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MURBS Declares 10.01% Interest Rate Ahead of 10th AGM

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The Makerere University Retirement Benefits Scheme (MURBS) has at a meeting held on Tuesday 20th October, 2020 declared an interest rate of 10.01% on its members’ opening balances as at 1st July 2019. The meeting held in the Conference Room, College of Business and Management Sciences (CoBAMS) was aimed at presenting MURBS’ performance for the Financial Year 2019/2020 to the Makerere University Council, Management and other stakeholders ahead of the 10th Annual General Meeting (AGM) due to be held virtually on 22nd October 2020.

Welcoming all parties, the Secretary – Board of Trustees (BoT), MURBS, Mr. Wilber Grace Naigambi thanked the Chairperson Council, Mrs. Lorna Magara, represented by Dr. Helen Nambalirwa Nkabala, the Vice Chancellor, Prof. Barnabas Nawangwe, Members of Management, Chairpersons of Staff Associations and service providers present for sparing time to attend the meeting.

He also introduced the new Chairperson – BoT, MURBS, Dr. Godwin Kakuba, elected to replace Rev. Dr. John Kitayimbwa who resigned from University service. Other members of the BoT present at the meeting were Ms. Dorothy Nannozi Kabanda, Mr. John Peter Okello, Mr. William Ndoleriire and co-opted Board Member; CPA David Ssenoga.

Dr. Godwin Kakuba in delivering his statement expressed the BoT’s sympathy to the University Council, Management and community upon the gutting of the iconic Main Building by fire on 20th September 2020. “We pray that God may give you wisdom on how to handle all the challenges that have come out of this tragedy.”

He stated that MURBS had a total membership of 3,777 as at 30th June 2020, of which 2,062 were active. He added that the scheme received contributions worth UGX 21Billion from Makerere University during financial year 2019/2020 and paid out benefits worth UGX 7Billion to retiring staff in the same period.

The Chairperson allayed his audience’s fears on what effects the COVID-19 pandemic might have had on the scheme’s performance when he announced that the MURBS fund value grew by UGX 31Billion from UGX 178Billion as at 30th June 2018 to UGX 209Billion as at 30th June 2020. This he partly attributed to the BoT’s decision to divest from the equity asset class and strategically invest in the property asset class.

“This decision shielded the part of our portfolio held in land from the volatile behaviour of the equity markets during these uncertain times” explained Dr. Kakuba. He went on to state, ”As such, the net return on investments undertaken by the Scheme this year was UGX 22.3Billion compared with UGX 11.1Billion last year. It is this return that is being distributed to members in form of interest this year.”

Dr. Kakuba also shared that MURBS emerged winner in the Retirement Benefits Sector category of the Financial Reporting (FiRe) Award Competitions 2019 after beating 20 other schemes. MURBS also took the FiRE Award for Most Improved Reporting. “MURBS has now emerged winner in the Retirement Benefits category for three consecutive years.”

The Chairperson Council in her remarks read verbatim by Dr. Nambalirwa Nkabala congratulated MURBS upon declaring a competitive interest rate of 10.01% and commended the Government of Uganda for liberalizing the pension sector that has enabled various schemes to flourish. She congratulated MURBS upon wining two FiRe awards in the November 2019 competition and commended the University Management for providing an environment that is conducive for the scheme to thrive and offer a decent retirement for University employees.

“On its part, Council has provided a home for MURBS on the University Campus free of charge. Council also continues to engage Government not only on enhancing staff salaries, which increases the monthly contributions to MURBS, but also on the payment of the only outstanding debt” read the Chair Council’s remarks.

The Chairperson Council’s remarks in conclusion urged the BoT to exercise even more caution and wisdom as they make investment decisions, especially now that the fund value is now more than UGX 200Billion. “Keep in mind that the wellbeing of the university employees in retirement, and consequently the smooth running of Makerere University, to some extent, depends on what is happening in the Scheme.”

