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MURBS declares 12.6percent interest rate at Third AGM

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All the financial figures and projections provided at the 3rd Annual General Meeting indicate a great improvement in the finances of the Makerere University Retirement Benefits Scheme (MURBS).

Addressing the members at the Annual General Meeting (AGM) held on Thursday 7th November 2013, in Lab 2 at the College of Computing and Information Sciences (CoCIS), the Chairperson Board of Trustees, Hajjati Fatumah Nakatudde said:  “We are happy to report that for the financial year ended 30th June 2013, the MURBS made a Gross income of UGX 8.6billion and Net income of UGX 5.4billion. The total Fund Value as of June 2013 stood at UGX 78.8billion. It is also important to note that it is during the same financial year that the NIC/DAP monies amounting to over UGX 20billion were paid out in benefits.”

Dr. Saul Nsubuga a Member of the Board of Trustees (BoT) MURBS contributes to the discussion at the 3rd AGm, 7th Nov 2013, CoCIS, Makerere University Kampala UgandaThe Board Secretary, Dr. John Kitayimbwa pointed out that the Board of Trustees (BoT) takes responsibility of the interest declared at 12.6% and applauded the fund managers for performing over and above BoT’s expectations.

“Our rate of return this year was 15.4%. Our declared interest for the year is 12.6% because we must have a reserve to absorb shocks and changes in the market. Compared with institutions/bodies that provide similar services in our current market, an interest ate of 12.6% is very good,” reechoed Dr. Kitayimbwa.
 

Also commenting on the declared interest rate of 12.6%, Dr. Saul Nsubuga, Member of the BoT said: “It is better to accrue a fair interest rate, within a regulated framework, but ensure that this money is available on retirement.”

Mr. Goddy Muhumuza, Senior Legal Officer, Makerere University (L) and other Members contribute to the discussion durint the 3rd MURBS AGM, 7th Nov 2013, CoCIS, Makerere University, Kampala UgandaThe well attended 3rd Annual General meeting (AGM) was characterized by precise questions and comments directed at the BoT, indicative of a strong desire for information sharing and exchange of ideas, appreciation for the work done, optimism and goodwill. The same scene played out as highlights of the Financial and External Auditor’s Reports for the Year ended June 2013 were presented.

 

The Emcee Mr. Louis Kakinda (with mic) moderated the well attended 3rd Annual AGM, 7th Nov 2013, CoCIS, Makerere University, Kampala UgandaThe day’s emcee Mr. Louis Kakinda provided a brief reflection on the 2nd AGM held on 25th October 2012; presented the agenda of the 3rd AGM and also introduced the current BoT comprising;  Hajjati Fatumah Nakatudde (Chairperson), Dr. John Kitayimbwa (Secretary), Ms. Edna Rugumayo, Dr. Saul Nsubuga, Mr. Dyson W. Maswere, Prof. Julius Zake, Mr. Bruce Twesigye and Ms Miriam Magala.

 

With regard to general composition, all permanent employees of the university under the age of 50 are eligible to join the MURBS as contributing members. During the AGM, the BoT made reference to the Trustee Some of the Members of Staff who attended the 3rd MURBS AGM, 7th Nov 2013, Makerere University, Kampala UgandaDeed signed between Makerere University and the MURBS, which stipulates that all permanent members of staff are eligible to join the Fund and therefore advised members to fill in the registration forms to enable BoT track all the finances due to them.

Another key message shared by the BoT assured the members that unlike past experiences with other pension/retirement schemes where members of staff retired without payment due to them, MURBS is committed to ensuring that the money is timely given to the concerned member upon retirement.

In the same spirit, members were advised that in addition to the designated 5% deducted from their salaries, Dr. John Kitayimbwa, Secretary BoT-MURBS addresses Members at the 3rd AGM, CoCiS, Makerere University, Kampala Ugandathey could liaise with the MURBS Secretariat and fill out forms to voluntarily increase their monthly contribution, which will inevitably increase on the savings they will access on retirement.

