URBRA Acting Chief Executive Officer Martin Nsubuga said that Mazimas net asset increased from 517 million shillings to 886 million at end of July 2018. The scheme declared 8.6 percent interest to members. The scheme membership increased from 572 to 784 members.
When Mazima was given a provisional license, Nsubuga explained that they were not required to submit administration structures to URBRA. He said the administrator, sponsor and the trustees were fused under one person - Livingstone Mukasa. This, he said was a great risk.
Uganda Retirement Benefit Regulatory Authority URBRA Acting Chief Executive Officer, Martin Nsubuga has said that the retirement benefit schemes regulators is not aware of Mazima Voluntary Individual Retirement Benefits Scheme MVIRBS General Assembly called by defunct administration. Mazima Chief Executive Officer Livingstone Mukasa who was relieved of his duties last week has circulated a notice of Mazimas Annual General Assembly scheduled for Friday 27th at Makerere University.
Martin Nsubuga has been appointed acting Chief Executive Officer of the retirement benefits regulator, URBRA, replacing David Nyakundi Bonyi, a Kenyan national whose three-year contract ended last week. This appointment is an implementation of a directive by Finance Minister Matia Kasaija that the job be given to a competent Ugandan.
Finance Minister Matia Kasaija has directed that the job of Uganda Retirement Benefits Regulatory Authority--URBRA chief executive officer should be given to a Ugandan. This directive comes as the contract of current URBRA boss, Kenyan national David Nyakundi Bonyi, comes to an end. This is the last month of Bonyis three-year renewable contract that commenced in February 2015. Bonyi has been earning a gross monthly salary amounting to 91 million Uganda shillings.
A survey conducted by Uganda Retirement Benefit Regulatory Authority URBRA and Uganda Bureau of Statistics UBOS has indicated that only 57 percent of the companies assessed are registered with National Social Security Fund NSSF while 43 percent are not registered.