In his remarks, the Vice Chancellor commended the Trustees upon working hard to reduce the number of members with retirement packages below UGX 50Million from 1,308 as at 30th June 2017 to 768 as at 30th June 2020. In the same period, the number of members with retirement packages between UGX 150 Million and 200Million grew from only two to 425.

“This is remarkable! This shows that Makerere University is among the best employers in Uganda and we thank the Government of Uganda for prioritizing the remuneration of University staff” he enthused.

Prof. Nawangwe thanked the University Council for its decision to run an independent Retirement Benefits Scheme for university employees, noting that this has enabled members’ benefits to grow at rates above inflation over past financial years. MURBS has over the last two financial years declared interest rates of 10.6% and 17% for 2018/2019 and 2017/2018 respectively.

The Vice Chancellor concluded his remarks by stating that Makerere as the premier University in Africa owes it to Uganda to make best use of all resources allocated by the Government. “The Government continues to handle many challenges including providing quality higher education to a growing number of young people in Uganda. We are doing our best to support Government in this respect and are committed to ensuring that Makerere University plays a strategic role in solving this challenge, especially at graduate level.”

The meeting was also addressed by Mr. Ssenyonga Cosmas-Senior Supervision Officer who represented the Chief Executive Officer, Uganda Retirement Benefits Regulatory Authority (URBRA)-Mr. Martin A. Nsubuga. He thanked the Sponsor-Makerere University for remitting employee contributions to MURBS on time and the Trustees for providing accountability for the work done over the past financial years.

“Our regulator’s report clearly indicated that Makerere University is one of the biggest schemes in Uganda and when you look at the indicators such as efficiency and profitability compared to peers in the sector, they have been improving over time and we commend the Board of Trustees” added Mr. Ssenyonga.

He said that schemes in the sector have been able to improve in terms of governance, prudent investment and administration thanks largely to URBRA’s ability to enforce standards. “The sector assets have increased from UGX 5Trillion in 2013 to 15.2Trillion as at the end of the last financial year.”

The URBRA official noted that the sector’s current assets are based on contributions from approximately two million employees. “If we had most of the working population contributing towards their retirement, we would probably be talking about UGX 30Trillion today.”

Citing the MURBS example where over 80% of assets are invested in Government securities, Mr. Ssenyonga observed that retirement benefits schemes are capable of accumulating domestic resources that can be used by the Government to finance various development projects. He added that sector has over the last five years achieved an average increase in assets of 20.6% per annum, which has enabled it to earn an average interest of 9% and accord members an average interest of 9.6%. All MURBS declarations at the meeting were above the regulator’s averages.

As is now the MURBS tradition, the meeting was moderated by the Secretary – Board of Trustees (BoT), MURBS, Mr. Wilber Grace Naigambi assisted by a member of Administrative staff, in this case, Principal Public Relations Officer, Ms. Ritah Namisango.

Article by Public Relations Office

Mark Wamai

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Undergraduate Admissions List: Mop-up/Appeals 2025/2026

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The Office of Academic Registrar, Makerere University has released lists of Successful appeals and supplementary lists. Below is a list arising from appeals of Government Sponsored candidates who have been admitted:

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Makerere University, DFCU Bank Sign MoU to Advance Innovation, Student Leadership and Research

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Officials from Makerere University and DFCU Bank pose for a group photo at the Main Building Entrance after the MoU signing ceremony on 4th July 2025. Makerere University and DFCU Bank Limited sign a three-year Memorandum of Understanding (MoU) designed to enhance academic excellence, advance research and innovation capabilities, and provide crucial student support services through key activities; Annual Tumusiime Muteile Lecture, MakRun and Student activities, 4th July 2025, Council Room, Main Building, Makerere University, Kampala Uganda, East Africa.

By Eve Nakyanzi and Atwenda Nancy

Makerere University and DFCU Bank have today signed a three-year Memorandum of Understanding (MoU) to bolster innovation, student leadership, research and community impact initiatives.

The collaboration which will see the equipping of the Disability Support center for students living with disabilities through the MAK run and more leadership trainings for students will begin this July.

