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MURBS declares Market-high Rate of Return for 2nd year running

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At the Fourth Annual General Meeting (AGM) of the Makerere University Retirement Benefits Scheme (MURBS) held on 18th December 2014, the Secretary-Board of Trustees (BoT), Dr. John Kitayimbwa declared at 12% yet another market-high rate of return for the Staff Scheme as compared to similar schemes like NSSF which declared 11%. The rate of return is used by schemes and corporations to measure the profit on any investments they have made over a period of time; and in the case of MURBS, in respect of the year ended 30th June 2014.

In his introductory remarks given at the Fourth AGM held in the College of Engineering Design Art and Technology (CEDAT) Conference Hall, Dr. Kitayimbwa lauded the BoT, MURBS Administrator-Liaison Financial Services as well as Fund Managers PineBridge Investments and StanLib for a job well done. He thanked officials from the Uganda Retirement Benefits Regulatory Authority (URBRA) for taking time off to attend the AGM. URBRA is the regulatory authority in charge of managing the operations of retirement benefit schemes in Uganda and was represented at the 4th AGM by the CEO-Mr. Moses Bekabye, Legal Services Manager-Ms. Rita Nansasi and Ms. Janet Iremera.

Members listen attentively to the proceedings of the 4th MURBS AGM, 18th December 2014, CEDAT, Makerere University,In her report, the MURBS Chairperson Hajati Fatumah Nakatudde was happy to note that MURBS is a fully licensed retirement benefits scheme in accordance with URBRA with eight out of nine Trustees licensed by the regulator. She noted that the gains made by MURBS were buoyed by the favourable investment climate as Uganda registered a positive growth of 4.7% driven mainly by Government expenditure on infrastructure. As a result, MURBS made a gross income of UGX 6.7billion and a net income of UGX 4.5billion. She further reported that the scheme paid out over UGX 2.4billion in benefits.

The Chairperson however noted that the scheme continues to experience challenges in the form of unremitted contributions from the employer amounting to UGX 3.94billion for the period November 2013 to June 2014. “As such it has been impossible to award interest on contributions received during the course of the year on a time-weighted basis” said the Chairperson.

MURBS Legal Counsel-Prof. Jean Barya updated the 4th AGM on the court proceedings to recover contributions from the employerShe further reported that the total fund value of MURBS stood at UGX 65.72billion as compared to UGX 78.85billion the previous year. The drop in fund value was as a result of an impairment loss on contributions receivable from the employer amounting to UGX 33.46billion. The Chairperson however reassured members that the trustees with the help of courts of law were pressing for the recovery of this debt as owed to the scheme by the University.

Hajati Nakatudde was also glad to inform members that the scheme with the help of the Administrator had developed an online platform to enable members to access their profiles instantly. “We have developed an online platform that will allow members to access their MURBS records and member statements in real-time as well as make changes to their member details and we thank our Administrator Liaison Financial Services for this milestone” said the Chairperson.

Presenting the Financial Statements for the year ended 30th June 2014, the Scheme’s Principal Pensions Officer Mr. Vitalis Omondi noted that the scheme still had a number of qualifying members with uncollected benefits. He reported that MURBS membership grew from 3,193 to 3,254 as at 30th June 2014 implying an increased number of employee contributions to the scheme. MURBS Investments grew from UGX 43.3billion in 2013 to UGX 52.7billion in 2014 thanks to the great work by Fund Managers PineBridge investments and Stanlib.

Supplementing the Administrator’s report, Dr. John Kitayimbwa noted that MURBS received an investment income of UGX 5.2billion in 2014 with the biggest gains received from treasury bonds interest. Growth in income was also experienced due to gains in share price for brands like Safaricom where the scheme owns shares. He further noted that the scheme had saved money by not incurring any legal costs in 2014. He however appealed to URBRA to help expedite cases of members with medical conditions seeking to access their funds to meet treatment costs. He noted that the current Uganda Medical Board (UMB) assessment procedures were too tedious and often left members frustrated as they failed to use their own savings to pay for treatment.

