General
Trustees Commended as MURBS Registers 17% Record Return on Investment
Countless commendations from Management, Scheme Members and the Regulator – Uganda Retirement Benefits Regulatory Authority (URBRA) representatives poured in as the Makerere University Retirement Benefits Scheme (MURBS) gave details of the 17% rate of return on members’ opening balances as at 1st July 2017. This was at the 8th MURBS Annual General Meeting (AGM) held on Wednesday, 24th October 2018 in the Main Hall.
“On behalf of the University Management and the Director Human Resources, I would like to appreciate the MURBS Board of Trustees (BoT) for a job well done. Last week, MURBS organised a Joint Press Conference with the University Leadership at which the Chairperson Council-Eng. Dr. Charles Wana-Etyem praised the Board of Trustees upon the stewardship that led to the declaration of 17% return on investment,” remarked Mrs. Dorothy Senoga-Zake.
Mrs. Senoga-Zake further remarked that the Human Resources Directorate was in constant receipt of positive reports from retirees whose benefits were processed on time. “I also thank MURBS for promptly updating member statements and as a member, I am constantly aware of the monies deposited on my account,” she added.
She however expressed surprise that only six hundred out of the approximately four thousand scheme members are registered on the online portal according to the MURBS Annual Report. She therefore urged the unregistered members to expressly approach the Scheme Office and take advantage of this service so as to receive notifications of deposits and quickly follow up on any unremitted funds.
Speaking on behalf of the Regulator – URBRA, Ms. Lisa Betty Oyella commended the MURBS Board of Trustees for once again putting up a tremendous performance leading to the declaration of a 17% sector high return. She also lauded MURBS’ commitment to implementing all URBRA recommendations and effecting policies that improve the Scheme’s efficiency.
“MURBS is a very cooperative team and we commend them for always sparing time to participate in URBRA activities. We held a Trustee Training earlier today, where we needed Trustee from an exemplary scheme in the sector to speak to participants and were happy when Dr. John Kitayimbwa agreed to make a presentation despite the short notice. Please note that his willingness to join us was in the midst of preparing for this AGM,” lauded Ms. Oyella.
She also thanked the scheme members for attending the 8th AGM, noting that the annual gatherings present a platform where the regulator can interact with them and take note of matters arising. These notes, she said, can then be used to make recommendations to the BoT to help improve scheme operations.
Upon registering for 8th AGM, members were handed a copy of the MURBS Annual Report for the year ended 30th June 2018. Prominently displayed on the cover page is a photograph of a beaming retiree, former Dean, and prolific publisher of the School of Public Health, College of Health Sciences (CHS), Prof. David Musoke Serwadda.
“I was completely stunned that I received my retirement benefits within two weeks of submitting my application. I immediately invested my money and I now earn a monthly income from it – EXCELLENT SERVICE!” reads a caption in the Annual Report attributed to Prof. Serwadda.
The Chairperson MURBS Board of Trustees, Mr. Wilber Grace Naigambi in his remarks shared that the scheme had paid out benefits amounting to UGX3.79billion to exiting members during the financial year ended 30th June 2018, compared to UGX3.22billion the previous year.
“Our target of paying out benefits to members under normal retirement is thirteen working days upon receipt of the application form and complete paperwork. I am glad to report that during the financial year 2017/2018, we paid out benefits on average within six days.
"I would also like to report that in the course of the last financial year, we paid out death benefits amounting to UGX132million in respect of ten members” said the Chairperson.
Mr. Naigambi also informed the AGM that MURBS had launched the Departmental Ambassadors Programme, which was another first of clear succession planning in Uganda’s Retirement Benefits sector. Officially launched on 27th February 2018, the Ambassadors Programme membership quickly grew to forty two as at 30th June 2018. Ambassadors have since appointment undergone training in the basics of managing retirement benefits schemes and been closely exposed to MURBS operations, through participation in Trustee meetings and Board activities.
“As part of strategies to secure the retirement of our members, MURBS has started awareness programmes to popularise the annuity payment option as a viable alternative to the current lump sum payment. We believe that the annuity option is a better way of ensuring that our members have a regular income after retiring from service, and our Departmental Ambassadors have been trained on the same” added the Chairperson.
In accordance with the Board Charter; the performance of the MURBS BoT was evaluated for the period 1st July 2017 to 30th June 2018 by an independent consultant; J. Samuel Richards and Associates Certified Public Accountants. Reading the results of the evaluation on behalf of the consultant, Mr. Robert Katuntu, CPA, reported that the BoT demonstrates a high degree of competence, due skill and care in managing MURBS.
