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UBA Chairman Tony Elumelu Visits, Inspires and Challenges

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Mr. Tony Elumelu is a visionary Pan-African entrepreneur and philanthropist founder of Heirs Holdings; an African Investment Holding Company and the beneficial owner of the United Bank for Africa (UBA). UBA is the 9th largest commercial bank on the African continent with a global presence in New York, London and Paris. The fact that his Heirs Holdings is also present in twenty African countries is a good signal that the Nigerian economist, entrepreneur and philanthropist is a busy man. Nevertheless, Makerere University remained top on the agenda of his four day visit to Uganda.

The endless drizzles that preceded Mr. Elumelu’s visit to Makerere University on 11th April 2018 could only be a sign of the blessings that were to follow. Upon arrival, he was received by the Vice Chancellor Prof. Barnabas Nawangwe and ushered into the Council Room where he met with Members of Central Management and the leadership of the College of Business and Management Sciences (CoBAMS).
Accompanied by the Regional Executive Officer, UBA Eastern Africa Divisional Office, Nairobi-Mr. Manz Denga, UBA Uganda Managing Director-Mr. Johnson Agoreyo and other officials, Mr. Elumelu could not hide his elation at making his maiden visit to Makerere University.  

Prof. Nawangwe (L) embraces Mr. Tony Elumelu (R) upon arrival at Makerere University as UBA Uganda CEO-Mr. Johnson Agoreyo (background) witnesses

“I am honoured, pleased and happy be with you this afternoon” remarked the gentle speaking Mr. Elumelu, “It is a wonderful experience to be in Makerere University; a well known and one of the foremost Universities in Africa” he added.

He thanked the Vice Chancellor for the warm welcome and commended all Makerere staff for helping to advance research and knowledge not only in Uganda but on the entire African continent. He also thanked the University Leadership for admitting UBA into the Makerere community, noting that “Makerere’s 45,000 student population is a tip that we can do more!”

After signing the visitors’ book and receiving souvenirs of the Makerere neck tie and diary from the Prof. Nawangwe, Mr. Elumelu proceeded to the Main Hall, where he was greeted by thunderous applause from the staff and students who had convened to listen to his talk. “I am greatly humbled and pleased to see that the hall is overflowing and some people are still standing” he remarked good naturedly ”I thank you all for coming and hope that our interaction will be enriching,” he added.

Mr. Tony Elumelu (2nd R) receives the Makerere University necktie and diary from Prof. Barnabas Nawangwe (2nd L) after the courtesy call in the Council Room

The event took the form of a question and answer session moderated by the day’s emcee, Mr. Peter Igaga. He shared with Mr. Elumelu that a sample of questions from the audience had revealed that capital was an outstanding issue of concern for budding entrepreneurs and asked the UBA Chairman share his views on the topic.

Mr. Elumelu firstly admitted that entrepreneurship is not a simple journey to embark on as it calls for patience and resilience. He then emphasised that; an idea of what one wanted to do and a proper definition of how one wanted to go about doing it formed the basis for attracting capital. “Most billionaires in the world today did not start out with a handful of money. While it is important, do not kill your good ideas just because you don’t have a handful of money to start with.”

He further opined that entrepreneurs need not start big and all that was needed was seed funding to prove one’s concept or idea, which money can be raised from family, friends and a few willing venture capitalists. “Banks should be your last option as you start up” he warned, before adding “Banks by their nature are highly structured organizations and will only give you money to scale up your idea once it is up and running.”

Mr. Tony Elumelu (R) answers one of the questions posed by the day's emcee Mr. Peter Igaga (L) during his visit to Makerere University

On the culture of saving, Mr. Elumelu noted that this was one of the most important attributes of any successful entrepreneur. He reemphasized the fact that entrepreneurship is a long journey and those who venture into it must be very disciplined and avoid any luxuries and unnecessary expenses that would deplete initial revenue.

“I also advise you to get good mentors” he continued “at the Tony Elumelu Foundation (TEF), we see capital as only one of the factors necessary for one to succeed. We also see training and mentoring as extremely important aspects of entrepreneurship. During our 12week mentorship programme, we ensure that you understand the basics of things such as good bookkeeping so as to prepare yourself for the future.”

