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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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Makerere Convocation to Host a CEOs/Investors’ Round Table Summit 2025

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Makerere University Convocation (MUC) CEOs/Investors’ Round Table Summit on Tuesday, 2nd September 2025, 8:00AM-12:00PM, Convocation Grounds. Kampala Uganda, East Africa.

By Elvis Lubanga

Kampala, Uganda – Makerere University Convocation (MUC) is set to host the CEOs/Investors’ Round Table Summit on Tuesday, 2nd September 2025, bringing together a distinguished assembly of leaders and stakeholders.

The half-day summit will convene CEOs, investors, entrepreneurs, policymakers, researchers, innovators, and development partners to engage in meaningful dialogue, foster collaboration, and explore investment opportunities that can unlock the potential of Uganda’s next generation of talent. Running under the theme: “Exploring the Opportunities for Entrepreneurship, Innovation and Value Creation for Accelerated Socio-Economic Integration and Development of Sub-Saharan Africa,” the event reflects Makerere University’s ambition to position itself as a hub of knowledge, innovation, and transformation.

The Rt. Hon. Prime Minister Robinah Nabbanja will officiate as the Chief Guest, while Dr. Peter Kimbowa, CEO of the CEO Summit Uganda, will deliver the keynote address. Their participation underscores the importance of the summit in strengthening linkages between academia, industry, and government, and in advancing Uganda’s broader socio-economic transformation agenda.

Professor Barnabas Nawangwe, Vice Chancellor of Makerere University, will welcome the invited participants and highlighted the university’s determination to work collaboratively with partners to shape impactful solutions for Uganda and the region.

“We want to work with you to see how, together, we can move our country and continent forward. I invited all of you CEOs to Makerere so that we can brainstorm on what we can do to transform our nation and Africa at large,” Prof. Nawangwe remarked.

According to Ms. Grace Cherotich Ruto, Chief Convener of the summit and Vice Chairperson of the Makerere University Convocation, this will be the first event of its kind. She noted that the summit seeks to foster mentorship, internships, and employment linkages as a means of bridging the gap between industry and academia, while positioning Convocation as a driver of socio-economic transformation.

A key highlight of the summit will be the unveiling of the Makerere University Convocation’s Massive Transformation Purpose, a bold framework that converts five critical takeaways into independent working teams with clear Terms of Reference, objectives, data-driven activities, and measurable outcomes. The plan institutionalizes vision, distributes ownership, and ensures sustainability through quarterly reporting, evidence-based impact, and global benchmarking. The five teams—From Ivory Tower to Impact Tower, Diaspora Dividend vs. Brain Drain, Intergenerational Knowledge Bridges, AI & Future of Learning, and From Convocation to Covenant—are designed to commercialize research, harness diaspora capital, institutionalize mentorship, drive digital transformation, and sustain alumni–faculty–student engagement through a covenant model. Collectively, they transform Convocation from a ceremonial event into a movement of accountability, innovation, and sustainable socio-economic impact for Uganda and Africa.

The summit has already attracted wide endorsement from leading companies and agencies, demonstrating its timeliness and relevance.

Mr. Eugene Too, General Manager at Haco Industries, affirmed the company’s support, stating:

“Haco Industries endorses the Makerere University CEOs Forum. We believe the Summit’s objectives align with our broader goals of creating impact in education, supporting internships, job placement, and mentorship programs in Sub-Saharan Africa. We are proud to be associated with the Summit at Makerere University Convocation.”

Eng. Shaft Mukwaya, Secretary to the Equal Opportunities Commission of Uganda, commended the Convocation’s role in promoting inclusivity:

“Makerere University Convocation has proven to be a steadfast ally in achieving our mission of pursuing an inclusive society in which no one is left behind. We are honoured to be associated with this summit.”

Roofings Uganda has equally expressed strong endorsement, noting that the event aligns closely with their corporate vision:

“At Roofings, we are privileged to endorse the Makerere University Convocation CEOs/Investors’ Summit and call upon all invited guests to be part of this noble cause. Makerere University is a valued partner in nurturing talent and fostering innovation, which aligns closely with our vision of being an accelerator for a sustainable Africa. As sponsors, we are honoured to be associated with this summit that brings together leaders, investors, and visionaries to shape inclusive growth and development.”

With its broad stakeholder support, clear strategic framework, and focus on outcomes, the Makerere University Convocation’s CEOs/Investors’ Round Table Summit is positioned as a landmark event. It will provide a unique platform for academia, industry, and government to converge in pursuit of sustainable growth, innovation, and socio-economic development, not only for Uganda but for the entire Sub-Saharan African region.

Mak Editor

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Change of Course/Programme for Undergraduate Admissions 2025/2026

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The Office of the Academic Registrar, Makerere University has released lists for the recommended for change of course/ programme for Degree/Diploma Scheme and Direct entry for Private/Government sponsored students for the Academic Year 2025/2026.

The lists released can be accessed by following the respective links below:

Elias Tuhereze

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Makerere Signs Open MoU with London School of Economics and Political Science

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Seated Left to Right: Dr. Richard Newfarmer, Dr. Jonathan Leape, Dr. Sarah Sewanyana, Prof. Barnabas Nawangwe, Prof. Ibrahim Mike Okumu and Prof. James Wokadala with other officials (Standing) after the MoU signing on 27th August 2025. Makerere University, through the College of Business and Management Sciences (CoBAMS) and the Economic Policy Research Centre (EPRC), has signed an open Memorandum of Understanding (MoU) with the London School of Economics and Political Science (LSE), 27th August 2025, Kampala Uganda, East Africa.

