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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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Uhuru Kenyatta, African Leaders Inspire Youth at Guild Leaders’ Summit

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Second Annual Guild Leaders’ Summit, organized by the Guild Presidents Leadership Academy, keynote address by Former President of Kenya, H.E. Uhuru Kenyatta, 24th April 2025, Yusuf Lule Central Teaching Facility Auditorium, Makerere University, Kampala Uganda.

In a vibrant celebration of youth leadership and African unity, Makerere University hosted the Second Annual Guild Leaders’ Summit, an event that brought together high-profile dignitaries, student leaders, and international partners for a powerful dialogue on the future of the continent. The summit, organized by the Guild Presidents Leadership Academy, served as a rallying point for East Africa’s young leaders to confront Africa’s most urgent challenges—on their own terms and with their own solutions.

A Warm Welcome and Reflections on Makerere’s Legacy

The Vice Chancellor, Professor Barnabas Nawangwe, welcomed the distinguished guests, who included Former President Uhuru Kenyatta of Kenya, Uganda’s Vice President H.E. Jessica Alupo, former Prime Minister Rt. Hon. Ruhakana Rugunda, Justice Simon Byabakama, Hon. Mathew Rukikaire, and European Union Deputy Ambassador Mr. Guillaume Chartrain, among others.

In his address, Prof. Nawangwe reflected on Makerere’s deep historical ties to East Africa’s liberation and development movements. He reminded the audience that Makerere University has been a crucible for the continent’s leadership, stating:

“Jomo Kenyatta was the first person to receive a degree from Makerere when, in 1963, he was awarded an honorary doctorate by then Chancellor Julius Nyerere. All freedom fighters in East Africa studied at Makerere.”

H.E. Uhuru Kenyatta is received upon arrival at Makerere University by the Vice Chancellor, Prof. Barnabas Nawangwe. Second Annual Guild Leaders’ Summit, organized by the Guild Presidents Leadership Academy, keynote address by Former President of Kenya, H.E. Uhuru Kenyatta, 24th April 2025, Main Building, Makerere University, Kampala Uganda.
H.E. Uhuru Kenyatta is received upon arrival at Makerere University by the Vice Chancellor, Prof. Barnabas Nawangwe.

Building on this rich history, Prof. Nawangwe affirmed the university’s current mission to tackle pressing continental issues. “Today,” he said, “Makerere is committed to addressing Africa’s challenges—climate change, disease, poverty, food security, conflict resolution, and economic development. But we cannot do this alone.”

He echoed sentiments later shared by the keynote speaker, stressing that Africa must no longer depend on external interventions:

“Foreign agencies will not solve all Africa’s problems. It is our young people who must step forward and lead the change.”

Uhuru Kenyatta: “You Are the Last Line of Defence”

In a keynote address that resonated deeply with the students and delegates in attendance, Former President Uhuru Kenyatta issued a bold and urgent call to action for Africa’s youth.

“No one is coming to save us,” Kenyatta declared. “You are the last line of defence in the battle to rescue the heart and soul of Africa.”

H.E. Uhuru Kenyatta (2nd Right) poses for a group photo during the courtesy call on the Vice Chancellor with Left to Right: Prof. Barnabas Nawangwe, Ms. Sarah Kagingo and Guild President-H.E. Churchill James Ssentamu. Second Annual Guild Leaders’ Summit, organized by the Guild Presidents Leadership Academy, keynote address by Former President of Kenya, H.E. Uhuru Kenyatta, 24th April 2025, Main Building, Makerere University, Kampala Uganda.
H.E. Uhuru Kenyatta (2nd Right) poses for a group photo during the courtesy call on the Vice Chancellor with Left to Right: Prof. Barnabas Nawangwe, Ms. Sarah Kagingo and Guild President-H.E. Churchill James Ssentamu.

Positioning today’s youth as the heirs of the continent’s freedom fighters, Kenyatta described the current moment as a new “independence era”—not of political liberation, but of economic and intellectual sovereignty. He urged students to think critically about intra-African trade, which currently accounts for less than 2.5% of global commerce, and to advocate for the removal of internal barriers to trade, innovation, and mobility.

