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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General
Makerere University commemorates 13 transformative years of partnership with Mastercard Foundation
On Friday, 27th February 2026, Makerere University proudly celebrated 13 years of a significant partnership with the Mastercard Foundation, a prestigious independent organisation headquartered in Toronto, Canada. Since its inception in 2013 with the launch of the Scholars Program-currently headed by Prof. Justine Namaalwa, this collaboration has grown significantly, expanding to include two additional initiatives: The E-learning Initiative-headed by Prof. Paul Muyinda Birevu and the Africa Climate Collaborative-headed by Prof. Gorretie Nabanoga. This long-term partnership underscores the shared commitment to fostering education, innovation, and sustainability in Uganda and across Africa.
The colourful event coincided with the 76th Graduation Ceremony, during which Makerere University honoured Ms. Reeta Roy, the Founding President and CEO of the Mastercard Foundation, with an honorary Doctor of Laws.
In her commencement speech, Ms. Roy thanked Makerere University for considering a partnership with the Mastercard Foundation and for conferring upon her a prestigious honorary award.
“Mastercard Foundation is honoured to collaborate with this esteemed university, and I appreciate the recognition through this award. I am excited to be associated with Makerere University and look forward to actively embodying its values. Joining the broader community of alumni from this distinguished institution is a privilege, and I am eager to contribute to its legacy,” stated Ms. Roy.
During the reception in honour of Ms. Roy, the Chairperson of Makerere University Council, Dr. Lorna Magara, acknowledged the invaluable support from the Mastercard Foundation. She emphasised the profound impact of the Foundation’s various initiatives, particularly the scholarships for disadvantaged youth, which enable them to access higher education and opportunities that might have otherwise been beyond their reach.
“On behalf of the Makerere University Council and the broader University community, I extend our sincere gratitude to Mastercard Foundation for its commitment to collaborating with Makerere University in various endeavours, especially for providing scholarships to our underprivileged young people who would never have stepped inside a lecture room at the University.” Dr. Magara stated.
Dr. Magara, in a special way, thanked Ms. Roy for her transformative leadership and unwavering commitment to supporting young people in Africa, citing her efforts to ensure young people get their voices heard.
“As a university, our business is with young people. We are therefore committed to providing the environment and education that deliver meaningful pathways. We will provide an environment that ensures young people have a voice and agency to create meaningful change in society.” Dr. Magara pledged.
Dr. Magara further congratulated Ms. Roy on her honorary Doctor of Laws from Makerere University, noting that it is the university’s highest honour for individuals who have excelled in their careers.
“On behalf of the Makerere University community, I would like to extend my heartfelt congratulations on your honorary Doctor of Laws. This esteemed recognition represents the highest honour our institution can bestow on individuals who have demonstrated exceptional achievement and excellence across various facets of their career.” Dr. Magara remarked.
Prof. Justine Namaalwa, the Program Director of the Mastercard Foundation Scholars Program and the Coordinator for all Mastercard Foundation Initiatives at Makerere University, expressed her appreciation for the thirteen-year collaboration between Makerere University and the Mastercard Foundation. She highlighted that the partnership had yielded significant, impactful results.
“In 2013, Makerere University partnered with the Mastercard Foundation to educate the next generation of transformative African leaders who can positively impact their lives, their communities, and the economies of Africa. The partnership has had a significant impact. I thank the University Management and the Foundation team for this visionary collaboration,” remarked Prof. Namaalwa.
Prof. Namaalwa articulated that the partnership with the Mastercard Foundation is primarily focused on empowering young people as agents of change for transformational leadership in Africa. She presented compelling statistics demonstrating the positive impact of the scholars’ program, highlighting the success of individuals who have completed their education and their subsequent professional experiences after university graduation.
“This partnership focuses on young people, aiming to create positive change in their lives. To date, the Scholars Program has graduated 974 alumni, with 48% securing formal employment, 18% starting their own businesses, 8% participating in internships, and 5% pursuing further education. Overall, 72% of Scholar alumni are actively engaged in employment or entrepreneurship,” Prof. Namaalwa stated.
The colourful event showcased a dynamic array of activities that highlighted the entrepreneurial spirit of Scholars and alumni from the Mastercard Foundation at Makerere University. Attendees enjoyed a mini-exhibition featuring innovative products from these ventures.
A video documentary illustrated the positive impact of the three Mastercard Foundation initiatives. The event also featured inspiring poetry recitations by Scholars and a lively atmosphere of music and dance, creating an engaging and memorable experience for all participants.