Mr. Elumelu added that it was only upon successfully completing the TEF training that entrepreneurs saw their first coin of seed capital, which also comes with mentors. “Our aim is to create entrepreneurs not grant seekers. We want to train people who will be able to support other entrepreneurs in the future.”

Part of the audience that filled the Main Hall, Makerere University on 11th April 2018 to listen to Mr. Tony Elumelu

Since the setting of this discussion was at the region’s flagship University, the next topic sought clarity on the relevance of education to entrepreneurship, especially as a good number the world’s top billionaires had admitted to dropping out of school to focus on their ideas. Mr. Elumelu tackled this topic by first and foremost admitting that education, awareness and knowledge were all critical for entrepreneurship.

He however sought to create a distinction between two definitions of education; just to get a certificate and to gain a thorough understanding of subject matter, the former being the wrong one. He reaffirmed that education is a critical success factor in understanding ones trade, as it helps to sharpen the brain to better understand concepts. “Nevertheless, what is important is knowing what is critical for success. Discipline, hard work and thinking long term are extremely important factors for success” added Mr. Elumelu.

He urged all entrepreneurs never to let the fear of making mistakes prevent them from daring to try out their ideas. “You will make mistakes” assured Mr. Elumelu. “As a business, we have made some decisions that led us to venture into a partnership with a leading global company but in the end we had to write off US$200million after it didn’t take off as anticipated” he added, much to the hushed amazement of the audience.

UBA Founder and Chairman Mr. Tony Elumelu reassured budding entrepreneurs that they have all that it takes to become successful

Entrepreneurship without the right networks is a precarious journey to embark on. Tackling the question on the role of networks versus net worth, Mr. Elumelu shared that “Networks help you build net worth and net worth can help you extend your reach.” He stressed that it is important to have partnerships but these have to be matched with an alignment of interests. “Misalignment will not help you to build net worth or to succeed” added Mr. Elumelu.

“My net worth is not really important to me because it is just a figure; it is not about how much you have in the bank. What is important however is what you do with your net worth because at the end of the day you move from wanting to survive to changing lives and building a legacy” counseled Mr. Elumelu.

The day’s session would have been incomplete without a few testimonies from TEF beneficiaries. Mr. Joseph Ogwal is the Founder of Agro Supply Uganda Limited and a 2017 TEF Alumnus. His business was started with the aim of supplying smallholder farmers in the Acholi and Lango sub-regions with quality seeds. After completing his training with TEF, Joseph’s business is now able to supply 10,000 farmers with 30metric tonnes of quality planting seed and is projected to supply up to 50metric tonnes by the close of 2018. The company has additionally set its sights on supplying new markets in Rwanda and Tanzania.

Hon. Grace Oburu-a former legislator of the 8th Parliament and proprietor of Pakoi Mixed Farm Tororo shared her testimony

Hon. Grace Oburu is the proprietor of Pakoi Mixed Farm in Tororo District and a 2017 TEF Alumna. The former legislator of the 8th Parliament admitted to initially being chastised by her children for applying to a youth entrepreneurship competition. She however persisted and today, does not regret having made that decision, especially as with the help of the seed capital she expects to house 800pigs at her farm by the close of 2018.

“The Operation Wealth Creation has booked all piglets from my farm because I am rearing a good breed, I have offered employment to the previously jobless youth and young men in the community are learning how to make biogas for cooking which is saving the environment” added Hon. Oburu.

Addressing the audience, Prof. Barnabas Nawangwe thanked Mr. Tony Elumelu for putting Makerere University especially the interaction with budding entrepreneurs at the top of his agenda. He noted that Mr. Elumelu was one of the most enterprising entrepreneurs in Africa.

An entrepreneur whose company Wok Too Energy Limited promotes solar powered cooking shares his testimony

“I want to thank you Mr. Tony Elumelu for being a very generous person by supporting youths in Africa, irrespective of where they come from, so as to emancipate Africa from poverty. We are now past the stage of political emancipation and now is the time for economic emancipation” said Prof. Nawangwe.