Makerere University, through the College of Business and Management Sciences (CoBAMS) and the Economic Policy Research Centre (EPRC), has signed an open Memorandum of Understanding (MoU) with the London School of Economics and Political Science (LSE). This MoU is one of several initiatives aimed at strengthening the university’s global collaborations and research partnerships.

In his remarks, Vice Chancellor Prof. Barnabas Nawangwe highlighted Makerere’s recent centenary celebrations as a testament to its long and influential history in Africa. He reaffirmed the university’s commitment to serious, research-driven collaboration, noting Makerere’s aspiration to become a leading student-centered research university that develops solutions to regional challenges.

Prof. Barnabas Nawangwe makes his remarks ahead of the MoU signing. Makerere University, through the College of Business and Management Sciences (CoBAMS) and the Economic Policy Research Centre (EPRC), has signed an open Memorandum of Understanding (MoU) with the London School of Economics and Political Science (LSE), 27th August 2025, Kampala Uganda, East Africa.
Prof. Barnabas Nawangwe makes his remarks ahead of the MoU signing.

Prof. Nawangwe emphasized that Makerere’s research addresses critical issues such as widespread poverty, high youth unemployment, the devastating effects of climate change on agriculture, rapid population growth, and political interference in production. These challenges, he explained, call for climate-resilient agriculture, stronger health systems to address emerging diseases, and more inclusive governance. He further observed that Africa’s ambitious goal of producing one million PhDs in the next decade remains constrained by inadequate supervision capacity across the continent, stressing that collaborations like this MoU are key to bridging that gap.

EPRC Executive Director, Dr. Sarah Sewanyana, described the signing as particularly significant for EPRC and its Board of Directors as they embark on a new five-year strategic plan (2025/26–2029/30). She explained that the plan strongly emphasizes strategic collaborations, with this partnership serving as a prime example of leveraging collective strengths to deepen impact. She underscored EPRC’s role in advancing evidence-based policymaking for national development, aligning with Uganda’s National Development Plan IV.

The partners show off the signed MoU. Makerere University, through the College of Business and Management Sciences (CoBAMS) and the Economic Policy Research Centre (EPRC), has signed an open Memorandum of Understanding (MoU) with the London School of Economics and Political Science (LSE), 27th August 2025, Kampala Uganda, East Africa.
The partners show off the signed MoU.

Prof. James Wokadala, Acting Principal of CoBAMS, emphasized that the collaboration seeks to preserve and expand vital human knowledge while strengthening partnerships between academic institutions and global research networks. He noted that these networks are instrumental in advising legal and policy professionals, as well as aligning research agendas with both national and corporate priorities. He expressed pride in the extensive efforts of the School of Economics that have expanded these activities in recent years. He pointed to significant accomplishments that have been achieved in collaboration with IGC, including hosting a 2025 high-level international conference on mobile money payment systems, which positioned Makerere University as a thought leader on critical African economic issues. He also celebrated the successful bid by the School of Economics to host the ‘Africa Meeting of the Econometric Society’ in 2027, further demonstrating its contribution to impactful scholarship and policy influence.

The Acting Principal further emphasized that the new partnership with LSE will build on these achievements, offering immense benefits such as expanding capacity-building opportunities for faculty and students, especially in research and Public Infrastructure Management (PIM). The collaboration will also provide platforms for knowledge dissemination and policy dialogue, while addressing pressing socio-economic and health challenges. Ultimately, he said, formalisation of the partnership amplifies CoBAMS’ commitment to excellence in teaching, research, and innovation.

Speaking on behalf of LSE’s International Growth Centre (IGC), Executive Director Dr. Jonathan Leape expressed delight at formalizing the long-standing collaboration with Makerere and EPRC. He highlighted current joint projects, including research on the impact of the 2020 gender-based vaccine program on women’s skills and learning, studies on reforms in STEM education, and investigations into barriers limiting business growth for entrepreneurs. He stressed that the core mission is to bring researchers and policymakers together to address pressing policy challenges with robust, reliable evidence and innovative solutions.

Prof. Nawangwe presents a souvenir Mak Necktie to Dr. Jonathan Leape. Makerere University, through the College of Business and Management Sciences (CoBAMS) and the Economic Policy Research Centre (EPRC), has signed an open Memorandum of Understanding (MoU) with the London School of Economics and Political Science (LSE), 27th August 2025, Kampala Uganda, East Africa.
Prof. Nawangwe presents a souvenir Mak Necktie to Dr. Jonathan Leape.

The event, held on 27th August 2025, was attended by several dignitaries including Dr. Richard Newfarmer, Country Director for Uganda and Rwanda (IGC); Dr. Nhial Kuch, Senior Country Economist (IGC); and Mary Teddy Nakyejwe, IGC Programme Officer. Also present were the Director of Research, Dr. Ibrahim Kasirye and other members of EPRC leadership.

Eve Nakyanzi
Eve Nakyanzi

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