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MURBS Declares 34% Fund Value Growth at 7th AGM

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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.

L-R: Dr. John Kitayimbwa, Mr. Wilber Naigambi, Mr. David Ssenoga, Mr. John Peter Okello and Mrs. Dorothy Kabanda at the 7th MURBS AGM

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.

L-R: Former MURBS Chairperson-Hajati Fatumah Nakatudde, with retired Trustees Prof. Julius Zake and Mr. Bruce Twesigye at the 7th AGM

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.

Prof. James Kigongo a retiree on contract makes his contribution during the 7th MURBS AGM

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.

L-R: Principal Pensions Officer-Ms. Susan Khaitsa, Mr. Joseph Njuguna-Octagon, Mr. Wilson Kayindi-KPMG and other service providers listen to proceedings during the interactive session

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.”

A cross-section of MURBS service providers; Octagon, Sanlam, GenAfrica, Stanbic and KPMG, at the 7th AGM

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

Mark Wamai

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MURBS Presents FY 2025/26 Performance with 15.4% Growth

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Hon. Daniel Fred Kidega (C-Kaunda suit) with members of University Council, University Management, URBRA Uganda, MURBS Board of Trustees, Ambassadors and MURBS Secretariat at the Presentation of FY 2025/2026 Performance on October 27 2026 in Senior Common Room.

Makerere University Retirement Benefits Scheme (MURBS) has hit a historic UGX 547 billion valuation following an impressive 15.4% growth in the 2025/2026 financial year. 

During a review meeting of the MURBS performance held at Makerere University Main Administrative Building on October 27 2026, ahead of its 16th Annual General Meeting (AGM), the scheme revealed the booming portfolio will directly benefit its close to 8,000 members. 

This presentation primes the upcoming October 29 AGM, where MURBS will officially declare this year’s highly anticipated interest rate to the general members.

Chairperson’s Statement on the Scheme’s Performance FY 2025/2026

Dr. Michael Kizito, Chairperson MURBS Board of Trustees, presented the scheme’s success, noting it is rooted in a deep sense of responsibility. He said “prudent stewardship guides our (MURBS) actions, and every contribution invested to MURBS carries an expectation of future security.”

MURBS’ commitment to members is further checked in the scheme’s transition in sync with statutory regulations, and ensuring fairness and transparency for all. In line with this, Dr. Kizito discussed pro rata interest calculation methodology as the new trend for MURBS. Pro rata key features include; contributions earning interest from time of receipt, interest compounding and stopping at exit.

Dr. Michael Kizito, Chairperson, MURBS Board of Trustees
Dr. Michael Kizito, Chairperson, MURBS Board of Trustees.

Demonstrating a clear focus on maximising member yields, Dr. Kizito also discussed operational expenditure saying even with an increase in the administrative costs, they have kept below the budgeted percentage.

Going past the balance sheets, Dr. Kizito echoed MURBS’ dedication to the over 3,000 active members building their dreams and the close to 5,000 retired members enjoying the fruits of their long service. 

At the back of MURBS dedication, he recognised the ambassadorial framework that was designed to support incoming trustees and the proactive efforts to reach members.

As Dr. Kizito concluded, he expressed gratitude for support and reception from University Council, Management, URBRA Uganda, Trustees, Ambassadors and MURBS members. 

He reiterated the scheme’s focus remains on innovation, governance, and growth which will continue to be achieved through digital transformation to improve service delivery and ensuring every member’s records are up to date.

All this is done in effort of ensuring that when the time comes for a member to retire, they do so with confidence and financial peace of mind.

MURBS Evolution From High Risk to a Benchmark Scheme

Ms. Daisy Lynda Nabakooza, Chief Manager Supervision and Market Conduct at Uganda Retirement Benefits Regulatory Authority (URBRA) recognised MURBS success saying it “comes from the good working relationship” between its trustees and experts, and that “the MURBS trustees usually have the information on hand,” which “is a plus.”

On the status/impression of the fund, Ms. Nabakooza revealed that ten or so years ago, when she had just joined URBRA, MURBS was one of those schemes that was “high risk” due to “unremitted contributions.” Thankfully, “the sponsor Makerere University has since embarked on having these unremitted contributions, remitted over a period of time.”

Now, “MURBS has become a benchmark for many schemes.” Ms. Nabakooza said as a regulator, they “really commend MURBS on the work done in terms of compliance.” 

