General
MURBS Declares 34% Fund Value Growth at 7th AGM
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.
Article by Public Relations Office
Business & Management
Mak and ACCA Career Workshop: Students tipped on success, professionalism and the future of accountancy
On Tuesday 1st April 2025, over600 students from the College of Business and Management Sciences convened at Makerere University Yusuf Lule Central Teaching Facility Auditorium to participate in the Career workshop that provided an invaluable platform for students to engage with industry leaders, gain insights into career prospects and professional development within the accounting and finance sectors.
Organized by the Association of Chartered Certified Accountants (ACCA) in Uganda in partnership with Makerere University Department of Accounting and Finance, School of Business under the College of Business and Management Sciences, the Career workshop also presented a platform to celebrate the academic achievements of the ten (10) Bachelor of Commerce students who graduated with First Class degrees-Honours Division during the Makerere University 75th Graduation ceremony held in January 2025.
Prior to the workshop, the Dean, School of Business, Dr. Godfrey Akileng in an interview with the College’s Communication Office, disclosed that celebrating the academic achievements of the students who obtained First Class degrees would inspire the current students to excel. In addition, Dr. Akileng noted that the presence of graduates who excelled at the Career workshop would lead to networking and peer mentorship possibilities with the current students.
During the Career workshop, speakers from Makerere University and ACCA Uganda re-affirmed their commitment to equipping graduates with the knowledge, skills and tools needed to excel in a rapidly evolving job market.
To understand the future of accountancy, students listened to presentations featuring the relevance of the accounting and finance in today’s job market by Dr. Eric Nzibonera; Insights on the collaboration with ACCA by Ms Charlotte Kukunda; Discussion of the global career opportunities in accounting and how ACCA supports professional development by Ms Jackie Mbabazi; and a keynote speech titled, An exploration of the skills and trends shaping the future of the accounting and finance industries in the 21st Century by Mr. Robert Busuulwa.
In his address, the Principal of the College of Business and Management Sciences, Prof. Edward Bbaale acknowledged the School of Business for proritising career talks and mentorship sessions for students.
“To the students, the Career workshop presents you with a chance to envision your career, and what you want to be, or what you want to study,” he said.
The Principal underscored the critical importance of bridging the gap between the academia and industry. He highlighted the instrumental role of partnerships, particularly the collaboration between Makerere University and ACCA in equipping students with globally competitive skills and certifications.
Prof. Bbaale emphasized that in the 21st century, this interface isn’t merely an option but “a necessity,” echoing the sentiments of both the keynote speaker, Mr. Robert Busuulwa, and ACCA partners.
He advised students to visualise themselves as “global candidates” and pursue their careers with diligence and passion, taking the lessons from the workshop seriously and seeking continuous professional development. Prof. Bbaale stressed the significance of “building oneself, moulding oneself” through education, training, and experience, advocating for a focus on human capital development over immediate financial gain.
He emphasized the importance of “volunteering to work” in orderto gain experience and build a professional network. He reaffirmed the College’s commitment to strengthening collaborations to ensure graduates are academically competent and well-prepared to navigate the evolving job market.
Dr. Eric Nzibonera, the Head, Department of Accounting and Finance at the College of Business and Management Sciences highlighted the significance of career guidance events for University students. He explained that career workshops provide a valuable opportunity for students to “make a choice about a particular career,” a privilege he noted was not always available to students in the past. Dr. Nzibonera believed the workshop was a chance for students to learn from experienced professionals, guiding them towards informed decisions about their future careers.
Convinced that the workshop presented a golden opportunity to students to learn from experienced professionals, Dr. Nzibonera called upon students to leverage such moments to listen to the respective presenters, prepare to ask questions on professionalism, accreditation and career paths.
Focusing on the relevance of accounting and finance in today’s job market, Dr. Nzibonera reiterated that the accounting profession is very central in the day to day lives of individuals. “Inall realms of business, in whatever you do, you need some scheme or some kind of accounting that works,” he remarked. He noted that this underlines the universal applicability of financial literacy, whether pursuing careers directly related to the field.
The Country Manager, ACCA Uganda, Ms Charlotte Kukunda informed the students who turned up in big numbers, that the Career workshop was anchored in the programmes and activities that Makerere University and ACCA Uganda agreed to undertake when both entities signed a Memorandum of Understanding (MoU) in July 2022.
Ms Kukunda affirmed that ACCA Uganda values its strategic partnership with Makerere University, which has been mutually beneficial and fruitful. To expound this argument, Ms Kukunda highlighted the achievements which included: 660 students enrolled for ACCA programme, curriculum reviews of Makerere University accounting programmes, re-accreditation of the Bachelor of Commerce Accounting in June 2022, annual recognition of best accounting students since 2022, tutor capacity building workshops conducted at the College, lecturers granted access to the Education Hub, and hosting of three student career workshops annually.
She outlined the areas of collaboration with Makerere University as follows: accreditation of accounting programmes, co-development of teaching programmes that align and support the University edge resources and professional insights, employability through supporting students’ career and skills development, access to ACCA member networks to support Makerere University guest lectures/panels/conference speakers, and faculty skills development support in their teaching, learning and assessment.
