Connect with us

General

Trustees Commended as MURBS Registers 17% Record Return on Investment

Published

on

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.

L-R: Mr. Walter Yorac Nono and Mrs. Dorothy Senoga-Zake (Rear) with Mr. Robert Katuntu and Mr. Wilson Kayindi (Front) at the 8th MURBS AGM

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.

L-R: Ms. Lisa Betty Oyella, Mr. Davis Mbuga, Ms. Janet Iremera (Rear) and MURBS' Ms. Susan Khaitsa listen to proceedings at the 8th AGM, Makerere University, Kampala Uganda

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.

Cover Page of the MURBS Annual Report for the year ended 30th June 2018 with happy retiree Prof. David Musoke Serwadda

"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.

The Chairperson, MURBS Board of Trustees-Mr. Wilber Grace Naigambi delivers his remarks at the 8th AGM

“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.

Representatives from MURBS' service providers, Stanbic Bank Uganda, Sanlam Investments East Africa, GenAfrica Asset Managers Limited and Octagon Uganda Limited (Front) and part of the audience (Background) at the 8th AGM, Makerere University, Kampala Uganda

“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.

MURBS and Council Member, Assoc. Prof. Wilson Tumps Ireeta (with microphone) poses a question during the session to discuss financial reports at the 8th AGM

“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

Related article

MURBS Declares 17% Return to Members Ahead of 8th AGM

 

Continue Reading

General

WHS Regional Meeting Africa 2021: Finance Chairperson’s Update

Published

on

Prof. Tonny J. Oyana, Finance Chairperson, World Health Summit Regional Meeting Africa, June 2021.

SOPs: Our plan is to have 200 sets of people in different spacious rooms…

Prof. Tonny j. oyana, finance chairperson whs regional meeting africa

We are sincerely grateful to our sponsors…

Over 15 core sponsors…

Sessions: 60% Virtual, 40% Onsite…

Continue Reading

General

HERS-EA Fourth Leadership Academy

Published

on

Facilitators and Participants of the HERS-EA Third Academy pose for a group photo at the closing ceremony on 5th July 2019, Grand Global Hotel, Kampala Uganda.

The Higher Education Resource Services-East Africa (HERS-EA) provides an intensive residential one-week leadership and management development curriculum focused on women, mainly in higher education institutions and administration.

In response to the current Covid-19 pandemic, HERS-EA Fourth Academy will be a totally virtual one. As such, the Academy previously scheduled to take place between June 28th – July 3rd has been postponed by one week to July 5th-9th

Theme: “Positioning Women for Leadership in Higher Education”

A. Institutional Development

1. Managing and Leading Change

2. Reframing Organizations for effective work

3. Developing Effective Partnerships in Higher Education for Women and gender focused advancement

B. Personal Development

4. Career Mapping/building dossier/personal development

5. Professional Women’s economic empowerment through Enterprise development and management for profit maximization

6. Research and Publishing; Leadership and Fundraising for projects including research and publication.

C. Networking

7. The Power of Mentoring; Networking

Who Should Attend?

HERS-EA expects many diverse and dynamic women leaders to attend the ACADEMY, to share and learn from multiple institutional perspectives with guidance from women with a wealth of experience in higher education, national academic organizations, government and non- governmental organizations. Participants are expected hold mid to senior-level positions and bring expertise from all parts of a college or university. They also represent a range of national groups, ages and years of experience in higher education and other fields.

Applying to the ACADEMY:

The deadline for registration has also been extended to June 30th. For more information regarding registration, please visit the website: www.hersea.org Completed registration forms should be emailed, with a scanned payment slip to: info@hersea.org, by 5.00 p.m. on Wednesday 30th June.

A complete application includes:
a) CV
b) A self-descriptive letter (not > 500 words) to include:

  • Current Title (e.g. Associate Professor of Economics; Deputy Dean, e. t. c.)
  • Name and Contact Information for 2 Recommenders (e.g. Vice Chancellor, Head of Department, Chief Officer in your area, and/or direct supervisor)
  • Short- and long-term career goals
  • Your expectations for the HERS-EA ACADEMY.

c) Passport size photograph
d) A developmental project you have been assigned or you would like to initiate at your campus (maximum 500 words)
e) Registration fee of $100, please attach a copy of the deposit slip to your application (Bank A/C details below):

Contact Information

If you have any further questions, please email:
info[at]hersea.org or call the HERS-EA Administrator on: +256 (0)772082011 Please,also, visit the HERS-EA website for further updates: www.hersea.org.