Ms. Daisy Lynda Nabakooza delivering remarks from the regulator URBRA.
Ms. Daisy Lynda Nabakooza delivering remarks from the regulator URBRA.

Ensuring a Dignified Retirement for Staff through MURBS

Professor Henry Alinaitwe, representing the Vice Chancellor emphasised the ultimate goal is the well-being of the university community during and after service. He referenced a local proverb, saying, “Buto n’ekorera bukuru,” explaining that “when we are here, and still young and working, what we are able to do and put aside will help us in the future.”

He expressed the University’s strong commitment to staff welfare, saying, “we do  not want to see ourselves or fraternity really suffering when they are leaving university or when they have since left the university. We want to see people living well and prospering even in their retirement.”

Professor Henry Alinaitwe delivering remarks from the Vice Chancellor.
Professor Henry Alinaitwe delivering remarks from the Vice Chancellor.

Professor Alinaitwe acknowledged the work done by MURBS team in growing the scheme noting that since 2021, the fund has more than doubled raising from UGX 225 Billion to over UGX 500 Billion. The Vice Chancellor concluded his message by pledging Makerere University‘s good will to ensure sustenance of the fund for a dignified future of its staff.

The Chairperson of Council  Dr. Lorna Magara in her message delivered by Hon. Daniel Fred Kidega expressed genuine satisfaction with the current trajectory of the retirement scheme, noting, “I want to congratulate the trustees, the management of MURBS, for maintaining a healthy organisation. When I was looking through the figures, I felt very happy.” 

This financial health is not just a statistic but a foundation for the staff’s future. The Chairperson urged the leadership to “maintain the good health of the scheme and let members enjoy their savings.” 

Beyond the numbers, the Chairperson Makerere University Council made a heartfelt plea to the board on human impact of the scheme, stating, “I plead with the board of trustees, to avoid delays when it involves the living families of members who are no longer there in service; dead or retired.” 

Hon. Daniel Fred Kidega delivering remarks from the Chairperson, Makerere University Council.
Hon. Daniel Fred Kidega delivering remarks from the Chairperson, Makerere University Council.

Ultimately, as shared by Hon. Kidega and Professor Alinaitwe, the University vision is ambitious, it involves making MURBS one of the best retirement schemes on the continent and in the world where even those still in service can access resources and make their life better.

About MURBS

Makerere University Retirement Benefits Scheme (MURBS) is a mandatory employer scheme for Makerere University staff, established by the university under an irrevocable trust. On 23 April 2010, MURBS was registered as a corporate body under the Trustees Incorporation Act, CAP. 165, and it commenced operations on July 1 2010.

Following the enactment of the Uganda Retirement Benefits Regulatory Authority Act, 2011, MURBS was established as a voluntary occupational scheme under the new law. The scheme is licensed by URBRA (License Number RBS.0005).

On 21 June 2021, the Minister responsible for Finance, Planning and Economic Development exercised his powers under the law to approve MURBS as a superannuation scheme in the “Exempted Employment” category under the NSSF Act.

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

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Makerere Strengthens Doctoral Training Through BURST-Excel Research Network

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Makerere Strengthens Doctoral Training Through BURST-Excel Research Network

A collaborative initiative is bringing doctoral researchers together across institutions and disciplines to strengthen research skills, promote peer support and prepare emerging scholars to address Uganda’s and Africa’s development challenges.

Doctoral research can be an isolating journey, often requiring years of independent work, sustained intellectual effort and the ability to navigate academic and personal pressures. For many PhD candidates, opportunities to learn from peers, collaborate across disciplines and receive mentorship from experienced researchers can make a significant difference to their progress.

It is this challenge that the BURST-Excel collaboration seeks to address by building a network that connects doctoral researchers, experienced academics and institutions in Uganda and Norway.

Speaking at the opening of a doctoral training workshop at Esella Hotel in Kampala, Dr. John Bosco-Isungu, from the School of Public Health, said the initiative was designed to break down institutional and disciplinary silos and create a supportive environment for doctoral candidates.

The initiative seeks to establish a community in which doctoral researchers can share information about training opportunities, conferences and funding, as well as identify potential collaborators for joint research proposals. By extending beyond individual universities, the network is intended to foster cross-learning and strengthen relationships among researchers working in different fields.