He noted that Makerere University has produced some of the region’s top leaders in all spheres of influence including former Presidents such as H.E. Mwalimu Julius Nyerere of Tanzania, H.E. Mwai Kibaki of Kenya, H.E. Milton Obote of Uganda, to mention but a few. Prof. Nawangwe also encouraged Mr. Elumelu to come back again and welcomed partnerships with UBA and TEF aimed at improving entrepreneurship skills among the students.

Article by Public Relations Office

 

Mark Wamai

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The 3rd Fundis and Technicians sensitization event and exhibition held successfully

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The 3rd annual Fundis and Technicians sensitization event and exhibition by manufacturers of building materials organized by the Department Architecture and Physical Planning at the College of Engineering, Design, Art and Technology (CEDAT), Makerere University came to a close with a call for increased partnerships between training institutions and the community.

The event that attracted 200 participants including masons, fundis, painters, builders, metal and electrical fabricators ran from Thursday 24th to Friday 25th October 2024 at CEDAT. It was supported by several stakeholders and was characterized by training sessions and an exhibition of building materials by different companies that make cement, paint, water tanks tiles and many more.

Prof. Henry Alinaitwe, the Deputy Vice Chancellor in charge of Finance and Administration, Makerere University.

Prof. Henry Alinaitwe, the Deputy Vice Chancellor in charge of Finance and Administration represented the Vice Chancellor, Prof. Barnabas Nawangwe at the opening of the training. In his remarks, he extended appreciation to the technicians for accepting to take part in the training which he said was key in ensuring that they gain from continuous learning. Prof. Alinaitwe observed that although some of them did not get through formal training, it was important that they took part in such training programs to keep abreast of the developments in the construction industry where they undertake the bulk of the work as masons, technicians, plumbers, and metal fabricators.

‘Keep improving, we need to up our game in terms of quality’, he said while making reference to the need for quality output.  He cautioned them on issues of cost and cheating of their clients by making realistic costs.  ‘We need to cost the work well taking into account the materials, the labor, the equipment used, and the overheads’.  The other area that needed to be taken care of by the technicians included time management, which reflects on attitudes towards work, team work.   While addressing the gathering in his capacity as Chairman of the Engineers Registration Board, Prof. Alinaitwe said the upcoming engineering Registration Bill, if approved, has a provision for the registration of all artisans and hence the need to have the minimum requirements for the stakeholders to be registered. He also stressed the need to bring on board as more women as possible.  ‘We want to see more women, who can do some aspects in construction better than men like painting.

Prof. Moses Musinguzi, the Principal of the College of Engineering, Design, Art and Technology, Makerere University.

Prof. Moses Musinguzi, the Principal of the College of Engineering, Design, Art and Technology while welcoming the trainees to the college said the training is a good initiative that will help address challenge of skill and work match.  He encouraged the trainees to do smart work, and take due consideration of ethics and customer care. He encouraged the department to extend the training opportunity to other units of the college and the university and also make it more formal, as part and parcel of the training program of the college in liaison with bodies like UBTEB.

Assoc. Prof. Kizito Maria Kasule, the Deputy Principal CEDAT while appreciating the initiative of the department said countries like Germany have apprenticeship training that help the training of students to gain skills equivalent to those acquired while in formal institutions of learning.  He said the academia in Uganda is increasingly recognizing the importance of the informal sector in the growth of the country. ‘We need to learn from you. Almost 90% of the people in the construction industry have been informally trained’. He said by learning from each other, the two sectors jointly make a contribution towards the development of the country.

Dr. Amin Tamale Kiggundu, the head of the Department of Architecture and Physical Planning said the initiative, a community outreach program of the college started three years ago in the year 2022 with 60 Fundis and masons, in 2023, the number was increased to 120 Fundis and the current 2024, was 200 Fundis of various categories, including painters, builders, metal fabricators, plumbers and electrical fabricators. He said this community outreach program aims at sharing the accumulated scientific knowledge in building, design and construction technologies at CEDAT, sharing the expertise, knowledge and experiences with communities in greater Kampala and hence bridging the existing knowledge and skills gap between the training institutions and the communities.