Payment Bank Account Details:
Account Name: Higher Education Resource Service East Africa

HERS-EA US $ ACCOUNT
Name of Bank: DFCU Bank
Makerere University Branch
A/C No: 02083553153181
Swift Code: DFCUUGKA

HERS-EA UGX ACCOUNT
Name of Bank: DFCU Bank
Makerere University Branch
A/C No: 01083553153172

 

Continue Reading

General

Mak Commissions CoVAB@50 Celebrations, Awards Certificates

Published

on

The Vice Chancellor-Prof. Barnabas Nawangwe (4th L), DVCAA-Dr. Umar Kakumba (5th L) and Principal CoVAB-Prof. J.D. Kabasa (3rd L) with L-R: Mr. Byakatonda Patrick, Mr. Alfred Masikye Namoah, Mr. Felix Okello, the Mace bearer and Dr. Samuel Majalija at the CoVAB@50 Celebrations Commissioning, 17th June 2021, Nakyesasa-Namulonge.

The College of Veterinary Medicine, Animal Resources and Biosecurity (CoVAB) on Thursday 17th June, 2021 commenced celebrations to mark 50 Years of Veterinary Higher Education, Science, Technology, Innovation and Services (HESTIS) in Uganda. The blended event held at the Industrial Livestock Research, Incubation and Skilling (ILRIS) Center at Nakyesasa, Namulonge as well as online was presided over by the Chancellor, Prof. Ezra Suruma and First Lady and Minister of Education and Sports (MoES), Hon. Janet Museveni both represented by the Vice Chancellor, Prof. Barnabas Nawangwe.

The event, held as part of Makerere University Centenary Celebrations (1922-2022) was a moment of celebration for 1,930 skilled livestock agribusiness entrepreneurs who were awarded certificates in recognition of completion of their respective courses. Owing to the strict Standard Operating Procedures (SOPs) instituted by the Ministry of Health (MoH) to curb the spread of COVID-19, the students from Incubation Hubs in Atiak, Butaleja, Mubende, Nakyesasa, Sheema and Wakiso were awarded their certificates virtually.

In her remarks read by Prof. Barnabas Nawangwe, Hon. Janet Museveni thanked Makerere University for supporting grassroots level development through groundbreaking innovations under the Africa Institute for Strategic Services and Development-Skills for Production Enterprise Development and Accreditation (AFRISA-SPEDA) model.

The Vice Chancellor-Prof. Barnabas Nawangwe (L), Academic Registrar-Mr. Alfred Masikye Namoah (C) and the Principal CoVAB-Prof. John David Kabasa stand for the anthems.
The Vice Chancellor-Prof. Barnabas Nawangwe (L), Academic Registrar-Mr. Alfred Masikye Namoah (C) and the Principal CoVAB-Prof. John David Kabasa stand for the anthems.

“I am extremely pleased that Makerere University, through those innovative approaches, has developed and launched the alternative approach to building human capital and transferring knowledge to enterprises in communities.

“I would like to encourage all those involved in skills development to adopt methodologies that transform those trainees that go through these programs in ways that enable them also transform the societies they live in” read the Minister’s remarks.

She further noted that commissioning of the CoVAB@50 celebrations was both timely and rewarding. “The commissioning of the college innovations indeed has made meaning. This is a true path to growth of an Academic and Development College of the University, and we congratulate you again.”

Addressing the congregation as Chancellor, Prof. Barnabas Nawangwe congratulated CoVAB alumna and incoming Minister of Science, Technology and Innovation (MoSTI) under the Office of the President, Dr. Monica Musenero upon her recent appointment. “We thank His Excellency the President for identifying you. Science is in good hands.”

Awardees from the Mubende Incubation Hub raise their caps after virtually receiving their certificates in the blended ceremony on 17th June 2021. Photo credit: Kabaruli Twekambe/Team BOBOMAK
Awardees from the Mubende Incubation Hub raise their caps after virtually receiving their certificates in the blended ceremony on 17th June 2021. Photo credit: Kabaruli Twekambe/Team BOBOMAK

Prof. Nawangwe urged Dr. Musenero to address the structures of managing research and innovation in Uganda, “including the role of the Uganda National Council for Science and Technology and the apparent need to establish a Research Council for Uganda.”

In the same breath he thanked the outgoing and pioneer Minister of Science, Technology and Innovation, Hon. Dr. Elioda Tumuwesigye, for his role in ensuring that the ministry is empowered to carry out its mandate.