Building partnerships across Uganda and Norway

Prof. Thorkild Tylleskär of the University of Bergen, Norway, provided background on the collaboration and its development from earlier efforts to strengthen global health research and doctoral education.

He explained that the initiative builds on Norway’s experience with research schools, which bring together PhD candidates from different institutions around shared research interests. Norway’s national research school in global health for sustainable futures provides a model for creating a network that supports doctoral candidates beyond the boundaries of their home institutions.

Professor Tylleskär noted that the initiative has benefits for both countries. While it aims to strengthen doctoral education and research collaboration in Uganda, it also creates opportunities for Norwegian researchers and students to learn from colleagues working in different contexts.

Practical support for doctoral researchers

The PhD students received training in academic mentorship, scientific writing, research communication and discussions on the personal challenges associated with doctoral study.

Participants engaged with experienced researchers who have completed their PhDs and built careers in academia and research. The interaction offers early-career researchers an opportunity to learn from established scholars, receive feedback on their work and strengthen competencies that are essential for producing and communicating credible research.

The workshop also included preparation for the upcoming JESH conference, where participating doctoral fellows had already submitted abstracts that had been accepted. The sessions were intended to help them refine their presentations and posters and communicate their findings more confidently.

Beyond technical research skills, the programme recognises that doctoral training requires attention to mental health, well-being and work-life balance. The demands of independent research can affect relationships, family responsibilities and personal well-being. Creating a peer-support system can help doctoral candidates navigate these pressures while remaining focused on their academic goals.

Promoting responsible use of artificial intelligence

The responsible use of artificial intelligence (AI) in scientific writing and research was another important area highlighted during the workshop.

In his opening remarks, Prof. Julius Kikooma, Makerere University’s Director of Graduate Training, welcomed the initiative and emphasised the importance of producing researchers who can generate credible evidence, think critically and translate findings into solutions that benefit society.

He noted that AI tools can support literature exploration, organisation of information, clarity of expression and aspects of research communication. However, their use must be accompanied by critical judgement, verification of information, protection of confidential data and accountability for the final work.

“AI tools do not replace the researcher’s obligation to think critically,” he emphasised, urging doctoral candidates to retain responsibility for the accuracy of their arguments, the integrity of their methods and the credibility of their findings.

He further challenged participants to pursue rigorous, ethical and relevant research rather than rely on technology as a substitute for independent thinking and scholarly effort.

Strengthening Uganda’s research capacity

Prof. Kikooma linked the initiative to Makerere University’s ambition to strengthen its position as a research-intensive institution through expanded graduate and doctoral training.

He observed that addressing Uganda’s development challenges, from public health and disease prevention to environmental sustainability and water systems, requires researchers who can identify important problems, generate reliable evidence and work across disciplinary boundaries.

He also highlighted the importance of collaboration, noting that no single university can independently meet the country’s growing demand for advanced research capacity.

For doctoral candidates, he encouraged the development of stronger research outputs, commitment to ethical scholarship, effective communication of findings and personal development plans to guide their professional growth.

As the BURST-Excel partners continue the collaboration, the network offers an opportunity to strengthen doctoral education through mentorship, shared learning and international partnerships.

Facilitators

Dr. Andrew Tamale
Dr. Stephen Wandera
Dr Frederick Oporia
Dr. Godwin Anywar
Dr. John Bosco Isunju
Dr. Charles Kato
Prof. Thorkild Tylleskär
Dr. David Mukunya

Betty Kyakuwa
Betty Kyakuwa

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PIM CoE equips Public Officers to Make Better Public Investment Decisions

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PIM CoE equips Public Officers to Make Better Public Investment Decisions

The two-week training programme aims to equip government officers with practical skills to assess project viability, manage investment risks and ensure public resources deliver value for money.

The Public Investment Management Centre of Excellence (PIM CoE) is strengthening the capacity of government officers to undertake financial appraisal and risk analysis of public investment projects through a two-week training programme designed to improve the quality of project preparation, appraisal and decision-making in Uganda.

The training, which started in Fort Portal on October 19, 2026, brought together participants from various government ministries, departments and agencies (MDAs), alongside facilitators from Makerere University, the Ministry of Finance, Planning and Economic Development, Cambridge Resources International (CRI), the National Planning Authority and the Uganda Development Bank.