The Board Secretary, Dr. John Kitayimbwa thanked the members for supporting the current Board of Trustees since they assumed office on 1st April 2013.  “The term of office for the previous Board of Trustees chaired by Dr. Augustus Nuwagaba ended on 31st March 2013. A new BoT chaired by Hajjati Fatumah Nakatudde was constituted following the provisions in the Trustee Deed. We thank the previous BoT for laying a firm foundation. We also thank you members for supporting the new BoT to seamlessly transition into service,” remarked Dr. Kitayimbwa.

In agreement, one member, Ms Grace Christine Bazaya applauded the old and current BoT and the Executives of Staff Associations for working tirelessly to deliver the NIC/DAP funds to members at the time they needed it most.  Commenting on the future of MURBS, Ms Bazaya proposed a mechanism of checks and balances to ensure accountability and transparency at all levels.

Hajjati Fatumah Nakatudde, Chairperson BoT-MURBS answers Members' queries at the 3rd AGM, CoCIS, Makerere University, Kampala UgandaRegarding the members’ contributions which are yet to be remitted by Makerere University to MURBS, Hajjati Fatumah Nakatudde reported that BoT had sued the University, but were advised to settle the matter out of court and since then several negotiation meetings have been held between BoT and the University Management. However, since the Makerere University Council is the employer, a joint committee comprising membership from BoT and University Management is scheduled to present to the University Council on whether to pay interest on the contributions from the members who benefited from the previous In-house Retirement Scheme. She added that BoT is committed to the welfare of her members and they were optimistic that the negotiations at the different levels would all yield positive results.

Mr. Michael Kimoni, Partner, Ernst & Young, Auditors, MURBS at the 3rd AGM, 7th Nov 2013, CoCIS, Makerere University, Kampala UgandaAccording to the External Auditors Report to the members of MURBS by Ernst & Young-Certified Public Accountants, the financial statements presented fairly, in all material respects, the statement of net assets available for benefits of MURBS as at 30 June 2013. Ernst & Young further assented, that the reports represented changes in the net assets available for benefits and cash flows for the year then ended, in accordance with International Financial Reporting Standards and the Requirements of the Trust Deed.

The Fund Managers, Pine Bridge Investments (E.A.) Limited (PINE) and STANLIB in their report informed the AGM that they prepared the financials and shared the information with the Auditors.

Dr. George L. Openjuru, CEES, makes his contribution to the discussion, 3rd Annual AGM, 7thNov2013, CoCIS, Makerere University, Kampala Uganda“The Year closed with UGX 78.8billion. There was a reduction in the fund by UGX 5.7billion because of the NIC/ DAP funds which were paid out to the members during the year. The assets as of June 2013 added up to UGX. 78.8billion. If the MURBS was to be wound up today, we would sell our assets worth UGX 78.8billion and pay our liability,” highlighted the statement from PINE and STANLIB.

Responding to the Fund Managers’ report, the Board Secretary, Dr. John Kitayimbwa had this to say
“The Fund Managers work on behalf of the BoT, which takes full responsibility of the interest declared. The two fund managers (PINE and STANLIB) performed over and above our expectations. The Board of Trustees will consider giving them a bonus,’’ commended Dr. Kitayimbwa.

The BoT, MURBS, during the 3rd Annual AGM, 7th Nov 2013, CoCIS, Makerere University, Kampala Uganda

To toast to this historic achievement, the BoT hosted a cocktail for its Members at the Makerere University Guest House.

 

Story by:   Ritah Namisango and Mark Wamai, Public Relations Office
Photos by:  Henry Mukasa, Service Provider

Mark Wamai

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Makerere University commemorates 13 transformative years of partnership with Mastercard Foundation

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Ms. Reeta Roy, receiving some memorabilia from Dr. Lorna Magara and Prof. Barnabas Nawangwe during the event. Celebrating 13 years of a significant partnership with the Mastercard Foundation and honorary Doctor of Laws conferred upon Ms. Reeta Roy, the Founding President and CEO of the Mastercard Foundation, 27th February 2026, Makerere University, Kampala Uganda, East Africa.