The Chancellor congratulated CoVAB upon training the bulk of Veterinary Doctors in Uganda over the last 50 years and more recently, Laboratory Technologists at the highest level. He recognised Makerere University‘s obligation to contribute to the economic self-determination of Uganda and thanked CoVAB for conducting research that addresses hindrances to national development, especially in the livestock industry.

“The anti-tick vaccine is one of such innovations which will solve the huge problem of tick-borne diseases that have caused enormous losses to our farmers. There are many other problems on which the college is researching and we thank you for the enthusiasm” he added.

Incoming Minister of Science, Technology and Innovation in the Office of the President, Dr. Monica Musenero addresses the congregation.
Incoming Minister of Science, Technology and Innovation in the Office of the President, Dr. Monica Musenero addresses the congregation.

The Chancellor commended CoVAB for being the vanguard of transformation of the grassroots communities through the SPEDA model. “I urge Government to fund this important initiative so that it can more meaningfully contribute to solving the big problem of youth unemployment.”

In her remarks, Dr. Monica Musenero commended the Principal, CoVAB, Prof. John David Kabasa for fulfilling the College’s dream of enabling the masses who drop out of the education value chain as well as those who complete education but have no skills for livelihood, to attain certification in agribusiness entrepreneurship.

“Many people attain academic success and write papers, publish and they become professors but without demonstrable impact on their nation. You have shown by the thousands that you have touched nationwide that indeed you are a professor of national transformation. Congratulations,” remarked Dr. Musenero.

She therefore congratulated the teams at CoVAB and AFRISA upon successfully conceiving and executing a model that is non-traditional, informal, not easily understood and not documented in any textbooks.

The Vice Chancellor-Prof. Barnabas Nawangwe (R) receives graduation books of the cohorts from Director DIT, MoES-Mr. Byakatonda Patrick (C) and Deputy Commissioner Social Services Development, MoES-Madam Elizabeth Bateme (L).
The Vice Chancellor-Prof. Barnabas Nawangwe (R) receives graduation books of the cohorts from Director DIT, MoES-Mr. Byakatonda Patrick (C) and Deputy Commissioner Social Services Development, MoES-Madam Elizabeth Bateme (L).

As Minister, Dr. Musenero noted that witnessing thousands of individuals from across the country whose skills had been honed through a university programme receiving certificates gave her a lot of hope and material to embark on her tenure with. “I will be looking forward to harnessing these resources as we initiate work on the next leg of Science, Technology and Innovation in the country under the President’s Office.”

The invitation to the Principal, CoVAB to present students for the award of the ordinary diplomas, ordinary certificates and artisan certificates was given by the Deputy Vice Chancellor (Academic Affairs), Dr. Umar Kakumba. He congratulated the awardees upon successfully completing their respective courses and graduating with evidence on an enterprise.

Prof. Kabasa clarified that the approach used to train the day’s awardees was not simply a vocational skilling. “The combination of action research with knowledge transfer, skilling, plus assessment and accreditation processes done by organs like the DIT (Directorate of Industrial Training, MoES) has given us this result, for the University to provide true leadership and transformation of the community.”

Present at the celebrations were the Director, DIT, MoES-Mr. Byakatonda Patrick and the Deputy Commissioner Social Services Development, MoES Madam Elizabeth Bateme who have worked through the Academic-Community-Public-Private-Partnership model to ensure that students graduate as entrepreneurs with micro enterprises.

The Vice Chancellor-Prof. Barnabas Nawangwe (C), flanked by DVCAA-Dr. Umar Kakumba (R) and the Principal CoVAB-Prof. John David Kabasa (L) commissions the SPEDA Training, Incubation and Research Centre-Nakyesasa on behalf of the First Lady and Minister of Education and Sports-Hon. Janet Museveni on 17th June 2021.
The Vice Chancellor-Prof. Barnabas Nawangwe (C), flanked by DVCAA-Dr. Umar Kakumba (R) and the Principal CoVAB-Prof. John David Kabasa (L) commissions the SPEDA Training, Incubation and Research Centre-Nakyesasa on behalf of the First Lady and Minister of Education and Sports-Hon. Janet Museveni on 17th June 2021.

Prior to presiding over the ceremony, Prof. Barnabas Nawangwe, on behalf of the First Lady and Minister of Education and Sports officially commissioned the SPEDA Training, Incubation and Research Centre – Nakyesasa.

Continue Reading

Trending