The appointments took effect in July 2026 and were announced in a public notice issued by the company on Monday.
The new directors were appointed on the recommendation of Industrial and General Insurance Plc in accordance with NIC Holdings’ Articles of Association and the Companies Act, 2012.
Their appointments will, however, require approval by shareholders at the next Annual General Meeting.
Prof Sejjaaka joins the board with more than three decades of experience in management, accounting and corporate governance.
A Certified Public Accountant, he holds a Doctor of Philosophy in Accounting and Finance and is a member of the Institute of Certified Public Accountants of Uganda and a Fellow of the Uganda National Academy of Sciences.
His experience includes governance and oversight of public interest companies, assurance functions, strategy development, financial consultancy, public finance management and systems design.
Prof Sejjaaka is also a partner at Sejjaaka, Kaawaase & Co. Certified Public Accountants and serves as Principal and Professor of Accounting and Finance at MAT Abacus Business School, where he oversees academic programmes and the management of New Age Learning.
NIC Holdings said his experience will strengthen the company’s governance and strategic direction.
"We look forward to his immense contribution of expert knowledge and experience in the running of the company," the company said.
The board also appointed Simon Kusiima Mwebaze, an investment professional with more than 18 years of experience in financial markets and asset management.
Mwebaze holds a Bachelor of Business Computing from Makerere University Business School and is a CFA Charter Holder and member of the CFA Society of East Africa.
He is currently the Managing Director of Cornerstone Asset Managers Limited.
NIC Holdings said Mwebaze’s expertise in financial modelling, investment analysis, portfolio management, treasury operations and asset liability modelling will support the company’s investment portfolio management.
"We look forward to his adding immense value to the company's investment portfolio management," the company said.
The appointments followed the resignation of Akinlolu Akinyele and Bayo Folayan, who had represented Industrial and General Insurance Plc on the NIC Holdings board.
The board accepted their resignations at a meeting held on June 30, 2026, and thanked them for their service and contribution during their tenure.
NIC Holdings said the changes were disclosed in line with requirements under the Capital Markets Authority (Amendment) Act, the CMA Corporate Governance Guidelines and the Uganda Securities Exchange Listing Rules on continuous disclosure obligations.
NIC Holdings, originally established in 1964 as the National Insurance Corporation, is one of Uganda’s oldest insurance and financial services companies.