The high-level event was attended by senior University officials, led by the Chairperson of Council, Dr. Lorna Magara; the Vice-Chancellor, Prof. Barnabas Nawangwe; the Vice-Chancellor, Academic Affairs, Prof. Sarah Ssali, Deputy, and the Ag. Deputy Vice-Chancellor, Finance and Administration Prof. Winston Tumps Ireeta. Mr Yusuf Kiranda, the University Secretary; and Prof. Buyinza Mukadasi, the Academic Registrar, Chancellor Emeritus-Prof. Ezra Suruma, former Chairperson of the Steering Committee of Mastercard Foundation Scholars Program-Prof. Umar Kakumba, and the Deputy Executive Secretary, RUFORUM, and former Program Coordinator of the Scholars Program at Makerere University-Dr. Florence Nakayiwa, among many other officials graced the function.
The event was also graced by a high-level delegation from the Mastercard Foundation, led by Ms. Reeta Roy, the Founding President of the Foundation, and included the Mastercard Foundation Teams from the Country offices in Kigali, Nairobi, and Kampala; the Program partners; the Mentors, Scholars and alumni; as well as the Program staff of the three Mastercard Foundation Initiatives at Makerere University.
At the end of the event, Makerere University honoured Ms. Reeta Roy with University memorabilia, including a pencil-drawn portrait, a pencil-drawn photo of the Ivory Tower, and other Ugandan crafts. Ms. Roy cut a graduation cake together with the 10 graduates of the 76th graduation ceremony from the Mastercard Foundation Scholars Program.
Bernard Buteera is the Principal Public Relations Officer for the Mastercard Foundation Scholars Program at Makerere University.
The Board Chairperson of the Makerere University Endowment Fund (MakEF), Dr. Margaret Blick Kigozi, has urged graduands in Health and Life Sciences to uphold professional ethics and serve humanity with diligence and compassion.
Her appeal came during the passing out of graduates from the College of Natural Sciences (CoNAS), the College of Veterinary Medicine, Animal Resources and Bio-Security (CoVAB), the College of Health Sciences (CHS) and the School of Public Health (SPH) on Day Two of the 76th Graduation Ceremony of Makerere University.
“Class of 2026, you are now part of the Makerere legacy. Wherever you go clinics, laboratories, farms, boardrooms, or classrooms, you carry this institution with you. Serve your patients with skill and compassion. Care for animals and communities responsibly. Question boldly and keep learning,” Dr Kigozi, said.
Delivering the commencement address, Dr. Kigozi lauded the graduates for their dedication to careers that directly impact lives and communities. She encouraged them to use their knowledge generously and exercise their power gently.
“Your education has trained you to ask better questions. Your humanity must guide the answers. Never forget that behind every chart, every case, every animal, every experiment, there is life. And life deserves care, patience, and dignity. Give every person you come in contact with care, patience and dignity,” Dr Kigozi, noted.
As the graduates embark on their professional journeys, Dr. Kigozi emphasized the importance of cultivating basic business acumen and financial literacy to ensure sustainability in their work.
“You do not need to become accountants but you must be able to read the essentials: understand simple financial statements, budgets and key metrics so you can judge whether a clinic, lab, or program is sustainable. You are encouraged to start your business. There are numerous investment opportunities in your areas of training. You can provide services to our people and create jobs,” Dr Kigozi, said.
She shared candidly how, when she first stepped into leadership, she realised she did not understand balance sheets or budgets well enough. So, she returned to Makerere for short courses to strengthen herself.
“A well-run Hospital, clinic or lab delivers better outcomes, attracts staff, and secures funding. Business savvy is not only about profit, it’s about sustainability and the freedom to serve ethically and effectively. Carry clinical skill with business sense so your work endures and grows,” Dr. Kigozi, noted.
Quoting renowned writer and producer Shonda Rhimes, creator of Grey’s Anatomy, who once reflected that succeeding in one area of life can sometimes mean falling short in another, Dr. Kigozi encouraged women graduates to intentionally balance professional ambition with family responsibilities.
“When one area thrives, another is often under strain. When Navio was graduating from school I had to manage the Presidential Investor Round Table on the same day as Executive Director Uganda Investment Authority. I chose my job and delegated his siblings to attend Navios graduation. I learnt from this. I choose family always after that thing you achieve once and keep forever,” Dr Kigozi, said.
In his speech, the Prof Barnabas Nawangwe, the Vice Chancellor, informed the congregation that Makerere’s ranking on all university ranking platforms has remained stable, placing Makerere among the top 10 African universities and within the top 4.5% globally.
“In the Times Higher Education global ranking, Makerere University made a formidable jump from the 1200-1500 bracket to the 800-1000 bracket. This was no mean achievement and I congratulate all members of the Makerere Community on this stellar performance,” Prof Nawangwe, said.
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