URBRA CEO-Mr. Moses Bekabye reassured the 4th AGM of the regulator's support towards MURBS bid to improve members' welfareIn his remarks, the URBRA CEO Mr. Moses Bekabye informed members that the Retirement Benefits Regulatory Authority (URBRA) Act of 2011 has provisions mandating employers to contribute to their employees’ retirement benefits. He backed MURBS in recognizing the unremitted employer contributions as a debt in favour of scheme members but took a softer stance when he advised members to avoid litigation by settling any matters amicably. With regard to delays by UMB in assessing member requests to avail funds for treatment, Mr. Bekabye reassured the AGM that this matter was being addressed in the current submissions by URBRA in a bill before parliament. “Among the mandatory benefits that will make contributions to retirement benefits schemes will be i) Age Benefit ii) Survivor Benefit-in the event of employer death iii) Invalidity Benefit-in case one is sick or incapacitated and cannot work anymore and iv) Minimum Health Care Package. This will mean that employees who make mandatory contributions will be able to get medical treatment” said Mr. Bekabye.

In the reactions that followed from the audience, members urged the BoT to calculate how much the University owed MURBS such that stakeholders could be consulted on what action to take through their respective staff associations. Members also raised queries on who approves the expenditure by BoT, how much of beneficiaries’ contributions should be spent by the BoT as well as issues to do with impairment as shared in the Chairperson’s report to the AGM.

MURBS BoT Secretary-Dr. John Kitayimbwa (L) confers with emcee Mr. Louis Kakinda during the 4th AGM, CEDAT, Makerere UniversityIn response the BoT reassured members that Trustees are part of the URBRA Committee that checks expenditure ratios of Retirement Benefits Schemes in Uganda and so far, MURBS is one if the best performing schemes in the country with regard to compliance. Trustees further shared that the BoT budget is approved based on an annual work plan. and  in compliance with URBRA regulations. With regard to the debt owed by the University which led to the impairment loss, the BoT advised that the best way of recovering this debt was through staff General Assembly action, which the association leaders present resolved to follow up.

In her closing remarks, the Chairperson Hajati Fatumah Nakatudde thanked all present for contributing to the discussion at the 4th AGM. She further requested members present to remind all retirees to pick their benefits from the scheme, according to the lists of names published in the media.

The emcee of the day and Public Relations Officer for the Academic Staff Association (MUASA) Mr. Louis Kakinda thanked the BoT for their transparency which had led to a fruitful 4th AGM. He further urged members present to support the MUASA Executive and Management in the quest to get the Government to deliver on its promises. “Remember that our contributions are meager and we are pushing Government to give us the UGX 15million for a Professor pro rata, and so we urge you to keep supporting us,” he concluded.

Article by Public Relations Office

Mark Wamai

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Statement on Concerns Circulating Regarding a Member of Academic Staff

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Front View of the reconstructed Main Building, Makerere University. Date Taken 8th November 2024. Kampala Uganda, East Africa.

Makerere University has noted the serious concerns raised publicly through social media video posts regarding the conduct of a member of staff. We recognise that such matters can cause profound distress and that it takes courage to speak about experiences of harm. The University takes all matters relating to the safety, dignity, and welfare of its students, staff, and visitors with the utmost seriousness.

Makerere maintains a zero-tolerance policy toward sexual harassment, gender-based violence, and any form of misconduct that threatens the well-being of members of the University community. Formal reports of sexual harassment are handled through established procedures with the seriousness they deserve.

The University has deliberately put clear policies and procedures in place, including the Safeguarding Policy, the Policy and Regulations Against Sexual Harassment, and staff disciplinary processes. These are designed to ensure that any formal complaints received are investigated thoroughly, fairly, and confidentially, while upholding the principles of natural justice and due process for all parties.

Students, staff, and visitors who have concerns are encouraged to make a formal report through the available channels, including the Gender Mainstreaming Directorate, the Office of the Dean of Students, or MakSafeSpace (the University’s online platform that facilitates anonymous and confidential reporting). Professional support services remain available at the University Counselling and Guidance Centre for those who need them.