Dr. Amin Tamale Kiggundu, the head of the Department of Architecture and Physical Planning, Makerere University

The 21st century is characterized by collaboration, partnerships, and establishment of knowledge economies.  He said based on the trainings held so far, it is clear that partnerships between the training institutions and the communities were possible especially the Fundis who are closer to the communities. ‘We also want to learn from the Fundi’s experiences, how they are able to connect to the communities in some cases better than those who have gone through the training institutions’, he said. He further noted that the majority of fundis are young people that need to be supported with skills and other ways of nurturing them. The dream of the department, he said is to introduce an open door policy that allows fundis and other university students to come to learn.  

Several organizations supported the event and participated in the exhibition and they included Habitat for Humanity, Uganda, Green Building Council Uganda, The National Building Board, Uganda Clays Limited, Centenary Bank, Steel and Tube Industries Ltd, Simba Cement, Plascon, Goodwill, Cresttanks among others.

Alex Isemaghendera

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MURBS has declared 13.40% interest on members’ balances for the financial year that ended on 30th June 2024.

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By: Ritah Namisango

Dr. Elizabeth Patricia Nansubuga, Chairperson of the Makerere University Retirement Benefits Scheme (MURBS) Board of Trustees, announced this milestone during the 14th Annual General Meeting (AGM) for the year 2023/24 held on Thursday, 24th October 2024, at Makerere University Main Campus, School of Public Health Auditorium.

The AGM attracted various stakeholders, including trustees, Audit Committee Chairperson CPA David Ssenoga, Board Evaluation Consultant Vincent Kaheeru, URBRA Representative Mark Lotukei, Audit Committee members, co-opted members, and university administrators.

Presenting the performance report, on behalf of the Board of Trustees, Dr. Nansubuga highlighted that this is the highest interest declared by the scheme in the past five years, and she anticipates continued improvements. She noted that for the previous financial year, which ended in June 2023, the Board of Trustees declared an interest an interest of 12.34%.

Dr Nansubuga also announced that the scheme has achieved a Net Investment Income of UGX 44.6 billion, far higher than the UGX34.4 billion collected in Contributions during the year.

The Chairperson of the Board also revealed that the fund value had grown from UGX352.4 billion recorded at the end of the last financial year to UGX409.2 billion, indicating an increase of 16.1%.

“By 30th June 2023, MURBS had a fund value of UGX 352.4 billion. The Board of Trustees targeted Fund growth of 17%, and I am glad to inform you, that the fund value of MURBS, as per the Audited Financial Statements of 30th June 2024 is UGX 409.2 billion, which is an increase of 16.1%. This achievement was made possible by strategic periodical activities undertaken by the Board and our fund managers, supported by the strong oversight committees of the Board,” she reported.

Dr. Elizabeth Patricia Nansubuga(Centre) responding to questions from members.

She attributed the positive growth to factors such as improved debt recovery, operational efficiency, timely remittance of contributions by the sponsor (Makerere University), an increase in project and contract contributions, and the recovery of UGX8.85 billion in debts.

Dr. Nansubuga also expressed gratitude to Makerere University, the scheme’s sponsor, for consistently remitting contributions, a key factor that has significantly contributed to MURBS’ smooth operation. “I am happy to announce that the sponsor-Makerere University remitted your retirement benefits for the financial year 2023/24,” she said.

In the same development, Dr. Nansubuga reported that MURBS registered a legal victory against Uganda Revenue Authority (URA) over a real estate investment in Sonde undertaken in 2019, and which URA sought to tax heavily. She notified the AGM that MURBS won the case and was awarded costs which also set a precedent.

Consultant Mr. Vincent Kaheeru and CEO of Profiles International

“On behalf of the Board of Trustees, I am pleased to inform you that during the financial year, we received a favorable outcome on a key court case. How did we end up with this case? In 2019, MURBS invested in real estate, we bought land in Sonde,” Dr Nansubuga explained.

