Connect with us

General

MURBS Registers 16% Growth Despite Volatile 2016-17 Markets

Published

on

The Makerere University Retirement Benefits Scheme (MURBS)’s total fund value has grown from UGX 67.46billion as at 30th June 2015 to UGX78.2billion as at 30th June 2016 representing a 16% growth, despite declines in the money and equity markets over the same period. This was the latest update shared by Hajati Fatumah Nakatudde the Chairperson, Board of Trustees, MURBS at the 6th Annual General Meeting (AGM) held on Thursday 27th October 2016 in the Main Hall, Makerere University.

The AGM which came in the wake of similar ones by other players in the Ugandan Retirement Benefits market was highly anticipated, given the generally poor performance by regional equity and money markets over the same period. Approximately 30% of the fund value is invested in Equities especially in the Kenyan market, which played witness to two banks failing in the same period. The fast approaching Kenyan election combined with the recently concluded Ugandan election also led to a poor performance of local currencies, which led to foreign investors exiting the regional markets.
MURBS Chairperson Board of Trustees, Hajati Fatumah Nakatudde (L) addresses the 6th AGM on 27th October 2016
“After due consideration, the Trustees are declaring a rate of return of 4.34% on the opening balances as at 1st July 2016,” reported Hajati Fatumah Nakatudde as she gave her report. She however reassured members that the Board was anticipating a higher rate of return at the next AGM especially as foreign investors, who wield a lot of influence in the regional equity and money markets are expected to return as the currencies stabilize. The Chairperson further commended Makerere for remitting contributions due to MURBS members consistently over the 2015/16 financial year, but urged the University to honour outstanding debt obligations to the Scheme.

In his remarks, Dr. John Kitayimbwa the Secretary, Board of Trustees restored the member’s confidence in the scheme when noted that despite declaring a lower rate of return than other players, the MURBS fund value was solid and guaranteed. He also reported that the Scheme had sought legal redress with regard to the outstanding debt owed by the University and Trustees were only awaiting the signing of a judgement on the same. He further clarified that the change in the Scheme’s Custodians from Standard Chartered Bank Limited to Stanbic Bank Uganda Limited was completely in line with terms of the Service Level Agreement (SLA) as agreed upon at commencement. Additionally, he explained that the recruitment of GenAfrica Asset Managers Limited to replace Stanlib Uganda Limited as Fund Manager, whose contract expired on 31st January 2016, was after a thorough review of their performance in the regional market.  The scheme retained PineBridge East Africa Investments Limited as Fund Manager.
MURBS Secratary-Board of Trustees-Dr. John Kitayimbwa (R) makes his address at the 6th AGM flanked by Trustees Mr. Dyson Maswere (L) & Prof. Julius Kitungulu-Zake (2nd L)
The regional investment atmosphere and opportunities for the future were further explained by Mr. Denis Mugalya, Investment Manager at PineBridge when he said, “In the equity markets, about 70-80% of investors within our region are actually outside East Africa and so when the currency misbehaves within the region like it did in 2015, even if the share price hasn’t moved, they are already losing value. The only election we are left with is in Kenya under a year and for now the currencies have sort of stabilized.”

He anticipated that within at least 6 months, the projections would have improved and confidence would have returned to the market, “and therefore it might not be as bad as we did previously, maybe a 10% growth and we are looking at a 10-15% return on equities” he added.

In other initiatives reported at the AGM, the Board of Trustees has developed an online platform through which members can access their statements at their own convenience. “This is a good innovation and we are going to train members intensively on how to use the system,” remarked Dr. Kitayimbwa the Board Secretary. He added that members will still be able to receive printed statements but warned that this trend would gradually be phased out as a way of improving efficiency.
Part of the audinece that attended the 6th MURBS AGM on 27th October 2016 in the Main Hall, Makerere University
At the conclusion of the AGM, the Chairperson, Hajati Fatumah Nakatudde thanked members for sparing time to participate in the meeting. She reminded all present that the term for the current serving Trustees expires on 31st March 2017 and an election for new members is slated to take place in December 2016. She therefore thanked all Trustees who were ineligible for another term for their service and urged scheme members to actively participate in the election process when it is announced.