Makerere University remains committed to fostering a safe, respectful, and inclusive learning and working environment for all. We will continue to strengthen our systems for prevention, reporting, and accountability.

Makerere University Management.

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Beyond Map Size: Africa’s Agency Should Not Be Funded by Other People

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L-R: Ms. Doreen Katangaza who represented the Guest of Honour-Dr. Adam Mugume, Prof. Pamela Mbabazi, Prof. Vincent Anigbogu, Dr. Lorna Magara and other dignitaries a the Conference on 30th September 2026. YOBEL Biashara Conference 2026, theme: Africa's Agency in an Era of Geopolitical Change-Trade, Investment and Economic Transformation, Makerere University School of Public Health Auditorium, 30th September 2026, Makerere University, Kampala Uganda, East Africa.

Dr. James Magara, a futurist and Chairman of Yobel Biashara Initiative stood before an audience at Makerere University on September 30, 2026, and projected a map of the world. It was upside down.

He asked the room if anything was wrong, and as the audience hesitated, he revealed that “in 1569, the Flemish cartographer and geographer whose name was Gerardus Mercator, developed a map now known as the Mercator projection. It represented the curved shape of the Earth on a flat map.” He simplified it saying, the Mercator map accurately shows direction and local shape, but it distorts the size of places, especially those that are located near the poles. He pointed out that the map distorts the size of continents, making Greenland appear as large as Africa, when in reality, Africa is 14 times larger.

Fixing the map was easy and free, it took one vote, Dr Magara said, referencing the recent United Nations resolution that encouraged accurate area projections. Indeed fixing the map was easy but the actual material weight of this continent and its institutions that run within the world economy is why dialogues like this exist. “Until we (Africa) fund our own institutions ourselves, the continental agenda will keep belonging to whoever writes the check.”

This and more were part of Dr. Magara’s opening remarks while delivering a keynote at the YOBEL Biashara Conference 2026 hosted at Makerere University School of Public Health Auditorium.

Ms. Doreen Katangaza shakes hands with Dr. James Magara after his keynote address. YOBEL Biashara Conference 2026, theme: Africa's Agency in an Era of Geopolitical Change-Trade, Investment and Economic Transformation, Makerere University School of Public Health Auditorium, 30th September 2026, Makerere University, Kampala Uganda, East Africa.
Ms. Doreen Katangaza shakes hands with Dr. James Magara after his keynote address.

The event, was co-hosted by the CASTLE Think Tank, YOBEL Biashara, and Makerere University under the theme: “Africa’s Agency in an Era of Geopolitical Change: Trade, Investment and Economic Transformation,” brought together a diverse assembly of policymakers, academics, and private sector leaders.

Representing Dr. Adam Mugume the Chief Guest who could not make it due to unavoidable circumstances, Ms. Doreen Katangaza, a researcher and economist at the Bank of Uganda (BoU) delivered his remarks while reflecting on Dr. Magara’s keynote.

She explained “what agency means in economic policy, is not isolation, it’s not withdrawal, but the capacity to choose, to negotiate, and to act.”

She emphasized that relying on external factors or rhetoric is insufficient for long-term transformation. Instead, she suggests that agency is defined by internal strength and the ability to act independently. As she states, “Africa’s agency will not only be secured by rhetoric. It will be built through capabilities. The capability to produce, the capability to finance development, capability to manage shocks and above all, capability to make choices based on our own long-term interests and people’s priorities.”

University Secretary-Mr. Yusuf Kiranda (L) and other attendees interact with Dr. James Magara at the Conference. YOBEL Biashara Conference 2026, theme: Africa's Agency in an Era of Geopolitical Change-Trade, Investment and Economic Transformation, Makerere University School of Public Health Auditorium, 30th September 2026, Makerere University, Kampala Uganda, East Africa.
University Secretary-Mr. Yusuf Kiranda (L) and other attendees interact with Dr. James Magara at the Conference.