On Friday, 27th February 2026, Makerere University proudly celebrated 13 years of a significant partnership with the Mastercard Foundation, a prestigious independent organisation headquartered in Toronto, Canada. Since its inception in 2013 with the launch of the Scholars Program-currently headed by Prof. Justine Namaalwa, this collaboration has grown significantly, expanding to include two additional initiatives: The E-learning Initiative-headed by Prof. Paul Muyinda Birevu and the Africa Climate Collaborative-headed by Prof. Gorretie Nabanoga. This long-term partnership underscores the shared commitment to fostering education, innovation, and sustainability in Uganda and across Africa.

The colourful event coincided with the 76th Graduation Ceremony, during which Makerere University honoured Ms. Reeta Roy, the Founding President and CEO of the Mastercard Foundation, with an honorary Doctor of Laws.

Ms. Reeta Roy being gowned during her honorary award of Doctor of Laws. Celebrating 13 years of a significant partnership with the Mastercard Foundation and honorary Doctor of Laws conferred upon Ms. Reeta Roy, the Founding President and CEO of the Mastercard Foundation, 27th February 2026, Makerere University, Kampala Uganda, East Africa.
Ms. Reeta Roy being robed during her honorary award of Doctor of Laws.

In her commencement speech, Ms. Roy thanked Makerere University for considering a partnership with the Mastercard Foundation and for conferring upon her a prestigious honorary award.

“Mastercard Foundation is honoured to collaborate with this esteemed university, and I appreciate the recognition through this award. I am excited to be associated with Makerere University and look forward to actively embodying its values. Joining the broader community of alumni from this distinguished institution is a privilege, and I am eager to contribute to its legacy,” stated Ms. Roy.

The Chancellor Hon. Dr. Kiyonga, confers the honorary Doctor of Laws of Makerere University upon Ms. Reeta Roy. Celebrating 13 years of a significant partnership with the Mastercard Foundation and honorary Doctor of Laws conferred upon Ms. Reeta Roy, the Founding President and CEO of the Mastercard Foundation, 27th February 2026, Makerere University, Kampala Uganda, East Africa.
The Chancellor Hon. Dr. Kiyonga, confers the honorary Doctor of Laws of Makerere University upon Ms. Reeta Roy.

During the reception in honour of Ms. Roy, the Chairperson of Makerere University Council, Dr. Lorna Magara, acknowledged the invaluable support from the Mastercard Foundation. She emphasised the profound impact of the Foundation’s various initiatives, particularly the scholarships for disadvantaged youth, which enable them to access higher education and opportunities that might have otherwise been beyond their reach.

“On behalf of the Makerere University Council and the broader University community, I extend our sincere gratitude to Mastercard Foundation for its commitment to collaborating with Makerere University in various endeavours, especially for providing scholarships to our underprivileged young people who would never have stepped inside a lecture room at the University.” Dr. Magara stated.

The Chairperson, Makerere University Council, Dr. Magara addressing the gathering at the event. Celebrating 13 years of a significant partnership with the Mastercard Foundation and honorary Doctor of Laws conferred upon Ms. Reeta Roy, the Founding President and CEO of the Mastercard Foundation, 27th February 2026, Makerere University, Kampala Uganda, East Africa.
The Chairperson, Makerere University Council, Dr. Magara addressing the gathering at the event.

Dr. Magara, in a special way, thanked Ms. Roy for her transformative leadership and unwavering commitment to supporting young people in Africa, citing her efforts to ensure young people get their voices heard.

“As a university, our business is with young people. We are therefore committed to providing the environment and education that deliver meaningful pathways. We will provide an environment that ensures young people have a voice and agency to create meaningful change in society.” Dr. Magara pledged.

Ms. Reeta Roy, alongside University Officials cuts cake with Mastercard Foundation Scholars who graduated during the 76th Graduation Ceremony. Celebrating 13 years of a significant partnership with the Mastercard Foundation and honorary Doctor of Laws conferred upon Ms. Reeta Roy, the Founding President and CEO of the Mastercard Foundation, 27th February 2026, Makerere University, Kampala Uganda, East Africa.
Ms. Reeta Roy, alongside University Officials cuts cake with Mastercard Foundation Scholars who graduated during the 76th Graduation Ceremony.

Dr. Magara further congratulated Ms. Roy on her honorary Doctor of Laws from Makerere University, noting that it is the university’s highest honour for individuals who have excelled in their careers.

