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
Related article
MURBS Declares 17% Return to Members Ahead of 8th AGM
By Moses Lutaaya
Kampala, September 4, 2026 — Makerere University and the Japan International Cooperation Agency (JICA) have explored new opportunities for strengthening academic, research and innovation collaboration between Uganda, Japan and other African countries, with a particular focus on artificial intelligence (AI), aerospace engineering, materials and remote sensing, food value chains, energy, water and climate change.
The discussions took place on Friday, September 4, 2026, at the Makerere University Main Building in the Vice Chancellor’s Board Room, during a visit by a JICA delegation led by Dr. Okano Takasei, Senior Advisor, Human Development Department of JICA.
Makerere keen to deepen collaboration with JICA
Welcoming the delegation, the Deputy Vice Chancellor (Academic Affairs), Prof. Sarah Ssali, highlighted Makerere University’s long-standing tradition of research, international collaboration and contribution to knowledge generation in Uganda and beyond.
Prof. Ssali noted that Makerere has built a strong global research footprint through partnerships with institutions around the world, observing that the University is well positioned to deepen international collaboration as emerging technologies, particularly artificial intelligence, continue to transform research and higher education.
“Uganda has a very long history of doing research, and particularly it has informed research findings in the areas global health research,” Prof. Ssali said, pointing to Uganda’s historical contribution to global scientific knowledge.
She cited the country’s contribution to medical and biological research, including early research on sleeping sickness, noting that Uganda’s unique research environment continues to offer opportunities for scientific discovery.
Prof. Ssali said Makerere’s history of collaboration with Japan is particularly significant, noting that Japanese cooperation has contributed not only to academic and research activities but also to infrastructure development and other sectors in Uganda.
She cited the establishment of the JICA building at Makerere, describing it as one of the visible symbols of Japan’s long-standing partnership with Makerere University.
According to Prof. Ssali, the building, which houses College of Natural Sciences (CoNAS) disciplines of geology, petroleum studies and administrative offices, was constructed during her undergraduate years and completed within a remarkably short period.
Prof. Ssali said the long-standing relationship between Uganda, Makerere University and Japan provides a strong foundation upon which new areas of collaboration can be built. She encouraged the visiting JICA delegation to explore the University and identify areas where existing partnerships could be strengthened or new areas of cooperation developed.
“Please take time and explore and see where either you already have a footprint, where you’ve ever had a footprint, or where you could explore new areas,” she said.
Prof. Ssali added that Makerere was privileged to host the JICA delegation and expressed optimism that the visit would lead to meaningful and sustainable partnerships.
Strengthening Joint Collaboration through AJ-ASPIRE
Dr. Okano, in his remarks as leader of the delegation said the visit formed part of a broader JICA initiative aimed at promoting academic and research collaboration between Japanese and African universities.
He explained that the initiative was launched on the occasion of the ninth Tokyo International Conference on African Development (TICAD 9), held in Yokohama in September 2025, with the objective of strengthening academic and research partnerships between Japan and Africa.
According to Dr. Okano, the initiative is intended to benefit both African and Japanese universities by providing platforms for internationalisation, collaborative research and the exchange of knowledge, researchers and students. “We would like to play a role of facilitator between universities in Japan and Africa and Uganda as well,” he said.
He explained that JICA is currently promoting the initiative through three African hub universities where JICA already has ongoing projects and experts on the ground.
The three institutions are Egypt-Japan University of Science and Technology (E-JUST) in Egypt, Jomo Kenyatta University of Agriculture and Technology (JKUAT) in Kenya, and Stellenbosch University in South Africa.
Dr. Okano said the selection of the three institutions was informed by the presence of ongoing JICA-supported projects and experts who can facilitate collaboration between the hub universities and institutions across Africa and Japan.
The hub universities are currently coordinating research with Japanese universities in strategic areas, with E-JUST focusing on energy, JKUAT leading work on food value chains, and Stellenbosch University focusing on water and climate change.
Dr. Okano said JICA was particularly pleased to explore collaboration with Makerere University under the African-Japan Initiative for Research and Education Partnerships, known as AJ-ASPIRE.
He outlined three major avenues through which Makerere could participate in the initiative.
The first is participation in existing research programmes hosted by the three hub universities. He added that Makerere researchers could join ongoing research on energy, food value chains, water and climate change, thereby creating opportunities to work with Japanese and other African researchers.
“We would like to explore opportunity for researchers from Makerere University to participate in these ongoing research activities and expand collaboration with Japanese and African partner institutions,” Dr. Okano said.