Ultimately, Ms. Katangaza aligned with all speakers mobilising for a holistic approach involving government, the private sector, and academia to build these foundations. She noted that the Bank of Uganda is committed to harmonising policies and payment systems to support this, but success depends on whether these ideas translate into tangible outcomes, such as stronger institutions and resilient economies, when stakeholders reconvene in the future.

She concluded by congratulating the YOBEL Biashara Initiative, CASTLE Think Tank, and Makerere University for organizing the forum “a platform for thoughtful discussion about Africa’s economic future.” She thanked all the speakers, all panelists, and participants for their valuable contribution and attention during her communication and entire event.

Cost of Institutional Dependence to the Continent

Dr. Magara’s address was his critique of the continent’s institutional funding. He pointed out that member states currently fund only 24% of the African Union’s own program budget.  Charity begins at home, he stated. With 76% out of every dollar the African Union spends coming from partners outside the continent. He argued that this dependency is self-inflicted and fixable.

He advised that if we genuinely want a technology-creating continent, the work has to start in the primary school classroom, not in the university innovation hub. He added, while also highlighting that Africa’s research and development spending sits at 0.4 percent of GDP, far below the world average.

Dr. James Magara. YOBEL Biashara Conference 2026, theme: Africa's Agency in an Era of Geopolitical Change-Trade, Investment and Economic Transformation, Makerere University School of Public Health Auditorium, 30th September 2026, Makerere University, Kampala Uganda, East Africa.
Dr. James Magara.

Dr. Magara also addressed the implementation gap that has affected the continent for decades. He suggested that the failure to execute on well-crafted strategies is not just a capacity problem, but a result of selfish interests within. Some people are benefiting from the way things are, he explained. So, if they change, they will lose the benefit.

As a futurist and leadership strategist, Dr. Magara used his keynote address to also dismantle some of the comfortable narratives often repeated in policy circles. He challenged the audience to reconsider the concept of agency, arguing that choice only becomes agency when backed by the capacity to act. He pushed back against the common narrative that Africa’s youth population is automatically a demographic dividend.

A youth bulge without a falling birth rate, without matching job creation is not a dividend, he warned. It is a dependency burden wearing dividends lobbying.

Dr. Magara said, “if you ask any panel anywhere on this continent why Africa has not industrialised, you will get the same three answers almost every single time. Not enough skills, not enough infrastructure, not enough finance. And all of this is true. All of it is real. None of it should be dismissed.” But none of those three answers explains a much stranger fact sitting right in front of us, “why have we been writing almost identical strategy documents, making almost identical recommendations for 30 years plus.”

Dr. James Magara presents his keynote address. YOBEL Biashara Conference 2026, theme: Africa's Agency in an Era of Geopolitical Change-Trade, Investment and Economic Transformation, Makerere University School of Public Health Auditorium, 30th September 2026, Makerere University, Kampala Uganda, East Africa.
Dr. James Magara presents his keynote address.

He urged the room to be honest about the reality of the labor market, noting that every year, between 10 and 12 million Africans enter the labor market, while economies create roughly three million formal jobs. That gap cannot close itself, he stated. And it does not close by wishing it away in a policy document.

Engagement with Dr. Magara’s Keynote

The keynote featured significant engagement, primarily from Professor Pamela Mbabazi, Ms. Allen-Sophia Asiimwe, and Dr. Fred NK Muhumuza, who offered diverse perspectives that somewhat aligned with, and at certain points challenged his arguments.

Professor Pamela Mbabazi, Executive Chairperson of the National Planning Authority (NPA), offered a government perspective on the issues raised. She acknowledged the disconnect between some policy and deep thinking. Siding with Dr. Magara, there is a visible rush into making decisions without having deep thinking and engaging with amazing think tanks like YOBEL, CASTLE, she admitted.

Prof. Pamela Mbabazi. YOBEL Biashara Conference 2026, theme: Africa's Agency in an Era of Geopolitical Change-Trade, Investment and Economic Transformation, Makerere University School of Public Health Auditorium, 30th September 2026, Makerere University, Kampala Uganda, East Africa.
Prof. Pamela Mbabazi.