“The MoU will strengthen research collaborations across sectors like agriculture and health and it will also support the Mutebile Centre to assist private sector growth, which is crucial in lifting Africa out of poverty,” said Prof. Barnabas Nawangwe, the Vice Chancellor.

Prof. Barnabas Nawangwe (R) flanked by Mr. Charles Mudiwa (L) makes his remarks at the MoU signing ceremony. Makerere University and DFCU Bank Limited sign a three-year Memorandum of Understanding (MoU) designed to enhance academic excellence, advance research and innovation capabilities, and provide crucial student support services through key activities; Annual Tumusiime Muteile Lecture, MakRun and Student activities, 4th July 2025, Council Room, Main Building, Makerere University, Kampala Uganda, East Africa.
Prof. Barnabas Nawangwe (R) flanked by Mr. Charles Mudiwa (L) makes his remarks at the MoU signing ceremony.

Speaking during the event, Mr. Charles M. Mudiwa, the DFCU Bank Chief Executive Officer, welcomed the move, noting its alignment with the bank’s mission to transform lives and support national development through four pillars: funding, financial inclusion, enterprise development, and vocational education.

“This MoU crowns years of effort and shared intent between our institutions,” he stated.
Mr. Mudiwa highlighted the bank’s commitment to skilling youth through internships, curriculum development, and support for innovation hubs and centres of excellence at the university.
“We consume the graduates of Makerere. In our most recent graduate intake of 87, 60% were Makerere alumni. The bank allocates around 30 internship positions annually to equip young people with the skills necessary for future roles within the institution,” Mr. Mudiwa, noted.

Representing the student body, Guild President His Excellency, Sentamu Churchill James, commended the partnership as a timely intervention that will empower youth, support SMEs, and expand internship and leadership development opportunities.

Prof. Barnabas Nawangwe (2nd L) presents a framed portrait of the Main Building to Mr. Charles Mudiwa (C) as L-R: University Secretary-Mr. Yusuf Kiranda, 91st Guild President-H.E. Ssentamu Churchill James and Acting Deputy Vice Chancellor (Finance and Administration)-Prof. Winston Tumps Ireeta witness. Makerere University and DFCU Bank Limited sign a three-year Memorandum of Understanding (MoU) designed to enhance academic excellence, advance research and innovation capabilities, and provide crucial student support services through key activities; Annual Tumusiime Muteile Lecture, MakRun and Student activities, 4th July 2025, Council Room, Main Building, Makerere University, Kampala Uganda, East Africa.
Prof. Barnabas Nawangwe (2nd L) presents a framed portrait of the Main Building to Mr. Charles Mudiwa (C) as L-R: University Secretary-Mr. Yusuf Kiranda, 91st Guild President-H.E. Ssentamu Churchill James and Acting Deputy Vice Chancellor (Finance and Administration)-Prof. Winston Tumps Ireeta witness.

“Students are the heartbeat of the university. This collaboration will empower youth and strengthen their role in national development,” His Excellency Ssentamu, said.

About MAK RUN 2025

The Makerere Run 2025 (#MakRun2025), hosted by the Makerere University Endowment Fund (MAKEF) on 17th August 2025, returns for its fifth edition as Kampala’s premier charity marathon, uniting 8,000+ runners—students, alumni, corporate teams, and elite athletes—to tackle the city’s iconic hills under the theme “Run the Hills for the Future.” This landmark event combines competitive racing with transformative impact, channeling proceeds to strengthen Makerere University’s community programs while offering unmatched branding opportunities for partners through Kampala’s largest university-led sporting spectacle.

The Mak Run, scheduled this year for August 17th, is a flagship initiative that mobilizes students, staff, alumni, and partners to raise funds for projects such as the Disability Support Unit and the Student Centre.

The Writers are Interns in the Public Relations Office, Makerere University

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Diploma in Performing Arts Admission List 2025/26

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The Office of Academic Registrar, Makerere University has released the admission list of candidates who passed the special entry examinations for the Diploma in Performing Arts held on Saturday 17th May, 2025

The following have been admitted by the University’s Admissions Committee on Private Sponsorship for the 2025/26 Academic Year

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