The second area is the development of new research networks in artificial intelligence and aerospace engineering. Dr. Okano said JICA was planning to establish new research groups focusing on the two areas and would be interested in having Makerere researchers participate in the emerging networks. “We would like to also invite researchers from Makerere University to join these networks and implementation of future collaboration in these two research topics, aerospace engineering and AI,” he said.
The third proposed avenue is increased collaboration between Makerere University and E-JUST, which Dr. Okano said offers fully funded scholarship opportunities for African students through a programme jointly supported by the governments of Egypt and Japan.
He noted that a number of Makerere graduates have already benefited from the programme, including researchers who have pursued doctoral studies and research opportunities in Egypt and Japan.
Dr. Okano cited the example of Mr. Abdonoor Kalibala, a Makerere alumnus whom he recently met in Hiroshima, Japan, following completion of PhD in Mechatronics and Robotics engineering at E-JUST. Mr. Kalibala conducted research in Japan for up to six months under the supervision of a Japanese professor as part of his doctoral programme.
Dr. Okano said such programmes could help strengthen the movement of researchers between Uganda, Egypt and Japan and create lasting institutional partnerships.
He added that JICA is also providing small research grants to alumni of the programmes to help them maintain and expand research collaboration involving Japan, E-JUST and African institutions.
He said Makerere could leverage such opportunities to increase the participation of its students and researchers in international research networks.
AI, Materials and Remote Sensing and International Relations Set the Pace
Prof. Robert Wamala, Director of Research, Innovations and Partnerships at Makerere University, said the visit followed an online engagement held a few weeks earlier between Makerere University and JICA, during which several areas and units within the University were identified as potential points of collaboration.
Prof. Wamala said these included the Makerere University AI Lab, the University’s International Office and researchers working in space engineering, particularly in materials and remote sensing.
He welcomed the transition from online discussions to physical engagement, saying the visit would allow JICA representatives to interact directly with researchers, academic units and University authorities. “This interest is being followed up through an in-person visit, which provides us an opportunity for JICA to engage directly with the relevant units and researchers at Makerere University,” Prof. Wamala said.
For Makerere, he added, the initiative provides an opportunity to connect the University’s research strengths with Japanese universities, research institutions and development partners to address shared development challenges.
Prof. Wamala said the University was particularly interested in identifying practical areas of collaboration that could move beyond general discussions to concrete research partnerships, joint projects and opportunities for students and researchers.
He noted that the JICA delegation’s on-campus interactions scheduled to take place throughout the day would enable the two sides to identify specific areas of mutual interest. “We hope these engagements will help us identify specific areas of future interest and provide a basis for developing concrete areas of collaboration under the AJ-ASPIRE,” Prof. Wamala said.
He reiterated Makerere’s commitment to strengthening international research partnerships and thanked JICA for its continued interest in the University.
Dr. Okano, was accompanied by Mr. Ito Idomu, Research and Advisor at the Embassy of Japan, Mr. Osaki Mistuhiro from JICA headquarters, Ms. Eric Maeda from JICA Headquarters, and Ms. Ruth Mbabazi from JICA Uganda.
JICA follow-up meetings with Makerere research units
Following the high-level meeting in the Vice Chancellor’s Board Room, the JICA team, together with the Directorate of Research, Innovations and Partnerships, proceeded to engage with key research and administrative units at Makerere University identified as strategic to the proposed areas of collaboration.
The delegation held meetings with the Makerere University AI Lab, led by Dr. Joyce Nabende of the College of Computing and Information Sciences (COCIS), to explore opportunities for cooperation in artificial intelligence and related emerging technologies.
The team also met officials from the Makerere University International Office, led by Mr. Mathias Ssemanda, where discussions focused on opportunities for strengthening international academic linkages, mobility and institutional partnerships.
A further engagement was held with the Department of Geomatics and Land Management, focusing on materials and remote sensing, led by Prof. Lydia Kayondo from the College of Engineering, Design, Art and Technology (CEDAT).
The engagements provided an opportunity for the JICA team and Makerere researchers to move from broad discussions on collaboration to more specific conversations around research interests, expertise, existing projects and potential areas for joint work.
The visit marks an important step towards strengthening Makerere University’s engagement with Japanese and African research institutions under AJ-ASPIRE, while opening opportunities for researchers and students to participate in emerging international networks in artificial intelligence, aerospace engineering, remote sensing and other strategic areas of science, technology and innovation.
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