“You are the freedom fighters of this generation,” he said. “Universities must be incubators of change, and students must be the trustees of tomorrow’s Africa.”

Pan-Africanism, Leadership, and Action

Uganda’s Vice President H.E. Jessica Alupo encouraged students to take up the mantle of Pan-Africanism with unwavering commitment. She acknowledged that while the rhetoric of African unity is inspiring, real progress demands more than words:

Left to Right: The Vice President-H.E. Jessica Alupo, Prime Minister Emeritus-Hon. Dr. Ruhakana Rugunda, Hon. Matthew Rukikaire and other dignitaries follow proceedings. Second Annual Guild Leaders’ Summit, organized by the Guild Presidents Leadership Academy, keynote address by Former President of Kenya, H.E. Uhuru Kenyatta, 24th April 2025, Yusuf Lule Central Teaching Facility Auditorium, Makerere University, Kampala Uganda.
Left to Right: The Vice President-H.E. Jessica Alupo, Prime Minister Emeritus-Hon. Dr. Ruhakana Rugunda, Hon. Matthew Rukikaire and other dignitaries follow proceedings.

“You must embrace the spirit of Pan-Africanism. But it is easy to say these words—the challenge lies in collective implementation.”

She emphasized the importance of action-oriented leadership and urged the youth to harness their creativity, energy, and education for the benefit of the continent.

European Union’s Message: Leadership with Integrity

Representing Team Europe, the EU Deputy Ambassador to Uganda, Mr. Guillaume Chartrain, gave a passionate speech on the values of authentic leadership, integrity, and inclusive development. He praised Makerere University as a space where “intellectual ambition meets civic responsibility” and emphasized that leadership is not about prestige, but purpose:

“Be a leader because of what you want to be—not because of what you want to have,” he said.

Citing former Makerere alumni such as Julius Nyerere and Wangari Maathai, Chartrain called on students to model courage, resilience, and humility:

“True leadership emerges in moments of loss—when resilience, not triumph, becomes the measure of one’s character.”

The EU, he said, remains committed to supporting youth through programs like Erasmus+, the EU Youth Sounding Board, and partnerships with organizations like Faraja Africa Foundation and Restless Development. These initiatives empower youth not as symbols, but as active participants in shaping policy and governance.

The Legacy Continues

Throughout the summit, speakers highlighted the importance of legacy and long-term impact. They challenged young leaders to think not just about the present, but about the systems and institutions they will leave behind. In the words of Former President Kenyatta:

“Leadership is not about the next election. It’s about the next generation.”

The summit ended on a high note, with students invigorated and inspired to lead with purpose. As global support grows less predictable and Africa stands at a crossroads, the message from Makerere was clear: the future of the continent is in the hands of its youth. And as the Guild Leaders’ Summit demonstrated, they are ready.

Betty Kyakuwa
Betty Kyakuwa

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Admission Lists for Diploma Holders under Government Sponsorship for 2025/2026 AY

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One of the First Class Graduands Shafik Senkubuge (2nd Right) in a group photo with part of the BEHS Class of 2024. 74th Graduation Ceremony, Day 1, School of Public Health, College of Health Sciences (CHS), 29th January 2024, Freedom Square, Makerere University, Kampala Uganda, East Africa.

The Office of Academic Registrar, Makerere University has released lists of Diploma holders admitted under the Government Sponsorship Scheme for the Academic Year 2025/2026.

Under the Diploma Holders Government Sponsorship Scheme admission does not exceed 5% of the intake capacity to the respective Degree Programme.

The list can be accessed by following the link below:

Mak Editor

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Call For Applications: AlphaFold Workshop Uganda 2025

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Are you a researcher or student working in protein-related research, structural biology, or bioinformatics?

The African Center of Excellence in Bioinformatics and Data Intensive Sciences (ACE) Uganda with support from Google DeepMind, invites researchers and students seeking to integrate AlphaFold into their work to apply for the AlphaFold Workshop to be held at the Infectious Diseases Institute, Makerere University-Kampala, Uganda from 16th to 20th June 2025.

Deadline: 30th April 2025

Apply here: AlphaFold Workshop – Uganda 2025

Mak Editor

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