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MURBS Seminar provokes Staff Entrepreneurial Spirit

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“Retirement goes beyond simply choosing a date to retire” were some of the words of wisdom that echoed across the Makerere University Main Hall during the second retirement planning sensitization seminar. As part of its Member Education series, the Makerere University Retirement Benefits Scheme (MURBS) held the seminar on Tuesday 18th March 2014, organized as a way of helping members devise the best plan for their retirement. The MURBS Board of Trustees (BoT) lined up a panel of speakers namely; Mr. Fulgence Mungereza, Mrs. Edna Rugumayo and Mr. Kaka Sudesh, with the promise to tickle, excite and educate.

The Secretary BoT, MURBS, Dr. John Kitayimbwa, Makerere University, Kampala UgandaWelcoming scheme and BoT Members present to the seminar, the Secretary BoT, MURBS, Dr. John Kitayimbwa emphasized the need to have a panel representative of at least three age groups so as to best cater for all Members, the target range being 20 to 70 years. In her opening remarks, the Chairperson, BoT, MURBS Hajjati Fatumah Nakatudde encouraged the audience to always reflect on retirement as a time enjoy the benefits of their hard work and hence prepare adequately for it.

“I encourage each and every one of us here to always seriously; assess your readiness to retire, identify actions to improve your readiness to retire, acquire adequate financial planning knowledge and most importantly develop a saving culture for your retirement,” counseled Hajjati Fatumah Nakatudde.

The first panelist at the seminar Mr. Fulgence Mungereza, a partner with Mungereza and Kariisa, a certified public accounts firm, thanked Members for taking time to attend the event, noting that eminent people especially those employed by Makerere ought to start preparing for retirement as early as the first day at work. “Planning and saving starts now,” emphasized Mr. Mungereza, further noting that “Few retirees live comfortably afterwards, with some being entirely devastated as retirement seems to catch them by surprise!”

Mr. Fulgence Mungereza, a partner with Mungereza and Kariisa, a certified public accounts firm at the MURBS retirement seminar, Makerere University, Kampala UgandaHe noted the dangers of overdependence on salaries and encouraged the audience to always devise means of securing a side income. Mr. Mungereza who delivered his presentation in a matter-of-factly way then challenged the members especially Men to always consider their partners when making investment decisions. “Working secretly is dangerous! The first partner is your wife,” he wisely counseled.

Mr. Mungereza encouraged the audience to adopt a saving culture, noting that it is not about the amount but the habit “wealth is a function of savings not earnings,” he elaborated. He cautioned members to always review the status of their assets so as to ascertain what to do with them. “Get out of bad debt. Do not borrow a “Cheap debt”; for the sake of servicing expenses.” He instead advised that members should adopt measures like mortgaging their property for the sake of garnering investment capital.  Mr. Mungereza concluded by urging all members to write their wills so as to keep their hard-earned money within the family. He commended the audience for investing in quality education for their children but warned against depending on them for their retirement. “Children are a good investment but they may ignore you in your latter years,” he said.  

Mrs. Edna Rugumayo, also a Certified Public Accountant (CPA) and the ICPAU-nominated MURBS BoT Member then gave her contribution on preparing for retirement as the second panelist of the day. An alumna from the School of Statistics and Applied Economics, Makerere University, Mrs. Rugumayo advised the audience against regarding retirement from Makerere as the complete cessation of active employment. Using her own example as a recent retiree, she noted that we were enjoying a higher standard of living than our forefathers and hence living longer, a factor that necessitated us to carefully plan for retirement. “Planning for retirement is planning for life,” she aptly stated.

Mrs. Edna Rugumayo, a Certified Public Accountant (CPA) and the ICPAU-nominated MURBS BoT Member at the retirement seminar, Makerere University, Kampala UgandaRegarding the need to ensure that members lived a well-balanced life, Mrs. Rugumayo offered a few words of wisdom to the younger crop of MURBS members, who unfortunately were sparsely represented in the audience. “Do not wait to marry late, for in so doing, all your problems will be delayed.” She encouraged all present to keep on improving their qualifications so as to avoid going into obsolescence. Recognizing the need to set goals in all aspects of life including one’s income and expenses, Mrs. Rugumayo advised that every goal should be accompanied by a plan or else it would simply remain a wish. “Set long-term goals for your life and then set short-term goals on how to get there [incrementally]. Do not be disappointed when you fall short of your goals but instead have a personal change management plan to help you adjust accordingly,” counseled Mrs. Edna Rugumayo.

