Financial forecasts at the 6th Makerere University Retirement Benefits Scheme (MURBS) Annual General Meeting (AGM) held in October 2016 were noncommittal especially in the wake of the February 2016 presidential election in Uganda and the then upcoming Kenyan General Election in August 2017. Trustees in their remarks then braced attendees for the worst performance, especially since the East African equity markets, which hold a substantial amount of the Scheme’s investments, are dominated by foreign players. These closely monitor the regional political climate and are known to withdraw their investments whenever any political event that will likely affect the markets looms. The situation was not helped by failing commercial banks in the region and conflict in South Sudan.
Fortunately, whereas the markets behaved as predicted, MURBS’ fund value grew by 34% from UGX 78.2billion as at 30th June 2016 to UGX 104.5billion as at 30th June 2017, thanks largely to retiree contributions and recovery of UGX 10billion as partial settlement of outstanding retirement benefits both from Makerere University. Addressing Members at the 7th AGM, held on Thursday 26th October 2017, the Chairperson-elect, Board of Trustees Mr. Wilber Grace Naigambi also noted that the Scheme made net returns on investments worth UGX 12.5billion compared to UGX 3.5billion the previous year. “This performance was driven mainly by a positive performance in fixed income owing to high interest rates prevailing on government securities” explained the Chairperson. Government securities in the form of treasury bonds and bills account for approximately 72% of the Scheme’s total investments.
The Scheme’s membership also grew from 3,301 members the previous financial year to 3,763 members. The Chairperson in his remarks introduced the MURBS Departmental Ambassadors Programme, aimed at enhancing the Scheme’s governance by directly involving members who are trained and exposed to the operations of MURBS. “These volunteers will assist with clarifying informal queries from members at departmental level and they will form a team from which potential trustees can be identified and mentored” said Mr. Naigambi.
MURBS emerged winner of the Retirement Benefits Schemes category of the Financial Reporting (FiRe) Award 2016. At the 7th AGM, the Chairperson Mr. Naigambi presented the FiRe Award 2016 to members present. MURBS remains the top institution in this category thanks largely to the work by the Audit Committee headed by Mr. David Ssenoga. Mr. Ssenoga informed the AGM that a new format of the Auditor’s report has since been adopted and the Scheme reasonably complied with new financial reporting guidelines as issued by the Uganda Retirement Benefits Regulatory Authority (URBRA). He further noted that the Scheme duly complies with all Income Tax Requirements and reassured the AGM that MURBS maintains a meticulous track record of all owed to it by the sponsor Makerere University.
The 7th MURBS AGM held in the main hall was a well-attended affair with representation from both University Leadership and staff associations. The days emcee, Mr. Louis Kakinda often used the breaks in between sessions to introduce key members of the University leadership and staff associations. In attendance were; Mr. Bruce Kabaasa-The Chairperson Appointments Board, who represented Eng. Dr. Charles Wana-Etyem, the Chairperson University Council, Ag. Director of Human Resources-Mrs. Dorothy Senoga Zake, Deputy Dean of Students-Mr. Stephen Kateega, members of Council and staff.
Earlier, the Secretary to the Board of Trustees-Dr. John Kitayimbwa had introduced the new Trustees as appointed on 1st April 2017. These are; The Chairperson-Mr. Wilber Grace Naigambi, Mr. John Peter Okello and Mrs. Dorothy Nannozi Kabanda. In addition to Dr. Kitayimbwa who was reappointed as Secretary to the Board, Mr. William Ndoleriire also returned as one of five Trustees of the Board. Mr. David Ssenoga and Dr. Saul Hannington Nsubuga by virtue of their being Chairperson and Member of the Audit Committee respectively are in addition co-opted Members of the Board.
In his address to the AGM and in response to some of the questions raised by members especially regarding the safety of their investments in seemingly unpredictable equity markets, Dr. Kitayimbwa reassured the gathering that the Scheme’s fund managers; Sanlam Investments East Africa and GenAfrica Asset Managers, are some of the best in the region and keenly follow market trends to return the best value on investment.
“All investments made by the fund managers on behalf of MURBS are informed by an actuary’s inventory” said Dr. Kitayimbwa. “Our investments are also guided by an investment horizon; which in our case, based on the average age of our membership, is 15years. We have to ensure that whereas we seeking the best investments to grow the fund value, we maintain a certain level of liquidity to pay members who are eligible to leave the scheme” he further explained.