She called for a more intentional approach to policymaking, urging think tanks to collaborate more closely with government bodies like the NPA. She explained that countries like China did not get to where they are by accident, they were intentional to include their think tanks into policy making and no decisions were made haphazardly.

Professor Mbabazi suggested that as a country and continent we can have our think tanks drive policy if we want to build a five-hundred-billion-dollar economy by 2040.

She concluded her submission joining Dr Magara in questioning whether Africa could credibly speak of strategic agency when the institutions through which agency is exercised remain substantially dependent on financing from elsewhere.

Allen Sophia Asiimwe the Deputy CEO/Chief of Programme at trademark Africa addressed the conference via zoom, and expressed she was happy “when Dr. Magara started off with a question on the size of Africa on the map and in reality, it matters.”

Ms. Allen Sophia Asiimwe contributes virtually. YOBEL Biashara Conference 2026, theme: Africa's Agency in an Era of Geopolitical Change-Trade, Investment and Economic Transformation, Makerere University School of Public Health Auditorium, 30th September 2026, Makerere University, Kampala Uganda, East Africa.
Ms. Allen Sophia Asiimwe contributes virtually.

However, she challenged some of his assertions on financing. She requested to push back on this very strongly saying “If you look at how Africa is made up, a lot of our countries are still very poor,” arguing that the continent’s economic reality as of now requires external support.

With that said, she shifted the focus from external funding to internal inefficiencies, agreeing that Africa is sabotaging its own growth through non-tariff barriers, noting, “we are self-sabotaging. If we opened up for trade, if we allowed goods to cross the borders, we may actually make a big difference,” Ms. Asiimwe discussed.

Dr. Fred Muhumuza a prominent Ugandan development economist, senior lecturer, and policy advisor also engaged with the views on economic planning and indicators.

He agreed that think tanks are an issue, and that they must be embraced for the better. We must think about our problems, talk about them, and see what sense we make to ourselves.

Dr. Fred Muhumuza. YOBEL Biashara Conference 2026, theme: Africa's Agency in an Era of Geopolitical Change-Trade, Investment and Economic Transformation, Makerere University School of Public Health Auditorium, 30th September 2026, Makerere University, Kampala Uganda, East Africa.
Dr. Fred Muhumuza.

Dr. Muhumuza questioned the premise that the source of financing is the primary issue, suggesting that the quality of the plan being financed is more critical.

Major General Gregory Mugisha Muntuyera, added his voice to Dr Magara’s arguing that beyond map size, Africa’s development is hindered not by a lack of potential, but by a mindset of dependency. Drawing a contrast to the conditioning of elephants in India mastered by small humans.

The General stated, “we have got the knowledge, we have got the qualifications, but we have been conditioned.”

Maj, Gen, Gregory Mugisha Muntuyera (L) interacts with Guild Speaker Rt. Hon. Trevis Mutatiina Muhwezi (R). YOBEL Biashara Conference 2026, theme: Africa's Agency in an Era of Geopolitical Change-Trade, Investment and Economic Transformation, Makerere University School of Public Health Auditorium, 30th September 2026, Makerere University, Kampala Uganda, East Africa.
Maj, Gen, Gregory Mugisha Muntuyera (L) interacts with Guild Speaker Rt. Hon. Trevis Mutatiina Muhwezi (R).

He emphasized that true progress requires discipline for ” without this nothing is going to happen” regardless of how many conferences are held.

The Cost of a Broken System

Ms. Eseza Mulyagonja, a member of the YOBEL Biashara board, as one of the opening speakers, issued a strong reminder of the urgency required in addressing the continent’s challenges.

Ms. Mulyagonja shared a story so dear to her, of a young boy in a village who died after being bitten by a snake because he was not in school, for his fees were unpaid. She used this to illustrate the human cost of broken systems and advised that we do not have to wait for calamity to strike, since this is a story that is so common.