She also observed that personal financial planning is an aspect that is closely linked with our lifestyles. In this regard, Mrs. Rugumayo recommended that saving ought to be thought of before spending, noting that saving can only work as a culture. “Draw up a personal saving plan and stick to it. Mandatory saving is good but insufficient because the benefits are received only at the end and will not save you in the event of an emergency,” she advised.

On the subject of where we ought to keep our savings, Mrs. Rugumayo summarily but with the wisdom of one very knowledgeable on the subject said, “At worst, save in the bank. Savings dwindle with time and in the long run, you are enriching the bank,” she pointedly noted. She instead advised members to consider tried and tested avenues like land banking which has been discovered to be lucrative saving vehicle in Uganda. She also advised members to consider investing in Government securities like bonds and treasury bills. And whereas the small business sector is regarded as the least capital intensive, the former Assistant Commissioner Finance at the Uganda Revenue Authority (URA) advised that Members should first seek to acquire specialized knowledge on the intricacies of their operations prior to investing in them.

In concluding her presentation, Mrs. Rugumayo noted that there is no one-size-fits-all solution for investment. She also advised that annuity; a fixed sum of money paid out by the Government to retirees each year, is not very well developed in Uganda and advised against totally relying on it.

The third and final panelist of the day and arguably the most energetic then took to the stage and encouraged members to get up and stretch before he could start his presentation. The 31 year old Business Coach and Keynote speaker who retired at only 24 then dared anyone to doze off during his presentation, as he walked to and fro the aisle in the Main Hall. The CEO at Sudesh International Consult Ltd and Graduate of Makerere University then launched into his presentation by defining that a business should be commercial, profitable and above all able to work without your presence.

Mr. Kaka Sudesh, Business Coach and Keynote speaker and CEO at Sudesh International Consult Ltd at the retirement seminar, Makerere University, Kampala UgandaAs one who started doing business at only 10 years of age thanks to a well-established culture of business-minded parents and grandparents, Mr. Sudesh shared that he had lost it all so many times before but most importantly, had learned valuable lessons that continue shaping his business engagements to date. “The most important thing is to get and keep customers,” he shared as one of the lessons learned. He further noted that the principles of good business ought to come first and once mastered, can be applied across varying scenarios for they are more or less the same.

Mr. Sudesh by virtue of his profession meets a lot of business owners and practitioners.  He noted that during one such engagement, he more than ever before learnt to respect the distinction between the two-sided nature of business; technical and managerial. He advised business owners and those intending to start to always identify their strength as either technical or managerial and then proceed to employ someone else to handle the side that they were less skilled at. In so doing, they would then be able to avoid stifling the business’ growth, “You cannot do it all. You need partners to carry your business beyond your own dreams,” he advised.

The best timing of when to go into business is a decision that beleaguers one too many. To this end, Mr. Sudesh advised members to always take the initiative to start now, as the conditions will never be 100% perfect. He however advised that once up and running, one ought to treasure their employees, “People matter the most. How you treat your team is the key to your success or failure.” In concluding his presentation Mr. Sudesh asked the audience to always ponder on the three questions; Are you [as a business owner/manager] seeing what is or what you hope for? Are you [as a business/product] remarkable or invisible? Are you [as a business/product] growing or dying?

At the conclusion of the presentations, the audience was given the opportunity to ask questions, which ranged from why one who has worked very hard all their lives should not just simply enjoy their savings, to how to purchase Government securities. In their responses the panelists and BoT Members advised the audience to always look at work as pleasure and even after retirement, to go into those business ventures that are fulfilling. MURBS Members also received advice from Prof. James Ntozi, Chair, Makerere University Pensioners Association (MUPA) to always be united in their demand for good retirement packages from both Makerere University and the Government.

Chairperson, BoT, MURBS Hajjati Fatumah Nakatudde at the MURBS retirement planning seminar 18th March 2014, Makerere University, Kampala UgandaAt the conclusion of the seminar the Chairperson, BoT, MURBS Hajjati Fatumah Nakatudde thanked the panelists for their respective great deliveries and members for turning up to receive sound investment advice. She further encouraged members to increase their monthly savings to MURBS. “Mandatory savings currently being deducted are very small. Let us each try to make additional voluntary savings,” she said. The Secretary BoT, MURBS, Dr. John Kitayimbwa reiterated Hajjati Nakatudde’s appeal by sharing that “Last year, MURBS paid out 12.6% interest to members, which was above inflation and 1% more than what NSSF paid to its members.”

