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Kampala, Uganda | THE INDEPENDENT | Minister of Finance Planning and Economic Development Matia Kasaija has reinstated Martin Anthony Nsubuga as the Chief Executive Office (CEO) of the Uganda Retirement Benefits Regulatory Authority (URBRA). Nsubuga’s renewed tenure at the helm of URBRA will last five years, starting 1st May 2026.
Nsubuga’s return as CEO of URBRA comes after a two-year hiatus, occasioned by the refusal of the then Board of Directors, chaired by former MP Julius Bigirwa Junjura, to renew his contract, alleging poor performance.
An ensuing legal battle ended with the disbandment of the URBRA Board of Directors, who were declared incompetent by the court. Attempts to appeal the ruling were fruitless, as the court ordered them to vacate office and for Nsubuga to be reinstated as Chief Executive Officer. Since the ruling in January 2025, URBRA operated without a board of directors until March 2026, when Minister Kasaija appointed new members.
Upon taking up office, the new board, chaired by Henry Balwanyi Magino, made a recommendation to the minister to renew Nsubuga’s contract as the CEO of URBRA.
Nsubuga, who originally worked as a top official in the Ministry of Finance, is recognised for playing a central role in the sector reforms that led to the drafting and enactment of the URBRA Act in 2011.
He has played other key roles in the financial services sector at national, continental and international levels.
Specifically in pension supervision, he served as an executive member of the International Organisation of Pension Supervisors (IOPS) and chaired the East African Pension Supervisors’ Association (EAPSA).
In 2023, he was the convener for the annual conference of the African Pension Supervisors’ Association (APSA), which was hosted by URBRA in Kampala. He represented the sector in international forums and published papers on different aspects. (APSA)
During his first tenure, the sector hit several milestones, including a sustained sector annual growth rate of 18%; the introduction of umbrella schemes, which attracted over 200 employers to participate in retirement saving; and the positioning of Uganda as a key member of continental and international pension institutions.
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