“On behalf of the Makerere University community, I would like to extend my heartfelt congratulations on your honorary Doctor of Laws. This esteemed recognition represents the highest honour our institution can bestow on individuals who have demonstrated exceptional achievement and excellence across various facets of their career.” Dr. Magara remarked.

Prof. Justine Namaalwa, the Program Director of the Mastercard Foundation Scholars Program and the Coordinator for all Mastercard Foundation Initiatives at Makerere University, expressed her appreciation for the thirteen-year collaboration between Makerere University and the Mastercard Foundation. She highlighted that the partnership had yielded significant, impactful results.

Prof. Justine Namaalwa, addressing the gathering at the event. Celebrating 13 years of a significant partnership with the Mastercard Foundation and honorary Doctor of Laws conferred upon Ms. Reeta Roy, the Founding President and CEO of the Mastercard Foundation, 27th February 2026, Makerere University, Kampala Uganda, East Africa.
Prof. Justine Namaalwa, addressing the gathering at the event.

“In 2013, Makerere University partnered with the Mastercard Foundation to educate the next generation of transformative African leaders who can positively impact their lives, their communities, and the economies of Africa. The partnership has had a significant impact. I thank the University Management and the Foundation team for this visionary collaboration,” remarked Prof. Namaalwa.

Prof. Namaalwa articulated that the partnership with the Mastercard Foundation is primarily focused on empowering young people as agents of change for transformational leadership in Africa. She presented compelling statistics demonstrating the positive impact of the scholars’ program, highlighting the success of individuals who have completed their education and their subsequent professional experiences after university graduation.

Ms. Reeta Roy receiving a gift from the Mastercard Foundation Scholars and alumni Community at Makerere University. Celebrating 13 years of a significant partnership with the Mastercard Foundation and honorary Doctor of Laws conferred upon Ms. Reeta Roy, the Founding President and CEO of the Mastercard Foundation, 27th February 2026, Makerere University, Kampala Uganda, East Africa.
Ms. Reeta Roy receiving a gift from the Mastercard Foundation Scholars and alumni Community at Makerere University.

“This partnership focuses on young people, aiming to create positive change in their lives. To date, the Scholars Program has graduated 974 alumni, with 48% securing formal employment, 18% starting their own businesses, 8% participating in internships, and 5% pursuing further education. Overall, 72% of Scholar alumni are actively engaged in employment or entrepreneurship,” Prof. Namaalwa stated.

The colourful event showcased a dynamic array of activities that highlighted the entrepreneurial spirit of Scholars and alumni from the Mastercard Foundation at Makerere University. Attendees enjoyed a mini-exhibition featuring innovative products from these ventures.

Scholars reciting a poem as part of the entertainment lined up for guests. Celebrating 13 years of a significant partnership with the Mastercard Foundation and honorary Doctor of Laws conferred upon Ms. Reeta Roy, the Founding President and CEO of the Mastercard Foundation, 27th February 2026, Makerere University, Kampala Uganda, East Africa.
Scholars reciting a poem as part of the entertainment lined up for guests.

A video documentary illustrated the positive impact of the three Mastercard Foundation initiatives. The event also featured inspiring poetry recitations by Scholars and a lively atmosphere of music and dance, creating an engaging and memorable experience for all participants.

The high-level event was attended by senior University officials, led by the Chairperson of Council, Dr. Lorna Magara; the Vice-Chancellor, Prof. Barnabas Nawangwe; the Vice-Chancellor, Academic Affairs, Prof. Sarah Ssali, Deputy, and the Ag. Deputy Vice-Chancellor, Finance and Administration Prof. Winston Tumps Ireeta. Mr Yusuf Kiranda, the University Secretary; and Prof. Buyinza Mukadasi, the Academic Registrar, Chancellor Emeritus-Prof. Ezra Suruma, former Chairperson of the Steering Committee of Mastercard Foundation Scholars Program-Prof. Umar Kakumba, and the Deputy Executive Secretary, RUFORUM, and former Program Coordinator of the Scholars Program at Makerere University-Dr. Florence Nakayiwa, among many other officials graced the function.