“MURBS operations are to a great extent compliant with applicable laws and regulations, as well as the Scheme’s governance policies and procedures and, majority of the Scheme’s members are satisfied with the Board’s performance” read Mr. Katuntu from part of the evaluation.
The Scheme’s Independent Auditors; KPMG Certified Public Accountants, also gave MURBS a clean bill of health. “In our opinion, the financial statements give a true and fair view of the financial position of Makerere University Retirement Benefits Scheme as at 30th June 2018, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standars, the financial provisions of the Scheme Trust Deed and Rules and Uganda Retirement Benefits Regulatory Act, 2011” read Mr. Wilson Kayindi on behalf of KPMG.
Prior to discussion of the Scheme’s financial reports, the 8th AGM’s emcees; MURBS’ Principal Pension Officer-Ms. Susan Khaitsa and Mr. David Ddumba Walakira recognised the presence of the Director Internal Audit-Mr. Walter Yorac Nono, Deputy University Secretary-Mr. Yusuf Kiranda, Chairperson Makerere University Academic Staff Association (MUASA)-Dr. Deus Kamunyu Muhwezi, Chairperson Makerere University Administrative Staff Association (MASA)-Mr. Vincent Abigaba and University Imaam- Hajji Sam Ahmad Ssentongo. Also recognised were URBRA Officials Mr. Davis Mbuga and Ms. Janet Iremera.
Dr. Kitayimbwa kicked off his moderation of the discussion by recognising the presence of the Bank of Uganda’s Mr. Allan Betabe, CFA, who guides the MURBS BoT on Investments. Responding to one of the questions from the audience on the fate of some members’ unremitted funds in terms of benefiting from the 17% record return, he explained that investments made by MURBS are only on the basis of funds received, as per URBRA regulations.
“As mentioned by the Chairperson in his remarks, Court awarded the Scheme UGX23billion as unremitted In-House funds from the University in October 2017, together with an interest of 7% per annum effective 1st April 2009. We are hopeful that we shall secure these monies on behalf of our affected members and proceed to invest them,” explained Dr. Kitayimbwa.
Still on investments, another member questioned why a big percentage of the Scheme’s investments at 65% and 7.1% are allocated to Treasury bonds and Treasury bills respectively, and yet there were other investment vehicles into which funds could be diversified so as to earn higher returns for members. In his response, the Secretary, BoT appreciated the suggestion but reiterated that the spirit of the URBRA Act is to ensure that all Schemes in the sector invest members’ benefits safely.
“The UBRA Act limits asset categories by which schemes can invest funds. Additionally, all fund managers have to be licensed by URBRA. So whereas there are so many riskier but higher returning investment vehicles, MURBS cannot employ their services unless they are recognised as fund managers by the sector regulator URBRA” added the Secretary BoT.
The biggest commendation of the day to MURBS came from the eighty two year old former Professor of Biochemistry at Makerere University, Prof. Edward Kakonge. Speaking softly but authoritatively, Prof. Kakonge sincerely thanked the Board of Trustees for all the great work done in profitably investing members’ benefits, as well as the plans to recover all unremitted funds.
“I was so happy to see my name in the New Vision (published 19th October 2018) among those whose benefits were ready for collection from MURBS,” added Prof. Kakonge.
The Chairperson MURBS BoT thanked all scheme members for the huge turn up at the 8th AGM, and prayed for an even bigger audience at the 9th AGM. He thanked the University Management, URBRA representatives and all service providers for attending the meeting and contributing to the record 17% return.
The total MURBS fund value grew by 36% (UGX37billion), climbing from UGX104.5billion as at 30th June 2017 to UGX142billion as at 30th June 2018, representing the biggest fund growth over the last five years. The growth was mainly driven by; recovery in performance of the equity market, and increase in members’ salaries which in turn increased contributions to the scheme. Payment by the University of UGX10billion owed to the scheme and the vigilance of trustees in pursing an aggressive investment strategy were additional contributors to the growth.
In his closing prayer, University Imam Hajji Ssentongo thanked the Almighty God for according us a bounty of peace and tranquillity during the course of the 8th AGM. He also prayed for divine enablement that the leaders and members of MURBS may be able to achieve the vision, mission and values of the Scheme.
Article by Public Relations Office
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MURBS Declares 17% Return to Members Ahead of 8th AGM
Hon. Dr. Crispus Kiyonga, the newly appointed Chancellor of Makerere University, has laid out his vision for the institution during the 75th graduation ceremony.
Installed by President Yoweri Kaguta Museveni as the Chancellor of Makerere University on 2nd October 2024, the 75th occasion marks his maiden graduation ceremony as the titular head of this great institution.
A total of 13,658 graduands will receive degrees and diplomas during the 75th graduation ceremony (13th to 17th January 2025).