Officially opening the training on behalf of the Permanent Secretary/Secretary to the Treasury, Ms Esther Ayebare, Acting Assistant Commissioner in the Project Analysis and Public Investment Department of the Ministry of Finance, Planning and Economic Development, emphasised the importance of rigorous project appraisal in strengthening Uganda’s public investment management system.

She noted that projects admitted into the public investment plan must be aligned with national priorities, technically sound, financially viable and capable of delivering value for money.

“Government must be able to compare investment alternatives and ensure that only viable projects proceed through the public investment process,” she emphasised.

Ms Esther Ayebare, Acting Assistant Commissioner in the Project Analysis and Public Investment Department of the Ministry of Finance, Planning and Economic Development

Ms Ayebare explained that sound appraisal enables government to make informed investment decisions, maximise returns on public expenditure and ensure that limited public resources are directed towards projects with the greatest potential to deliver development outcomes.

Building practical skills for better investment decisions

The training builds on the Public Investment Management course conducted in June, which introduced participants to Uganda’s public investment management framework, including project conceptualisation, stakeholder analysis, project costing, implementation action plans, the Integrated Bank of Projects, and monitoring and evaluation of public investment reforms.

The current programme advances this foundation by equipping participants with technical competencies in financial appraisal, financial modelling and risk analysis.

Participants will explore integrated investment appraisal, alternative investment criteria, cash-flow statements, inflation and exchange-rate movements, asset valuation, project financing, project scale and timing, risk-sharing arrangements and cost-effectiveness analysis.

Through practical exercises and case studies, participants will apply these concepts to investment scenarios in sectors such as roads, health, education and water. The programme will also examine how climate change, social considerations and other risks can be integrated into project preparation and appraisal.

Ms Ayebare encouraged participants to engage actively with the facilitators, question the practical application of the tools and consider how the skills acquired could improve investment decisions within their respective institutions.

She also reminded participants that the programme includes an examination and that certification requires more than attendance. Participants are expected to demonstrate an understanding of the concepts and acquire practical skills that they can apply in their work.

Reducing dependence on externally prepared studies

A key objective of the training is to strengthen the ability of government institutions to undertake high-quality project appraisal studies using their own technical teams.

Public officers gather for a specialized training session at the Public Investment Management Center of Excellence (PIM COE) to enhance their skills in making sound and strategic public investment decisions.
Public officers gather for a specialized training session at the Public Investment Management Center of Excellence (PIM COE) to enhance their skills in making sound and strategic public investment decisions.

Ms Ayebare observed that many studies submitted to the Development Committee have traditionally been prepared by external consultants, often at considerable cost. Building the capacity of public officers to conduct these studies independently can help institutions strengthen their technical expertise and improve the quality of project proposals presented for consideration.

She urged participants to take full advantage of the facilitators’ expertise and return to their institutions equipped to undertake sound financial appraisals and provide evidence-based advice to decision-makers.

She further emphasised that project approval requires thorough preparation, analysis and justification, rather than simply identifying available funding and proposing a project to utilise it.

Strengthening public investment management through capacity development

In his remarks, Prof. Edward Bbaale, Director of the PIM CoE, thanked the Ministry of Finance for its financial support and for identifying participants from government institutions. He also recognised the contributions of the facilitators and partner institutions in delivering the programme.

Prof. Edward Bbaale, Director of the PIM CoE

Prof. Bbaale noted that the Centre’s work extends beyond training to include research and advisory services aimed at improving public investment management practices. He encouraged continued collaboration with government institutions and other partners to advance research, knowledge sharing and capacity development.

Speaking during the training, Dr John Sseruyange, Manager of the PIM CoE, highlighted the importance of commitment, active participation and punctuality throughout the programme. He encouraged participants to engage with the facilitators, ask questions and apply the knowledge gained to the projects they support.

Dr Sseruyange also acknowledged the Government of Uganda, through the Ministry of Finance, Planning and Economic Development, for financing the training, and appreciated Cambridge Resources International for its continued support towards improving public investment preparation and analysis in Uganda.

The training reflects ongoing efforts to strengthen Uganda’s public investment management system by equipping public officers with the knowledge and practical competencies needed to assess projects rigorously, identify potential risks and make informed investment decisions.

By developing in-house expertise across government institutions, the programme seeks to contribute to better-prepared projects, more efficient use of public resources and improved delivery of Uganda’s development priorities.

Betty Kyakuwa
Betty Kyakuwa

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