Ms. Eseza Mulyagonja. YOBEL Biashara Conference 2026, theme: Africa's Agency in an Era of Geopolitical Change-Trade, Investment and Economic Transformation, Makerere University School of Public Health Auditorium, 30th September 2026, Makerere University, Kampala Uganda, East Africa.
Ms. Eseza Mulyagonja.

She said as a continent, we have got to confront these things saying if we do not bring these stories close to home, we will not be propelled to change the direction for the better.

MAKERERE-CASTLE-YOBEL A PARTNERSHIP FOR AFRICA’S TRANSFORMATION

Representing Professor Sarah Ssali, the First Deputy Vice Chancellor in charge of Academic Affairs, Professor Edward Bbaale the Principal College of Business and Management Sciences, emphasised the institution’s commitment to being an active partner in national and continental transformation acknowledging the global economic order is undergoing profound change, characterised by geopolitical realignment and an accelerating energy transition.

Prof. Edward Bbaale. YOBEL Biashara Conference 2026, theme: Africa's Agency in an Era of Geopolitical Change-Trade, Investment and Economic Transformation, Makerere University School of Public Health Auditorium, 30th September 2026, Makerere University, Kampala Uganda, East Africa.
Prof. Edward Bbaale.

“These questions cannot be settled in just one conference. These are conversations that we’re going to have to continue even after here. So once again, I thank our chief guest, our keynote speaker, our discussants, our partners, the organizers, and every one of you who have made this time a meaningful time spent and made meaningful contributions to Africa’s future.

“The important question, therefore, is not simply how Africa will be affected by these changes, but how Africa will shape them”, Professor Bbaale remarked.

Crowning the remarks from the host institution, Makere University Chairperson of Council Dr. Lorna Magara appreciated everyone that was present for this noble conversation.

She said, “I trust that each of us leaves today with at least one idea that we are going to execute for the good of our continent.”

Dr. Lorna Magara shares a light moment with other dignitaries during the Conference. YOBEL Biashara Conference 2026, theme: Africa's Agency in an Era of Geopolitical Change-Trade, Investment and Economic Transformation, Makerere University School of Public Health Auditorium, 30th September 2026, Makerere University, Kampala Uganda, East Africa.
Dr. Lorna Magara shares a light moment with other dignitaries during the Conference.

She proposed that the first item on the agenda of the YOBEL Biashara 2027 conference should be looking at the scorecard of what has been done to see that Africa increasingly moves from being a passive recipient of global economic decisions to becoming an active participant in shaping the rules, institutions, and partnerships that determine its development direction.

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Elvis Lubanga, Makerere University, Kampala Uganda, East Africa.
Elvis Lubanga

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Press Statement: Incident Involving Death of a Student at Makerere University

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An older photo of the Main Building, Makerere University, Kampala Uganda as seen from across the Freedom Square. Date taken: 22nd October 2012. Kampala Uganda, East Africa.

Makerere University confirms with deep sadness the death of Kabuye Kelvin Charles, a second-year student pursuing a Bachelor’s degree in Architecture at the College of Engineering, Design, Art and Technology (CEDAT).

On the early morning of 28th September 2026, the body of the deceased was discovered on campus inside the fence that houses the MTN mast opposite the University Library. University security promptly reported the matter to Makerere Police Station. Police officers responded immediately and have handed over the investigation to the Wandegeya Homicide Desk and Scene of Crime Officers.

The cause of death is not known at this time; however, a post-mortem examination has been requested, and investigations remain ongoing. The University is fully cooperating with the Uganda Police Force.

The University Management extends its heartfelt condolences to the family, friends, and classmates of the late Kabuye Kelvin. We share in this profound loss and pain.

Members of the University community who may be affected by this incident are encouraged to seek assistance. Counselling and psychosocial support services are available to all students and staff through the University Counselling and Guidance Centre. Makerere University remains committed to the safety and well-being of its students and staff.

We will provide further updates as official information becomes available from the investigating authorities.

Mak Editor

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