Responding to members who also felt that it was unfair to struggle with constantly rising interest rates on loans taken from commercial banks and yet they could borrow against their benefits portfolio, Dr. Kitayimbwa shared that MURBS is regulated by URBRA which has strict conditions under which a member may access their benefits, the key being upon retirement. He however reassured the AGM that URBRA is fronting the Retirement Benefits Sector Liberalisation Bill, which will hopefully provide for more flexible ways of accessing benefits to support mortgages, foot treatment costs and other needs. He further restored confidence in the members that there benefits are protected by law and in the unforeseeable event that the Scheme’s bankers were to go under, the regulator would first and foremost ensure that retirement benefits are secured before any other depositors are considered for compensation.
To reiterate Dr. Kitayimbwa’s point, Prof. Jean Barya-MURBS’ Senior Legal Counsel advised Scheme members to take keen interest and actively participate in the debates around the Retirement Benefits Sector Liberalisation Bill and the National Health Insurance Scheme bill. “Education and Health are two of the largest expenditures that we incur in life. You therefore need to be interested in these bills because we shall all benefit if they are passed in a proper manner.”
In closing the 7th AGM, the Chairperson Mr. Naigambi thanked all members for sparing time to attend the event in large numbers and urged them to further study the report they had received as well as all information on the MURBS website. “I encourage you to embrace the idea of additional voluntary contributions (AVC) in addition to the 5% by Makerere to further boost your benefits at the time of retirement” he concluded.
The Vice Chancellor, Prof. Barnabas Nawangwe and the University Management, welcomed a delegation from Western University, Ontario, Canada (UWO), marking an important milestone in the strengthening of international partnerships and collaborations. The week-long visit, characterized by insightful discussions and exchanges with various colleges, departments and units of the University, highlighted various areas of mutual interest and potential collaboration between the two esteemed institutions.
The delegation was led by President and Vice-Chancellor Dr. Alan Shepard and accompanied by Vice-Provost and Associate Vice-President, Dr. Lily Cho, the Associate Vice-President, Equity, Diversity, and Inclusion, Dr. Opiyo Oloya and the Dean, Schulich School of Medicine and Dentistry, Dr. John Yoo.
The visit culminated with the signing of a new Memorandum of Understanding (MoU) which will most certainly strengthen the already existing relationship between Makerere University and Western University.
The meeting between Makerere University and Western University commenced with the University Management which discussed collaborative opportunities, particularly in engineering, design, and technology, emphasizing interdisciplinary collaboration and knowledge exchange.
Mr. Opio Oloya addressed issues of Inclusivity and diversity in academia, focusing on integrating indigenous knowledge, combating global anti-blackness, and promoting social integration within university communities.
Makerere‘s academic excellence and capacity-building initiatives were showcased, with plans to expand graduate training opportunities and enhance capacity through student and faculty exchanges.
The meeting concluded with a shared vision for future collaborations, including research projects, academic programs, and student exchanges, reaffirming the commitment to fostering excellence and addressing global challenges through collaborative efforts.
Fostering Global Academic Partnerships: Western University meets Makerere University Colleges and Units.
In a meeting at the School of Law, led by the Principal, Associate Prof. Ronald Naluwairo, the delegation held lengthy deliberations to explore avenues for academic collaboration, embodying the power of international partnerships in academia.
Central to the dialogue was Western University’s interest in global engagement, particularly in internationalization, aligning with Makerere‘s ethos of interdisciplinary collaboration. The meeting highlighted joint research opportunities, staff, and student mobility programs, showcasing a commitment to academic excellence and the potential for cross-cultural learning and growth.
During the meeting between the Infectious Diseases Institute (IDI) and Western University, the Executive Director Dr. Andrew Kambugu outlined IDI’s evolution from an academic venture to a multifaceted institution driving service delivery, research, and capacity building in Africa.
Highlighting existing partnerships, particularly in data management with the Faculty of Medicine at Western University, President Alan Shepard underscored the tangible outcomes of cross-border collaboration, with data-driven research initiatives making significant contributions to healthcare and public health interventions. Future collaboration prospects, including exchange programs, joint initiatives, and equipment donations, emphasized a shared commitment to innovative approaches and collaborative problem-solving to address pressing challenges in Africa.