On the first day of the 75th Graduation ceremony, the following colleges presented students for conferment of degrees and award of diplomas: College of Education and External Studies, College of Computing and Information Sciences, College of Veterinary Medicine, Animal Resources and Bio-security and the School of Law.
The Guest of Honour, Hon. Janet. K. Museveni, First Lady and Minister of Education and Sports represented by Hon. Dr. Joyce Moriku Kaducu, Minister of State for Primary Education congratulated the congregation upon attaining this major milestone.
“On my own behalf and on behalf of the Ministry of Education and Sports, I am grateful to the University Council, Senate, Management and all staff for their unwavering commitment towards preparing our students who have duly completed the requirements leading to the award of the academic qualifications they are receiving today” she said.
The Minister equally congratulated the University Management for ensuring that transcripts for all students graduating are ready for collection from their respective colleges, and urged the graduands to embrace the spirit of hard work and the desire to make the world a better place.
“I have no doubt that you will face the future with courage, creativity and conviction. There are plenty of opportunities out there, take advantage of the many opportunities to create jobs,” encouraged the First Lady and Honourable Minister of Education and Sports.
Furthermore, she commended the Students Guild for cultivating a cordial working relationship with the University Management and ensuring that matters affecting to students welfare in the University are handled amicably.
In his address, Hon. Dr. Kiyonga outlined several key areas that he aims to focus on as he steers the university forward. A proud alumnus of Makerere, Dr. Kiyonga reflected on the transformative power of education, emphasizing that Makerere’s role in national progress must extend beyond teaching to include research, industry collaboration, and community engagement.
Dr. Kiyonga revealed that enhancing the university’s research capacity is one of his primary goals. He praised the government’s allocation of UGX 30 billion to the Makerere University Research and Innovations Fund (Mak-RIF), recognizing the importance of research in driving Uganda’s socio-economic growth.
“Makerere University is the oldest university in the country. Over the years the institution has built a strong stock of high quality human resources. The University is doing significant amount of research,” he said.
He noted that there is need for further support, saying, “More work is required to mobilize for an increment of funds in order to further support research work.”
He also emphasized that Makerere should play a leading role in generating knowledge to address pressing national challenges. “Research plays a very vital role in the development of any community,” he said, underscoring the importance of transforming research into actionable solutions.
In addition to research, Dr. Kiyonga highlighted the need forMakerere University to build stronger connections with both national and international industries. “We are generating innovations that should eventually be taken to the commercialization level,” he remarked. He proposed the creation of agro-industrial parks on land allocated by President Museveni, which would provide both practical training for students and contribute to the nation’s food security and economic growth.
“At this stage, more resources and infrastructure are needed to support our innovations,” he added, calling for formal partnerships with the investment community to scale up these efforts.
Addressing the issue of unemployment, Dr. Kiyonga urged graduates to leverage their education to create opportunities for themselves and others. “What is critical is sustaining the thinking that you can indeed apply your knowledge to create work in areas with demand within the population,” he said.
He also encouraged graduates to work together to innovate and start businesses, stating, “Partner with some of your friends to form teams, come up with an idea, and you could turn that idea into an innovation, business enterprise or product.” He emphasized that graduates should not limit themselves to seeking employment, but should embrace entrepreneurship as a means of solving societal problems.
Dr. Kiyonga proposed expanding Makerere’s community outreach efforts, particularly in the agricultural sector. “I propose formalized relationships with some medium to large scale farmers across the country,” he said, suggesting that students in the agriculture department could benefit from hands-on internships with these farmers. In return, students would assist with extension services, boosting productivity in smaller farms and contributing to food security.
“There are also gaps in some of the training of Ugandans abroad,” Dr. Kiyonga added, noting that Makerere University could collaborate with foreign universities to provide practical training for Ugandan students, especially in fields such as human medicine.
In line with President Museveni’s directive, Dr. Kiyonga also highlighted the importance of incorporating political economy into all university courses. “It is critical that we deeply appreciate socio-economic forces that determine forward movement or lack of it,” he said, explaining that understanding these forces is essential for preparing graduates to lead effectively in a rapidly changing world.
Prof. Nawangwe Highlights Achievements and Growth
In his address, Vice Chancellor Prof. Nawangwe celebrated Makerere’s progress, particularly in its transformation into a research-led institution. He detailed various innovative projects across the university’s colleges, including the development of cutting-edge technologies, such as the AI Health Lab’s malaria diagnostic tools, and initiatives such as the Makerere University Innovation Pod (UniPod), which has incubated dozens of innovations.
