmanship, MTN Uganda has maintained its leading position in both voice and data services, reinforcing its status as the country’s top telecom operator.
His tenure has been marked by sustained expansion, strong market performance, and continued investor confidence, positioning the company as a key driver on the Uganda Securities Exchange (USE).
Strong share price growth on the USE
MTN Uganda’s performance on the stock market has mirrored this confidence. The company’s share price has climbed steadily from Shs312 in November 2025 to Shs428 in February 2026, before rising further to Shs470 in March.
Overall, the stock has gained Shs158 per share over the period, underlining one of the strongest rallies on the USE in recent months.
NSSF stake rises above Shs1.236 trillion
The National Social Security Fund (NSSF), MTN Uganda’s largest local institutional investor with a 10.7 percent stake equivalent to 2,629,607,810 shares, has seen the value of its investment surge.
At the current price of Shs470 per share, the Fund’s total holding is now valued at:
Shs1,235,915,713,700
(approximately $347.12 million)
From November to March, the share price increase has generated gains of:
Shs415,478,034,980
(approximately $116.96 million)
Mbire’s stake climbs to nearly $118 million
Beyond his leadership role, Mbire has also personally benefited from the telecom’s strong market performance.
He holds a 4 percent stake in MTN Uganda, equivalent to 895,561,810 shares, which at the current share price of Shs470 is valued at:
Shs420,392,050,700
(approximately $117.97 million)
The steady rise in MTN Uganda’s stock price has increased the value of his holding by:
Shs141,498,765,980
(approximately $39.74 million) since November underscored the scale of wealth created during the rally.