Celebrating Collaboration: Farewell Luncheon Honoring Western University Delegation
A farewell luncheon, hosted by Mrs. Lorna Magara, the Chairperson, Makerere University Council, marked the poignant conclusion of the exchange visit with Western University, Ontario, Canada, celebrating the enduring spirit of collaboration and friendship between the two institutions.
As farewells were exchanged, participants left with cherished memories and a renewed commitment to nurturing the partnership for future endeavors, underscoring the power of collaboration to transcend boundaries and create opportunities for growth and learning.
As Western University and Makerere University look ahead, the memories of the week-long strategic visit will serve as a beacon of inspiration, guiding their continued efforts to collaborate, learn, and grow together.
Institution: Centre for Tobacco Control in Africa (CTCA) Project Title: Enhance Tobacco Control Institutional Capacity in Africa Expression of Interest Number: CTCA/EOI/G339/2024
1. Introduction:
The Centre has received funding from the African Capacity Building Foundation (ACBF) for the 2024-2026) to implement a project on institutional development. The project investments are geared towards sustaining human resource capacity and knowledge generation to reduce use of all forms of tobacco products in Africa.
Specifically, the project aims to:
Enhance training opportunities for African governments and relevant actors in tobacco control in the continent.
Increase access to knowledge for guiding tobacco use prevention and control in Africa.
Reinforce the institutional development of CTCA for an optimal performance of its functions and processes.
Therefore, CTCA is seeking the services of a Finance and Accounts Assistant whose overall responsibility will be to provide finance and administrative support to ensure efficient operation of the office. The Assistant will support management and other employees on a variety of tasks related to administration, finance, procurement, and communication.
2. Scope of Work
The specific duties include:
Providing support to the accounting and procurement functions through preparing journals and loading payments for review by the budget and finance officer for authorization
Maintain supplies inventory by checking stock to determine inventory level; anticipating needed supplies; placing and expediting orders for supplies; verifying receipt of supplies.
Administer and manage logistics and contracts for services with service providers such as travel agents, hotels, translations and interpretation agencies, office supplies
Maintaining a clean electronic and manual filing system.
Handling communications – Receiving, storing, retrieving, dispatching, organizing documents and other correspondence of the Centre.
Provide secretarial services to CTCA technical meetings.
Assist in the preparation of regularly scheduled reports.
Assist in logistics preparations for meetings, workshops, and missions.
Oversee and supervise the work of junior staff.
Maintain up-to-date employee records.
Any other duties as may be assigned.
See Downloads for detailed advert.
Application deadline: Not later than 17:00 hours on 8th April, 2024.
Institution: Centre for Tobacco Control in Africa (CTCA) Project Title: Enhance Tobacco Control Institutional Capacity in Africa Expression of Interest Number: CTCA/EOI/G339/2024
1. Introduction:
The Centre has received funding from the African Capacity Building Foundation (ACBF) for the 2024-2026) to implement a project on institutional development. The project investments are geared towards sustaining human resource capacity and knowledge generation to reduce use of all forms of tobacco products in Africa.
Specifically, the project aims to:
Enhance training opportunities for African governments and relevant actors in tobacco control in the continent.
Increase access to knowledge for guiding tobacco use prevention and control in Africa.
Reinforce the institutional development of CTCA for an optimal performance of its functions and processes.
Therefore, CTCA is seeking the services of a communications expert to to raise the visibility of the Centre and the knowledge translation of the programmatic outputs. The expert will be engaged on a retainer basis.
2. Scope of Work
The objective of the assignment is to disseminate CTCA work, institutional branding, maintain the website alive and drum the second Africa conference on tobacco control and development.
Coordinate and oversee the development of the Alternative Livelihoods documentary in Zambia and its dissemination
Develop communication/branding materials such as brochures, banners, policy briefs, newsletter articles, press releases etc
Review and provide updates for the CTCA website
Update CTCA online platforms (twitter, Facebook, Instagram and LinkedIn) on a regular basis through regular monitoring, positing and content development
Provide technical support to ensure that the second Africa Conference on Tobacco Control and Development is organized and help successfully
See Downloads for detailed advert
Application deadline: Not later than 17:00 hours on 8th April, 2024.