“We are making steady progress on our strategic journey of a research-led university,” Prof. Nawangwe stated, revealing that Makerere has supported the commercialization of 15 projects, with a total of 157 projects now ready for integration into Uganda’s national economy.
Prof. Nawangwe also reflected on the institution’s ongoing infrastructure development, including the restoration of the iconic Main Administration Building and the opening of a new state-of-the-art Law School building. These developments, alongside initiatives such as the establishment of a Disability Support Centre, further underline Makerere’s commitment to improving both student and staff welfare.
Among the key statistics of the graduation ceremony, Prof. Nawangwe highlighted that 53% of the 13,658 graduands were female, and 491 graduated with first-class honors. He also spotlighted the achievements of specific colleges, including the College of Education’s initiatives to tackle youth unemployment through entrepreneurial training and the College of Veterinary Medicine’s efforts to develop vaccines and diagnostics for key diseases.
Further illustrating the university’s global reach, Prof. Nawangwe noted Makerere‘s collaboration with international partners such as Google and the European Commission, which has provided substantial funding for health and climate change-related projects. “The Government of Uganda provides Makerere University with a Research and Innovation Fund to support cutting-edge solutions,” he added.
In a powerful and inspiring commencement address, Professor LenkaBula Puleng, the Principal and Vice-Chancellor of the University of South Africa (UNISA), urged the graduates—especially women—to tap into their resilience, embrace their generational mission, and redefine their worth in shaping Africa’s future.
Reflecting on Makerere’s distinguished legacy, Professor LenkaBula praised the university as a beacon of academic excellence, whose contributions have been instrumental in Africa’s intellectual and social development. She highlighted its pivotal role as a cornerstone for both anti-colonial and post-colonial scholarship, underscoring the profound impact it has had on shaping the continent’s intellectual landscape.
“Makerere University, along with its sister institution-the University of South Africa, has been pivotal in the African struggle for freedom and unity,” said Professor LenkaBula. “It stands as a symbol of Africa’s intellectual resilience, a place where the seeds of transformation were planted during the colonial era and continue to grow today.”
Addressing the congregation gathered at Makerere’s historic Freedom Square, the Vice-Chancellor recognized the remarkable scholars who have shaped the African academic landscape through their work at Makerere, referencing figures such as Professor Dani Wadida Nabudere, Issa Shivji, Ngugi wa Thiong’o, Mahmood Mamdani, and many others. These scholars, she said, were instrumental in cultivating a new generation of thought leaders who continue to challenge the status quo and lead Africa toward progress.
Highlighting the role of African women in these transformative processes, Professor LenkaBula reminded graduates of resilient women who have played key roles in Africa’s history, such as Queen Amina of Nigeria, Yaa Asantewaa of Ghana, and Wangari Maathai of Kenya. These women, she noted, not only fought against colonial forces, but have continued to shape the post-colonial era through their activism, leadership, and vision.
Professor LenkaBula’s address focused on the significance of women in reclaiming their generational mission. She emphasized the importance of education as a tool for empowerment and transformation, especially for young women.
“Education is not an elite indulgence; it is a public good,” she said, citing the words of feminist scholar Amina Mama. She urged the graduates, particularly the women, to remember their history and their mission in the ongoing struggle for equality, justice, and peace.
Her call to action was clear: graduates must not be prisoners of the past, but leaders who redefine the future. She challenged the new generation to take their place in fields such as medicine, agriculture, science, and technology, which are essential to Africa’s development. She encouraged them to forge a future of peace, sustainability, and inclusivity, underscoring the importance of creating a world that reflects their values and dreams.
Professor LenkaBula spoke to the youth about their responsibility to overcome the legacies of patriarchy and oppression, both within African societies and globally. She acknowledged that women, despite their significant contributions, continue to face disproportionate challenges, but she expressed confidence that this new generation of graduates—especially women—has the strength and determination to break these barriers.
“As graduates, you carry the mettle and the light to create more opportunities—for yourselves and others—to reclaim your mission and redefine your worth,” she said. “Africa is waiting for you, and you must rise to the occasion with the strength, courage, and vision to lead us into the future.”
In conclusion, Professor LenkaBula reminded the graduates that they are part of a legacy of change-makers and intellectual trailblazers, encouraging them to embrace their roles as the next generation of leaders who will drive the African Renaissance. She left them with an empowering message: “Reclaim your Generational Mission and Redefine your Worth as the new generation that Africa is waiting for!”
The 75th Graduation Ceremony at Makerere University marked not only the academic achievements of the graduates, but also a celebration of the university’s long-standing contribution to the African intellectual tradition and its continued role in shaping a better future for the continent. As the graduates left the Freedom Square, the call to action was clear: the future of Africa rests in their hands.
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