“Uganda Revenue Authority (URA) then charged us with a tax assessment worth UGX600 million. It has been four (4) years in the tax appeals tribunal. Since then, the lawyers, the former and current trustees, have been appearing before the appeals tribunal, but in December 2023, MURBS won the case. We challenged URA, and this case was awarded with costs. URA has to pay MURBS. We therefore saved UGX600 million,” she added.  

In terms of governance, Dr Nansubuga said that the scheme made changes in the board. Initially, the trustees were six and they needed a seventh member, and following a competitive race, they recruited another trustee; CPA Edina Rugumayo who has over thirty years in accounting.

Part of the MURBS members who physically attended the Annual General Meeting

“In terms of governance, we continue to uphold good governance practices and we align with international standards. Last year during the presentation, I said we were six and we needed to have the seventh trustee because the Board composition is supposed to be seven,” she explained.

“So, following a competitive process, we recruited an independent trustee. It was a very competitive position. You must have served on board which has over UGX50 billion. So, from that process, we were able to recruit CPA Edna Rugumayo Simbwa. She is a certified public accountant with over thirty years of experience in accounting, taxation, and corporate governance,” she mentioned.

She also thanked other stakeholders for making sure that MURBS activities run smoothly. These entities include Makerere University, KPMG, Gen Africa, Arcadia Advocates, Zamara, URBRA, and Stanbic Bank among others.

While discussing investments, Dr. Nansubuga mentioned that 86% of MURBS’ funds are currently invested in government bonds, but added that the Board is exploring diversification to reduce risks. 

“86% percent of our money is invested in government bonds, and sometimes, you do not have to put all your eggs in one basket, there is a high concentration of risk. so that is one of the key material risks that we want to address to reduce the amount we have in government securities. We want to diversify our portfolio and avoid investing heavily in government securities. The Board will venture into other fields in order to earn money or return on investment from the diverse undertakings,” she said.

Mr. Mark Lotukei, represented the CEO of Uganda Retirement Benefits Regulatory Authority

In terms of membership, Dr. Nansubuga reported a 4.4% increase, with the number of members rising from 8,229 to 8,590. She attributed this growth to the reinstatement of in-house beneficiaries and an increase in project and contract staff.

Dr. Kakuba also thanked the sponsor-Makerere University for remitting the membership contributions timely which has helped the scheme to grow.

Dr. Godwin Kakuba -Secretary, MURBS Board of Trustees, who presented the record of the 13th Annual General Meeting stressed that the AGM climaxes a financial year and the Board of Trustee has been vigilant on this and has not missed any AGM for 14 years now.

“We applaud the sponsor because many of these positives in the chairperson’s report can only be attributed to the support by the sponsor through fulfilling the obligation of remitting members’ contributions to the scheme,” he added.

Dr. Godwin Kakuba (L) and Asad Ssenoga

Partner Asad Ssenoga, an independent auditor who audited the scheme said that he was impressed with the level of compliance that the scheme exhibited in all aspects. He said they focused on ensuring that the member contributions are supported with statements and allocated to members appropriately.

“Overall we were satisfied with the work we did on the audit, the numbers that were presented by the Chairperson are the correct numbers that we audited. We were comfortable with those numbers, due process was followed during the audit,” he said.

Mr. Mark Lotukei who represented the CEO of Uganda Retirement Benefits Regulatory Authority (URBRA) thanked the Trustees for always prioritizing governance, which has helped them to reach several milestones.

Members of the MURBS Secretariat led by Ms Susan Khaitsa(Centre)

“As URBRA, we look at governance as the biggest component of our compliance. MURBS Trustees from the former to the current, have taken governance as the most important aspect. We really encourage them to continue with this good practice because governance informs all the other aspects,” he said.

Mr. Arthur Kibira, a member in attendance, expressed his appreciation for the Board’s efforts. He urged them to explore higher-risk investments for potentially greater returns. He expressed concern over the scheme’s heavy reliance on government bonds.

