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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. 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).
URBRA is an autonomous oversight body established by virtue of section 2 of the Uganda Retirement Benefits Regulatory Authority Act 2011, Act No. 15 of 2011. It is responsible for regulating the establishment, management and operation of retirement benefits schemes in Uganda in both the private and public sectors. The Authority is responsible for supervising institutions which provide retirement benefits products and services.
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