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
General
NCBA Commits UGX 1.45 Billion to Makerere Marathon, Pledges Five-Year Support for Inclusive Education
By Eve Nakyanzi and Atwenda Nancy
Makerere University has officially unveiled NCBA Bank Uganda as the platinum sponsor for the 2025 Makerere University Marathon (#MakRun2025), marking a significant milestone in the institution’s journey toward inclusive and sustainable student support. The partnership was formally announced during a colourful event held at the university, attended by the Vice Chancellor, Prof. Barnabas Nawangwe, Dr. Maggie Kigozi, Chairperson of the Makerere University Endowment Fund, and NCBA Bank Uganda CEO, Mr. Mark Muyobo.
NCBA Bank Uganda’s UGX 1.45 billion sponsorship over the next five years is the largest corporate contribution to the Makerere Marathon to date. It underscores the bank’s commitment to supporting quality education, community development, and equity. Mr. Muyobo said that, “We are driven by the desire to leave every community better than we found it”. He added that the goal is to empower disadvantaged students to live without limitations, describing this initiative as a bold stride toward establishing a world-class international marathon.
“This is more than just a sponsorship, it is a strategic partnership built on shared values,” Dr. Kigozi remarked. “With this support, we are positioned to establish a fully equipped Disability Support Unit and a sustainable pool of funds to assist economically disadvantaged students.”
The marathon, slated under the theme “Run the Hills for the Future,” seeks to unify students, alumni, corporate entities, and professional athletes in pursuit of a common cause. At its core, the MakRun2025 promotes active lifestyles, social inclusion, and a sense of communal responsibility.
“It’s not just a race,” Prof. Nawangwe emphasized. “It is a movement to break barriers, change lives, and build a resilient, inclusive university.”
The marathon’s broader impact includes fundraising for students living with disabilities and those facing financial hardship, contributing directly to the university’s Endowment Fund.
A major highlight of the event is the introduction of a full 42.2-kilometer marathon—bringing international standards to the annual run. Organizers have promised a professional, accredited experience with traffic-free routes and ample support for runners.
“This edition will elevate the MakRun into a world-class event,” said Mr. Muyobo. “We are proud to support Makerere University in realizing its dream of a globally recognized marathon that reflects Uganda’s commitment to education and inclusivity.”
Beyond the race itself, the event will feature a vibrant line-up of activities, including music, drama, and games for all age groups. It is designed to foster a festival-like atmosphere that welcomes every member of the community.
Organizers and university leaders have extended an open invitation to students, staff, alumni, corporate partners, and Kampala residents to participate, cheer, or donate to the cause.
“Every step taken is a step towards hope for a student,” Dr. Kigozi stated. “Together, we are building a Makerere that cares, includes, and uplifts.”
The partnership is expected to significantly enhance the university’s ability to support underprivileged students and improve campus infrastructure for students with disabilities. It also sets the tone for future collaborations that align with the values of compassion, excellence, and innovation. The fifth edition of the MakRun is scheduled to take place on August 17th, 2025.
The Writers are Interns in the Public Relations Office, Makerere University
Makerere University has today Wednesday, 9th June 2025 officially unveiled NCBA Bank Uganda as the Platinum Sponsor of the Makerere University Endowment Fund (MakEF)’s flagship initiative – the Makerere University Marathon. Formerly known as a fun run, the initiative was rebranded on 27th March 2025 during the launch of its Fifth Edition. This year’s event, #MakRun2025, is slated for 17th August 2025 under the theme “Run the Hills for the Future”.
Addressing the Media at a press conference this afternoon, the MakEF Board Chairperson, Dr. Maggie Kigozi remarked, “We are deeply honoured and excited to unveil NCBA Bank Uganda as the Platinum Sponsor of #MakRun2025, with a landmark commitment of UGX 1.45 billion over the next five years.”
Dr. Kigozi further described the unveiling as “a strategic partnership built on shared values and a common vision for inclusive education and sustainable impact,” adding that it would “fast-track the establishment of a fully equipped Disability Support Unit for students living with disabilities, and to build a sustainable pool of funds to support Economically Disadvantaged Students.”
Appreciating the generous sponsorship, the Vice Chancellor, Prof. Barnabas Nawangwe acknowledged that NCBA Bank had not only made history as the biggest corporate sponsor of #MakRun to date but also aligned with Makerere’s vision to improve the quality of student life. “This is a powerful gesture of trust in our mission and a demonstration of deep corporate citizenship”, he added.
Prof. Nawangwe further thanked NCBA for recognizing that an investment in Makerere University is an indirect investment in the future of Uganda. “The Makerere Marathon is not just a race. It is a movement to establish a fully-fledged Disability Support Unit for students living with various forms of disabilities, and to build a sustainable fund for Economically Disadvantaged Students.”
The Vice Chancellor therefore rallied staff, students, alumni, partners and friends of Makerere to match NCBA’s generous support with vigour and commitment, so as to make #MakRun2025 the most impactful edition since its founding.
The Chief Executive Officer, Mr. Mark Muyobo thanked Makerere University for giving NCBA Bank Uganda the opportunity to play its part in “shaping Uganda’s future one student, one community, one strength at a time,” adding that #MakRun is a symbol of hope for students living with disabilities as it speaks to Makerere’s core values of inclusion, equity, and excellence.
On a rhythmical note, Mr. Muyobo remarked that the #MakRun2025 theme is “not just about finishing lines, it is about opening doors; giving opportunities to those who are disabled. It is about promoting active lifestyle.”
#MakRun2025 will for the first time feature a full 42.2km marathon race with international accreditation and professional timing along a dedicated traffic-free route.
“These are not just upgrades, these are bold steps towards building a world-class international marathon right here in Kampala. We are proud to be the wings at your back as you take this leap because when Makerere University, the beacon of higher learning in Uganda grows stronger, the ripple effects are felt across the region and across the continent” Mr. Muyobo affirmed.
To officially seal the deal, a Memorandum of Understanding was officially signed between Makerere University and NCBA Bank Uganda, and thereafter, a dummy cheque of UGX 1.45 billion was presented to Dr. Maggie Kigozi as the Vice Chancellor, Members of Management and NCBA staff witnessed.
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