The 2016 AGM was attended by the Deputy Vice Chancellor (Finance and Administration) Prof. Barnabas Nawangwe, as well as representatives from; Uganda Retirement Benefits Regulatory Authority (URBRA), Scheme Administrator-Octagon Uganda Limited, Auditors-KPMG, Custodian-Stanbic Bank Uganda Limited and Fund Managers-PineBridge Investments and GenAfrica Asset Managers.

Article by Public Relations Office

Continue Reading

General

Launch of Mak-RIF Round 4 Awards & PhD Call for Proposals

Published

on

Mak-RIF 4 Awards and PhD Call For Proposals, 29th September 2022, 9:00 to 10:00 AM EAT.

Makerere University received funding from the Government of the Republic of Uganda, earmarked to support high impact Research and Innovations. This unique initiative arose after engagements between the top University Management and the Government of Uganda. This fund illustrates the increasing importance that the Government attaches to Research and Innovation as a driver of development and transformation. The objective of the fund is to increase the local generation of translatable research and scalable innovations that address key gaps required to drive Uganda’s development agenda. 

In the Financial years 2019/2020, 2020/2021 and 2021/2022 the Government of the Republic of Uganda through Mak-RIF has funded implementation of over 750 multidisciplinary research and innovations within the various Colleges, while engaging multiple stakeholders within and outside Makerere University. The Grants Management Committee (GMC) has finalized the award process for the Mak-RIF round 4 call for funding for this Financial Year 2022/2023.

The Grants Management Committee (GMC) hereby invites you to the Launch of the Mak-RIF Round 4 awards and PhD Call for Proposals scheduled to take place tomorrow Thursday 29th September 2022 from 9:00 to 10:00 a.m. EAT. 

Please use the following details to join the launch.

Register in advance for this meeting:
https://us06web.zoom.us/meeting/register/tZwpcu-urDIjE9ZgxdsbEmA2IkNMMiJVECt_ 
Meeting ID: 884 5662 9992
Password: 292624

Continue Reading

General

Notice: Makerere Disability Scheme 2022/23 Medical Review Exercise

Published

on

One of the PWD graduands at the 69th Graduation during the Session held on 17th January 2019.

The Academic Registrar, Makerere University invites persons with disability who applied for admission to public universities under the disability entry scheme for 2022/2023 Academic Year to appear for medical/review exercise at Makerere Unive, Senate Building, Level Two (2) in the Telepresence Centre.

NOTE: Only those who have the minimum entry requirements of at least two principal passes at A’ Level or its equivalent and at least five (5) passes at O’ Level or its equivalent will be interviewed.

 Only candidates who sat ‘a’ level in 2020, 2019 and 2018 are eligible for admission.

THE EXERCISE WILL BE CONDUCTED ON 3rd, 4th and 5th October, 2022 respectively from 9.00 A.M – 1.00 P.M each day.

IMPORTANT:

(i) If you fail to appear on any of the given days above, there will be no other chance for you.

(ii) Applicants with Government Scholarship for the previous years are not eligible for admission

ALFRED MASIKYE NAMOAH

Acting. ACADEMIC REGISTRAR

Continue Reading

General

Uganda’s policymakers implored to address forest loss, plastic & water pollution

Published

on

Left to Right: Prof. Gunnar Köhlin, Prof. Barnabas Nawangwe, Amb. Maria Håkansson, Commissioner Julius Mafumbo and Prof. Edward Bbaale posing for a group photo before the opening ceremony on 22nd September 2022: Photo by EfD-Mak Centre.

The Vice Chancellor Professor Barnabas Nawangwe on Thursday 22nd September, 2022 participated in the opening of the EfD Annual meeting hosted by Makerere University at Speke Resort Munyonyo where he appealed to government to implement the ban on kaveera and address other environmental issues.

The opening ceremony moderated by the EfD Global Hub Manager Gunnar Köhlin and was graced by Uganda’s Minister for Water and Environment represented by the Commissioner for Water, Mr. Julius Mafumbo and the Swedish Ambassador to Uganda, H.E. Maria Håkansson.

Read more

Continue Reading

Trending