The terms of the outgoing Makerere University Retirement Benefits Scheme (MURBS) Trustees came to an end on 31st March 2017, marking what was described by many as a very successful tenure. Speaker after speaker heaped praises on the Hajati Fatumah Nakatudde-chaired Board of Trustees (BoT) at a lively handover ceremony held on Monday 3rd April 2017 in the Senate Conference Hall, Makerere University.

Notable among the outstanding achievements during the BoT’s tenure was the near doubling of the fund’s original value to the tune of UGX 78.2billion as reported at the close of the 2015/2016 Financial Year, and winning the coveted Financial Reporting (FiRe) Awards in 2016. Initiated by the Institute of Certified Public Accountants of Uganda (ICPAU) in 2011, the FiRe Awards are aimed at improving the quality of financial and business reporting in the country.

In her communication, the outgoing Chairperson attributed all the gains made to the hard work and cooperation of the Trustees. “I wish to heartily thank all members I served with to put MURBS at the level it is today. Together we have made our contribution in which we shall always pride.” said Hajati Nakatudde.

Speaking at the handover ceremony, Dr. John Kitayimbwa who served as Secretary to BoT and was successfully reelected to the same position attributed the excellent reporting that the FiRe award to Mr. David Ssenoga, the MURBS Audit Committee Chairperson. “Openness to outside help as displayed by the appointment of an external person to chair the audit committee has guaranteed that we have full disclosure of what is happening in the scheme. Mr. David Ssenoga’s professional work led to the FiRe Award” he remarked.

Dr. Kitayimbwa also thanked the professional bodies like the Uganda Law Society (ULS), The Actuarial Society of Uganda (TASU) and Institute of Certified Public Accountants of Uganda (ICPAU) for nominating Trustees to MURBS, whose contributions led to the Scheme’s growth. These included Ms. Miriam Magala-ULS, Mr. Dyson Maswere-TASU and Mrs. Edna Isimbwa Rugumayo-ICPAU.

It was a moment of truth as the outgoing BoT silently signed their deed of discharge; officially signifying the end of their term as trustees, and the functions of Trustees as per the Uganda Retirement Benefits Regulatory Authority (URBRA) Act were read out for the incoming BoT. The brief ceremonies were presided over by the Scheme’s Lawyers Mr. Paul Kutesa and Mr. Sylvester Wambuga respectively.

Welcoming the incoming Board, Mr. Joseph Njuguna from the MURBS Administrator Octagon Uganda Limited commended the team for fulfilling the rigorous requirements for all new Trustees as per the charter. “The current charter requires that all new Trustees have to undergo certification training and pass the final exams. I am proud to say that all our Trustees worked so hard and passed with flying colours” he said, much to the appreciation of the audience. He then introduced the new board as; Mr. Wilber Naigambi-Chairperson, Dr. John Kitayimbwa-Secretary, Ms. Dorothy Kabanda, Mr. Peter Okello and Mr. William Ndoleriire.

In his brief inaugural remarks, the Chairman MURBS-Mr. Wilber Naigambi thanked the outgoing BoT for laying a firm foundation by establishing systems to aid the scheme’s operations. “The groundwork has been done for the new Board to accelerate the scheme’s growth. As the New Board we envisage that the scheme’s value will grow by 200% or 300%” said Mr. Naigambi, who also pledged to work harmoniously with all stakeholders to maintain MURBS’ status as the best scheme in Uganda.

Makerere University as the scheme’s sponsor is responsible for contributing 10% of employees’ monthly salaries to MURBS. Speaking on behalf of the University, The Deputy Vice Chancellor (Finance & Administration), Prof. Barnabas Nawangwe congratulated the new BoT upon their election and expressed the sponsor’s willingness to work with them to improve welfare through retirement benefits.

“I am always delighted to attend MURBS meetings. Save for the pending In-House Scheme obligation by the sponsor, MURBS is doing very well because fresh retirees from the University can access the benefits instantly! MURBS has made Makerere University proud and we thank the outgoing Chairperson Hajati Fatumah Nakatudde and her Board for steering the scheme from the state where they found it to the current one” Prof. Nawangwe praised.

Following a brief interlude during which the Outgoing Trustees were awarded plaques, The Director Finance and Administration, URBRA Mr. Daniel Badebye congratulated MURBS upon being a model scheme. “You have done very well with only a few issues that need to be ironed out, and thereafter, other schemes will be sent to benchmark you” he said.

He explained that the purpose of separating retirement benefits schemes from their sponsors was to ensure that they were fully funded at all times and that retirees could easily access their benefits. He therefore urged Makerere University to ensure that the 10% contribution is always remitted to MURBS as allocations for salaries are being made.

“The outgoing team needs to be commended for a job well done. As an accountant, I was proud to witness MURBS being awarded during the FiRe Awards. This team has been diligent and always consulted URBRA. It is therefore good to see that the new team is part of the old team infused with new blood. This is commendable for continuity as no gaps will be left unfilled” said Mr. Badebye

He expressed hope that MURBS will remain the top scheme in the country because it has surrounded itself with “the best team of outsiders.” Outsiders, he said, would provide critical checks and balances which promote transparency, further adding “Where there is transparency, you will gain trust.”

The ceremony was concluded by a personal tribute by Dr. John Kitayimbwa to Hajati Fatumah Nakatudde, thanking the outgoing Chairperson for her “impartiality, good listening skills and harmonious working relationship.”

Article by Public Relations Office