The next seminar in the series will feature the MURBS fund managers, who have expressed willingness to come and educate members on how to invest in equities and Government securities. Members are advised to come and attend these trainings to improve their knowledge on sound Financial investment.

 

Article and Pictures by Public Relations Office

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Advert: Mature Age Entry Scheme – Private Sponsorship 2024/2025

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Students sit for an exam in the pre-COVID era, Makerere University, Kampala Uganda.

The Academic Registrar, Makerere University invites applications for the Undergraduate
Programmes under the Mature Age Entry Scheme only for Private Sponsorship for
2024/2025 Academic Year.
Non-Refundable Application fee of Shs. 50,000/= for Ugandans OR $75 Equivalent for
Internationals, plus bank charge should be paid in any of the banks used by Uganda
Revenye Authority after generating a Payment Reference Number (PRN).

  • Apply using the Institution’s Applications Portal URL:https: //apply.mak.ac.ug
  • Application is for candidates who passed the Mature Age Entry Examinations of December 17, 2022 and February 24, 2024 only.
  • Any candidate who passed the examinations in mentioned above and was not admitted on Government/ Private sponsorship for December 17, 2022 sitting, and for Government sponsorship for February 24, 2024 sitting, is eligible to apply for admission on Private Sponsorship for 2024 /2025 Academic Year.

The closing date for applying will be Friday 26th July, 2024.

Further details can be accessed by following this link.

Prof. Mukadasi Buyinza
ACADEMIC REGISTRAR

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Diploma/Degree Holders Admission Lists 2024/25

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Main Library, Makerere University. Photo taken on 29th February 2016.

The Office of Academic Registrar, Makerere University has released lists of Diploma/Degree Holder applicants admitted under Private/Self Sponsorship for the academic year 2024/25. Please note that admission is subject to verification of academic documents by the awarding institutions.

The admission list is displayed here below:

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African Futures Research Leadership Program: Cohort 5 – Call for Scholars

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Participants at the initial AAP convening participate in design-thinking exercises to help imagine the future of partnerships between MSU and Africa. Photo: AAP

The Alliance for African Partnership (AAP) is seeking applicants for the fifth cohort of the AAP African Futures Research Leadership Program. This competitive visiting scholar program supports early career researchers from the AAP consortium to work for one year under the mentorship of faculty members from MSU and their home institution, focusing on building skills in research for impact, writing scholarly and/or policy publications, disseminating of research results, and developing grant proposals for external support. Scholars will also participate in a structured professional development program while building bridges and lasting connections with MSU contacts and across their cohort. 

The main objective of the African Futures program is to strengthen the capacity of a cadre of African researchers to return to their home institutions and become scientific leaders in their community, establish long-term partnerships with MSU faculty, co-create innovative solutions to Africa’s challenges, and in turn become trainers of the next generation of researchers. This program aims to address the gender gap in Africa, where only 30% of researchers are women, so scholars selected for the program will be women, or men who can demonstrate they are committed to support efforts towards gender equity in higher education institutions in Africa. The research areas that the scholars will engage in during the program should be aligned to AAP’s research priority areas

The AAP Management Team requests applications from early career researchers to participate in the next cohort, with work to begin virtually in February 2025. Scholars will spend September – December 2025 at MSU for the in-person portion of the program, followed by another period of virtual collaboration, ending in early 2026. The scholar and mentor team will receive a small grant for research and professional development activities including conference attendance and publication. Scholars will also receive a stipend during their time at MSU, visa application support, and round-trip travel from their home institution.

Eligibility

  • Citizen of an African country 
  • Completion of a PhD degree within the last 10 years 
  • Employed as an Academic Staff member at one of the AAP African consortium universities including Egerton University, Makerere University, University of Dar es Salaam, Lilongwe University of Agriculture and Natural Resources, University of Botswana, University of Nigeria, Nsukka, University Cheikh Anta Diop, University of Arts and Humanities, Bamako, United States International University-Africa, and University of Pretoria 
  • Have documented approval of leave or sabbatical to participate in the program for the in-person period 
  • Have a mentor at their home institution that will serve as a collaborator and mentor
  • Research must be in one of the AAP priority areas
  • Applicants may only submit one proposal to AAP in this round of funding. Prior scholars are not eligible to apply. 

To learn more about the program, including how to apply, click below

Learn more

Applications to be an African Futures scholar are due August 18, 2024

Additional program dates:

  • Program start date (virtual): February 2025
  • In-person program: Sept – Dec 2025
  • Program end date: February 2026

Please contact Jose Jackson-Malete at jacks184@msu.edu or +1 517-353-6989 with any questions.

Source: AAP

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