The past few days have seen Rwanda Social Security Board (RSSB) take full ownership of three major local companies: Inyange Industries, Ruliba Clays and BK General Insurance (BKGI). ALSO READ: THE BIG INTERVIEW: RSSB boss breaks down Inyange, Ruliba, BK General Insurance deals According to RSSB Chief Executive Regis Rugemanshuro, the acquisitions are part of the institution’s new five-year strategy, which focuses on unlocking more value from existing assets while pursuing sustainable, long-term and risk-adjusted returns for members. But what are the key numbers behind the transactions? - The companies are worth more than Rwf130 billion The three companies have a combined estimated value of more than Rwf130 billion, based on the valuations used in the transactions. Inyange Industries was valued at approximately Rwf61.2 billion, Ruliba Clays at about Rwf40 billion, while BK General Insurance (BKGI) was valued at approximately Rwf32 billion. However, RSSB did not have to buy all of each company. Before the transactions, it already owned 40 per cent of Inyange Industries and 50 per cent of Ruliba Clays. It therefore acquired only the remaining 60 per cent of Inyange and 50 per cent of Ruliba, giving it full ownership of both companies. RSSB’s total spending on the three acquisitions is estimated at about Rwf88.4 billion. This includes approximately Rwf36.72 billion for the 60 per cent stake it acquired in Inyange Industries, Rwf20 billion for the remaining 50 per cent stake in Ruliba Clays, and Rwf31.7 billion for the remaining shares in BKGI. - RSSB manages assets worth about Rwf3.9 trillion The acquisitions come as RSSB's assets under management have grown significantly over the past five years. The institution's assets under management reached Rwf3.9 trillion at the end of June 2026, roughly double the level recorded five years earlier. RSSB also reported double-digit investment returns for two consecutive years: 15.06 per cent, equivalent to about Rwf401 billion, in 2024–2025, and 12.8 per cent, equivalent to about Rwf438 billion, in 2025–2026. For the second consecutive year, RSSB also received a clean financial audit opinion from the Office of the Auditor General. - Billions of Frw in revenue, profits by the three new companies in recent years The three businesses have generated significant revenues and profits over the years, although their performance has varied. Inyange Industries increased its revenue from Rwf28 billion in 2021 to Rwf68.9 billion in 2025 and remained profitable throughout the period. Its profit after tax reached Rwf1.35 billion in 2025. Ruliba Clays has also recorded profits over several years, with profit after tax of Rwf787 million in 2020, Rwf731 million in 2021, Rwf712 million in 2022, Rwf749 million in 2023 and Rwf474 million in 2024. BKGI has recorded particularly strong earnings growth. Its profit after tax increased from Rwf2.7 billion in 2021 to Rwf4.7 billion in 2025, supported by growth in insurance premiums and underwriting profitability.