Ms. Reeta Roy addressing the guests at the event. Celebrating 13 years of a significant partnership with the Mastercard Foundation and honorary Doctor of Laws conferred upon Ms. Reeta Roy, the Founding President and CEO of the Mastercard Foundation, 27th February 2026, Makerere University, Kampala Uganda, East Africa.
Ms. Reeta Roy addressing the guests at the event.

The event was also graced by a high-level delegation from the Mastercard Foundation, led by Ms. Reeta Roy, the Founding President of the Foundation, and included the Mastercard Foundation Teams from the Country offices in Kigali, Nairobi, and Kampala; the Program partners; the Mentors, Scholars and alumni; as well as the Program staff of the three Mastercard Foundation Initiatives at Makerere University.

At the end of the event, Makerere University honoured Ms. Reeta Roy with University memorabilia, including a pencil-drawn portrait, a pencil-drawn photo of the Ivory Tower, and other Ugandan crafts. Ms. Roy cut a graduation cake together with the 10 graduates of the 76th graduation ceremony from the Mastercard Foundation Scholars Program.

Bernard Buteera is the Principal Public Relations Officer for the Mastercard Foundation Scholars Program at Makerere University.

Bernard Buteera

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Mak News Magazine: February 2026

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Cover page of the Mak News Magazine February 2026. Produced by the Public Relations Office, Makerere University, Kampala Uganda, East Africa.

It is with great pleasure that I welcome you to this edition of Mak News Magazine, a publication that continues to chronicle Makerere University’s journey as a centre of academic excellence, innovation, and societal transformation.

The stories featured in this issue vividly demonstrate Makerere’s unwavering commitment to addressing national, regional, and global challenges through research, partnerships, and people-centred solutions. They reflect a university that is deeply engaged with society, one that applies knowledge not only to advance scholarship, but also to improve lives.

A recurring theme in this edition is innovation for resilience and inclusion. From the College of Agricultural and Environmental Sciences’ Healthy Soy Initiative combating child malnutrition amid climate change, to the cutting-edge work of CEDAT’s Team Green Minds integrating IoT into agriculture, Makerere continues to harness science and technology to respond to pressing development needs. Equally inspiring is the College of Natural Sciences’ success in securing international funding to scale up fish processing technologies, with a deliberate focus on empowering women and strengthening livelihoods.

This issue also highlights Makerere’s growing role in advancing health and wellbeing. The launch of the Early Intervention Psychiatry Services Clinic at Makerere University Hospital marks an important step in strengthening mental health services, while the Hospital’s transformation from a modest sickbay into a centre of excellence stands as a testament to decades of strategic investment, dedication, and service to the nation.

Our commitment to education access and global engagement is equally evident. Strategic partnerships, such as that between the College of Education and External Studies and the Uganda Vocational and Technical Assessment Board, are expanding pathways to quality education. The establishment of the first-ever United States Studies Centre in the Great Lakes Region positions Makerere as a hub for dialogue, research, and policy engagement on global affairs. We also celebrate our vibrant international community, with graduates drawn from 67 nationalities—affirming Makerere’s status as a truly global university.

This edition further showcases initiatives that ensure long-term institutional sustainability, including the launch of the CoCIS Endowment Fund, infrastructure developments such as the modern hostel at Buyana Farm, and transformative programmes supported by the Mastercard Foundation that continue to empower young people across the continent.

As you read through these pages, I invite you to reflect on the collective effort of our students, staff, alumni, partners, and supporters whose contributions make these achievements possible. Together, we continue to shape Makerere University as a place where knowledge serves humanity.

I wish you an engaging and inspiring read.

Prof. Barnabas Nawangwe
VICE CHANCELLOR

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Medical graduates urged to uphold Ethical values

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Dr. Maggie Kigozi delivers the Commencement Speech on Day 2 of the 76th Graduation Ceremony. 76th Graduation Ceremony, Day 2, College of Natural Sciences (CoNAS), the College of Veterinary Medicine, Animal Resources and Bio-Security (CoVAB), the College of Health Sciences (CHS) and the School of Public Health (SPH). Commencement Speaker-Dr. Margaret J. Kigozi, Makerere University Endowment Fund Chairperson. 25th February 2026, Freedom Square, Kampala Uganda, East Africa.

