Table of Contents
Uganda's National Social Security Fund has dropped a proposed settlement with businessman Amos Nzeyi and now plans to reclaim 55 acres of land at Temangalo, near Kampala, that it bought from him 18 years ago but has never fully occupied.
NSSF Managing Director Patrick Ayota told Parliament's Committee on Commissions, Statutory Authorities and State Enterprises that the fund intends to recover the land, which it says it paid for but never took full possession of. The fund has also agreed with Nzeyi to carry out a joint survey to settle the boundaries of the disputed area.
The move reverses the direction of talks in August. On Aug. 24, NSSF and Nzeyi told the same committee they had reached an agreement in principle under which Nzeyi would buy back 45 acres he had not handed over and transfer 10 acres of other land to the fund. The reason the plan was dropped has not been made public.
An 18-year dispute
NSSF bought 463.87 acres at Temangalo in Wakiso District in 2008 from Nzeyi and ARMA Ltd., a company linked to former Prime Minister Amama Mbabazi, for about 11 billion shillings ($2.7 million at current exchange rates). The deal drew years of scrutiny over its valuation and the way it was procured. In 2019, a High Court judge dismissed a case over the sale as time-barred.
Nzeyi has stayed on part of the land, where his home and other houses stand. NSSF served him with an eviction notice on June 15, giving him until the end of that month to leave, and then asked the High Court for an order to take possession.
His lawyer, Peter Kabatsi, told lawmakers in August that the sale "had been substantially fulfilled between 96% or 97%, except for 45 acres." He said Nzeyi "was not prepared to leave out his house, home and other houses," and that "if NSSF wants, he can return their money for the 45 acres."
The fund now puts the disputed area at 55 acres. Members of the committee inspected the property in August and found part of it fenced off and used for farming and cattle grazing.
Nzeyi is one of Uganda's best-known businessmen and a longtime associate of Mbabazi. NSSF, the country's largest pension fund, manages retirement savings for private-sector workers.
Figures were converted at 4,090 Ugandan shillings to the dollar.
The intelligence satisfies curiosity. The paid briefings satisfy strategy.
Every Monday, Elite subscribers receive an Investor Memo breaking down the deal, the structure and the positioning behind the week's most consequential African wealth story — the kind of analysis that doesn't appear anywhere else.
Twice a month, a Wealth Intelligence brief profiles a single billionaire's holdings, cash flows and expansion pipeline in detail no public source matches.
→ Executive ($25/mo): Daily newsletter + Deep-Dive Reports
→ Elite ($75/mo): Everything above + Investor Memos + Wealth Intelligence + Quarterly Analyst Briefings
Subscribe now