“Dr Elizabeth Nansubuga, I want to congratulate you, and your team and also congratulate ourselves. But, I want to believe that there is room for improvement. I am one of those who do not believe that the sky is the limit, we are limited by our own thinking. I am thinking that high risks give high returns. Is there a way of managing those risks, so that we could push this 13.40% interest to a figure much higher? If we do so, we shall say we have learnt how to manage risks,”, he guided.

Ritah Namisango

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Makerere University at the 2024 O.R. Tambo Africa Research Chairs Annual Gathering in Ouagadougou, Burkina Faso

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Uganda’s Chair elect, Prof. David Meya of Makerere University’s College of Health Sciences (extreme left) and other O.R. Tambo Africa Research Chairs

The Research Chairs concept is similar to Centers of Excellence (for instance in supporting world-class research in a priority area), but also has many distinguishing features. Most notably, it recognizes individual excellence, leadership and talent. The O.R. Tambo Africa Research Chairs Initiative (ORTARChI) builds on the work of Oliver Tambo, a prominent South African and pan-Africanist with a science education background, who believed in creating change through education and in cooperation and solidarity among African nations. The Initiative focuses on celebrating his legacy in building knowledge-based economies for the advancement of Africa.

ORTARChI builds on and leverages existing continental frameworks and interventions geared towards institutional capacity strengthening; recruitment and retention of excellent researchers; and incentives to support research that contributes to socio-economic and transformative development. 

Ten (10) O.R. Tambo Africa Research Chairs across seven (7) countries in Africa, namely; Botswana, Burkina Faso, Ghana, Mozambique, Tanzania, Uganda and Zambia have been selected for funding through a rigorous and competitive two-stage review process. These research chairs are focused on research priorities identified by each host institution in conjunction with, especially the Science Councils, and in alignment with AU Agenda 2063 and STISA 2024.

[L-R] Prof. Henry Alinaitwe (DVC F&A, Mak), Dr. Dorothy Ngila (Director, NRF), Ms. Natasha Allie (CEO Oliver and Adelaide Tambo Foundation), Dr. Martin Ongol (Ag. Executive Secretary, UNCST), Associate Professor David Meya (Uganda Chair Elect, ORTARChI) and Assoc. Prof. Robert Wamala (Director, DRGT)

Prof. Noble Banadda from the College of Agricultural and Environmental Sciences had been inaugurated as one of the first 10 (ten) Oliver Tambo (ORTARChi) Chairs. Unfortunately, Prof. Banadda (R.I.P) passed on in July 2021, which created a vacuum. To ensure that Uganda and Makerere University continue to tap into the ORTARChi, we are glad to announce the appointment of Associate Professor David Meya from the College of Health Sciences at Makerere University for the purpose. The appointment will attract USD 170,000 annually for 5 years for graduate research with a target of training 5-6 PhDs, 10-15 Post-doctoral fellows and 10-12 Masters of Medicine and Master of Science Students at Makerere University and Mbarara University of Science and Technology.

Makerere University has had the pleasure of attending 2024 O.R. Tambo Africa Research Chairs Annual Gathering in Ouagadougou, Burkina Faso. The annual gathering is co-hosted by the Joseph Ki-Zerbo University, National Research and Innovation Fund for Development (FONRID) and the National Research Foundation (NRF) of South Africa. The theme for this year’s gathering is: African Sovereignty: A Catalyst for Research Collaborations and Social Impact in the Continent“. At the annual gathering, Uganda was represented by Associate Prof. David Meya (Uganda Chair Elect, ORTARChI), Prof. Henry Alinaitwe (Deputy Vice Chancellor Finance and Administration, Mak), Associate Prof. Robert Wamala (Director, Research and Graduate Training) and Dr. Martin Ongol (Ag. Executive Secretary, UNCST). Assoc. Prof. David Meya – ORTARChI Chair Elect – is from Makerere University’s School of Medicine at the College of Health Sciences.  

[L_R] Prof. Henry Alinaitwe (DVC F&A, Makerere University), Dr. Dorothy Ngila (Director, NRF), and Assoc Prof. Robert Wamala (Director, Mak DRGT)

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