The Board Chairperson of the Makerere University Endowment Fund (MakEF), Dr. Margaret Blick Kigozi, has urged graduands in Health and Life Sciences to uphold professional ethics and serve humanity with diligence and compassion.

Her appeal came during the passing out of graduates from the College of Natural Sciences (CoNAS), the College of Veterinary Medicine, Animal Resources and Bio-Security (CoVAB), the College of Health Sciences (CHS) and the School of Public Health (SPH) on Day Two of the 76th Graduation Ceremony of Makerere University.

 “Class of 2026, you are now part of the Makerere legacy. Wherever you go clinics, laboratories, farms, boardrooms, or classrooms, you carry this institution with you. Serve your patients with skill and compassion. Care for animals and communities responsibly. Question boldly and keep learning,” Dr Kigozi, said.

Delivering the commencement address, Dr. Kigozi lauded the graduates for their dedication to careers that directly impact lives and communities. She encouraged them to use their knowledge generously and exercise their power gently.

 “Your education has trained you to ask better questions. Your humanity must guide the answers. Never forget that behind every chart, every case, every animal, every experiment, there is life. And life deserves care, patience, and dignity. Give every person you come in contact with care, patience and dignity,” Dr Kigozi, noted.

As the graduates embark on their professional journeys, Dr. Kigozi emphasized the importance of cultivating basic business acumen and financial literacy to ensure sustainability in their work.

R-L: Vice Chancellor-Prof. Barnabas Nawangwe, Dr. Maggie Kigozi, Vice Chair Council-Rt. Hon. Daniel Kidega and Chair Council-Dr. Lorna Magara in the Academic Procession. 76th Graduation Ceremony, Day 2, College of Natural Sciences (CoNAS), the College of Veterinary Medicine, Animal Resources and Bio-Security (CoVAB), the College of Health Sciences (CHS) and the School of Public Health (SPH). Commencement Speaker-Dr. Margaret J. Kigozi, Makerere University Endowment Fund Chairperson. 25th February 2026, Freedom Square, Kampala Uganda, East Africa.
R-L: Vice Chancellor-Prof. Barnabas Nawangwe, Dr. Maggie Kigozi, Vice Chair Council-Rt. Hon. Daniel Kidega and Chair Council-Dr. Lorna Magara in the Academic Procession.

 “You do not need to become accountants but you must be able to read the essentials: understand simple financial statements, budgets and key metrics so you can judge whether a clinic, lab, or program is sustainable. You are encouraged to start your business. There are numerous investment opportunities in your areas of training. You can provide services to our people and create jobs,” Dr Kigozi, said.

She shared candidly how, when she first stepped into leadership, she realised she did not understand balance sheets or budgets well enough. So, she returned to Makerere for short courses to strengthen herself.

“A well-run Hospital, clinic or lab delivers better outcomes, attracts staff, and secures funding. Business savvy is not only about profit, it’s about sustainability and the freedom to serve ethically and effectively. Carry clinical skill with business sense so your work endures and grows,” Dr. Kigozi, noted.

Quoting renowned writer and producer Shonda Rhimes, creator of Grey’s Anatomy, who once reflected that succeeding in one area of life can sometimes mean falling short in another, Dr. Kigozi encouraged women graduates to intentionally balance professional ambition with family responsibilities.

 “When one area thrives, another is often under strain. When Navio was graduating from school I had to manage the Presidential Investor Round Table on the same day as Executive Director Uganda Investment Authority. I chose my job and delegated his siblings to attend Navios graduation. I learnt from this. I choose family always after that thing you achieve once and keep forever,” Dr Kigozi, said.

In his speech, the Prof Barnabas Nawangwe, the Vice Chancellor, informed the congregation that Makerere’s ranking on all university ranking platforms has remained stable, placing Makerere among the top 10 African universities and within the top 4.5% globally.

“In the Times Higher Education global ranking, Makerere University made a formidable jump from the 1200-1500 bracket to the 800-1000 bracket. This was no mean achievement and I congratulate all members of the Makerere Community on this stellar performance,” Prof Nawangwe, said.

Carol Kasujja
Carol Kasujja Adii

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