The Country Manager said the Career workshop is planned, deliberate and intentional because ACCA classifies Makerere University students as strategic business leaders who are being nurtured, trained and prepared to drive the economy. She clarified that the ACCA programme is not limited to only students studying accounting. According to Ms Kukunda, the ACCA programme embraces a broader range of disciplines and positions students for global competitiveness.
Ms. Kukunda encouraged students to explore the information resources on the ACCA website to tap into the opportunities that will enhance their financial acumen. She urged students to perceive themselves as global citizens. “When you perceive yourself as that, you are the right candidate for pursuing these globally accredited qualifications,” she said. She reinforced the value of connections and valuable networks with industry professionals, assuring students that their future is filled with potential and opportunities.
Feeding into Ms Kukunda’s presentation, Ms Jackie Mbabazi, the Business Relationship Manager at ACCA Uganda highlighted the significance of the ACCA qualification in shaping future leaders. She affirmed that ACCA is “a forward-thinking qualification” connected to vital sectors and stakeholders globally.
Ms. Mbabazi emphasized the global reach of the ACCA. “We are present in 180 countries. As you plan your professional journey, consider the ACCA qualification that is going to make you professional. Technology has enabled us to work beyond borders. Having globally recognized qualifications such as ACCA positions you to work globally,” she elaborated.
Ms. Mbabazi further pointed out the “forward-thinking qualification” attributes of ACCA. These include: Empowering individuals to be digitally relevant, creating ethical and trusted professionals, global recognition, professionals who add value, access to the most up to date syllabus on the market, and continuous learning for trainees as well as access to the global employability platform.
She also discussed the importance of adapting to technological advancements, stating, “You need to adapt and make sure technology is at the heart of what you are doing.”
Ms. Mbabazi articulated that ethics is at the centre of the ACCA programme. “ACCA programmes uphold ethics in building professionals. I urge you to avoid any form of fraud,” she emphasized.
The captivating presentations from the College of Business and Management Sciences and ACCA Uganda set the pace for the students to listen to a powerful keynote speech. Dr. Martin Bakundana introduced the keynote speaker, Mr. Robert Busuulwa, the founder and Managing Partner of Forvis Mazars in Uganda with over 30 years of tested and proven experience.
Mr. Robert Busuulwa’s keynote speech embodied words of wisdom and lived experiences that require an individual to be responsible for his or her destiny.
He guided the students that being successful is a personal choice and commitment. “If you want to be successful, dedicate time and study success,” he advised.
“When you plan to do something, focus and concentrate. Pursue your ambitions and career aspirations with determination and confidence,” he added.
He castigated the popular phrase where individuals believe that it is the government responsible for their success and development. That statements calling upon the government to “assist” individuals should be discarded. “True liberation is about understanding who you are, your strengths and weakness, and what you can do as an individual to leverage your strength,” he stated.
He emphasized the importance of acquiring relevant skills, urging students to consider what they needed to demonstrate to future employers, particularly in light of evolving trends such as AI, robotics, and big data. “What are the skills that you are expected to demonstrate?” he asked, reflecting on the broadening scope of skills in the field.
Using lively examples, the keynote speaker informed the audience that he had to create time to be at Makerere University on 1st April 2025 to speak to the students. He reported that he manages a very tight schedule, but if you want and value something, you work towards it, and ensure it is a possibility.
“I am here because I created time and convinced myself that I should join you today. I love mentorship and interacting with people. I love being here. I have to return to society, what it has given me through qualifications, life and experiences. Through this career workshop, I am exactly doing that,” he said.
Mr. Busuulwa shared anecdotes from his academic journey and connecting with young minds poised for the future. He reinforced the notion that the landscape of accounting has changed dramatically, moving from traditional number-crunching to roles involving Environmental, Social, and Governance (ESG) factors, financial crime, and IT consulting.
Mr. Busuulwa mentioned that with the trends in the accounting profession, students and practitioners are presented with diverse career paths.
Mr. Busuulwa encouraged students to understand and appreciate their potential. “Every one of you here has the potential. I urge you to believe in your capabilities,” he said. He cautioned students and young people in general against limiting beliefs. Citing the power of thinking and its effects on the choices that individuals make, he stated, “If you think you can’t do it, you will not.”
He inspired students to actively shape their careers, stressing the need for adaptability and continuous learning. He appealed to the students to always empower their minds and souls with positive statements such as “Whatever it is, I am going to be successful,” he remarked.
The Career workshop moderated by Ms Sylvia Namujjuzi, Assistant Lecturer at the College of Business and Management Sciences assisted by Mr. Jonathan Basalirwa, a third year student, ended on a high note with presentation of awards of excellence to the best ten (10) First Class Honours Division graduates, and a networking session involving the respective speakers and students.
The Principal thanked the Dean, School of Business- Dr. Godfrey Akileng, Dr. Eric Nzibonera, Ms Sylvia Namujjuzi, Mr. John Ogema, the Makerere University Accountancy Bureau, and the team from ACCA Uganda for organizing the Career workshop 2025.
The discussions involving Makerere University staff namely Prof. Edward Bbaale, Dr. Eric Nzibonera, ACCA Uganda-Ms Charlotte Kukunda and Ms Jackie Mbabazi, and the Keynote Speaker Mr. Robert Busuulwa emphasized the necessity of bridging the gap between academic training and real-world skills.
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