The Chairperson of Council, Mrs. Lorna Magara (R) hands over a Certificate of Appreciation to Mr. Barnabas Tumusingize (L) who received it on behalf of Outgoing Chairperson, Dr. Martin J. Aliker at the MakEF Board Inauguration on 30th September 2021, CTF2 Auditorium, Makerere University.
The Outgoing Chairperson, Makerere University Endowment Fund (MakEF) Board of Trustees, Dr. Martin J. Aliker has in his handover speech reported that the Inaugural Board grew the onshore fund from scratch to UGX 1.2 Billion by the end of their tenure in 2019. This was at a function presided over by the Chairperson of Council, Mrs. Lorna Magara on 30th September 2021 in the Central Teaching Facility 2 (CTF2) Auditorium to inaugurate the new MakEF Board.
Dr. Aliker’s remarks read on his behalf by member of the Pioneer Board, Mr. Barnabas Tumusingize reported that this growth was made possible through several income generating activities including the MakEF Run (MakRun).
“The onshore return on investment during our tenure was 14.5 percent. All this investment was undertaken through treasury bills, bonds, equities and cash deposits. Our Board considered investing in securities as the primary approach to growing the Fund through capital appreciation” read Dr. Aliker’s speech.
During their tenure, the Inaugural Board appointed a fund administrator, fund manager and custodian for the efficient management of the onshore endowment fund. The onshore fund is complemented by an offshore fund managed in the United Kingdom (U.K.).
Dr. Aliker nevertheless noted that despite its popularity in the global north, the idea of university endowment funds was nascent in Makerere and the African continent. “For instance, there are a few studies that have been conducted to examine the utility and systematic trends that bear useful lessons for the Board and other stakeholders” he added.
He concluded by wishing the incoming board chaired by Professor Maggie Kigozi success. “We commit our availability for consultations as and when the need arises, as We Build for the Future.”
The Vice Chancellor, Prof. Barnabas Nawangwe who was represented by the Principal College of Business and Management Sciences (CoBAMS), Dr. Eria Hisali in his remarks extended sincere gratitude to the outgoing MakEF Board for the pioneer efforts and dedication, despite the fact that the concept of endowment funds is yet to be fully appreciated in this part of the world.
Prof. Nawangwe commended the outgoing board for;
Identifying and entering into contract with two fund managers; GenAfrica Asset Management Limited for the onshore fund and Crown Agents Investment Management for the offshore fund based in the UK.
Their oversight that enabled prudence in investment that resulted in a commendable return on investment. The onshore fund grew from nothing in 2014 to the current UGX 1.5 Billion, while the offshore fund is now valued at 1.5 Million GBP (approximately UGX 7.1 Billion)
Popularising MakEF through various activities such as the MakRun held in 2017, 2018 and 2019.
Reaching out and encouraging Colleges at the University to contribute to the fund. CoBAMS positively responded by establishing a college fund.
Reaching out to institutions affiliated to Makerere University such as Makerere College School and encouraging them to contribute to the fund in response to a resolution by the University Council.
The Vice Chancellor acknowledged that whereas endowment was still in its infancy, the Management looks forward to a future where MakEF would be able to support; the University’s academic endeavours, financial aid to deserving students from humble backgrounds, the University’s research agenda and the University’s long-term strategic planning.
“I would like to start by inviting everyone to join me in appreciating the contribution of Dr. Martin Aliker and the members of the outgoing Board of Trustees, whose dedicated service has led us to this day” remarked Mrs. Lorna Magara, the Chairperson of Council as she commenced her address.
The Chairperson of Council-Mrs. Lorna Magara (6th R) with the New Chairperson-Prof. Maggie Kigozi (7th R) as well as incoming and outgoing members of the MakEF Board of Trustees and Staff after the Inauguration ceremony on 30th September 2021, CTF2, Makerere University.
The Board chaired by Dr. Aliker was also made up of; Ambassador Edith Sempala, Mr. Martin Owiny, Mr. Barnabas R. Tumusingize, Mr. Grace Isabirye, Prof. John Ddumba-Ssentamu and Hon. Gerald Karuhanga.
She observed that it was over seven years since the University Council established MakEF at its 130th Meeting held on 20th February 2014, motivated by the dream to build a sustainable financial base for Makerere and diversify revenue beyond the reliance on student fees and Government subvention.
“The motivation to set up Makerere University Endowment Fund is much more critical today than it was then. The financial demands of the University will continue to rise following the current and future ambitions in research and innovation, along with the need to implement new technologies for teaching and learning” remarked the Chairperson Council.
She added that although MakEF was still modest in comparison to the initiatives of Makerere’s international peers, she was confident that the Fund was on the right path, thanks to the strong foundation laid by Dr. Aliker and the pioneer Board of Trustees.
“It will be up to the new Board to pursue the multiple opportunities available amongst alumni, local and international philanthropists, the private sector, government and development partners to raise the Fund to greater heights” added Mrs. Magara.
She congratulated the new Board upon their appointment and wished them a fruitful tenure. “It is my greatest honour to inaugurate the new Board of Trustees, as We build for the Future” she concluded.
In her acceptance speech, Prof. Maggie Kigozi admitted that it was a great honour to serve as the second Chairperson of Board of Trustees of MakEF, following in the footsteps of Dr. Martin J. Aliker and the commendable work done by his pioneer Board.
“ Makerere University is not only a premier institution of higher learning in Africa but also my alma mater.” Professor Kigozi enthused before adding, “It was truly an honour and a privilege to have been selected. So many people would have loved to be with us here and so we do not overlook the privilege of having been given those years to study at Makerere.”
Professor Maggie Kigozi, the New Chairperson of the Makerere University Endowment Fund (MakEF) Board of Trustees.
Turning to the Mrs. Magara, the first female Chairperson of Council in Makerere’s history she said, “To be here working with you will be such an honour and the young girls out there watching us, watching you, watching me are motivated. They know they can aim for the highest.”
Prof. Kigozi shared that the incoming board would deliberate and agree upon a robust visibility and mobilization campaign hinged on the following;
A digital platform to profile alumni from all over the world and mobilize them to contribute to ongoing activities such as the MakRun
Increasing MakEF’s online presence through a dedicated website that highlights the Fund’s projects and various ways through which contributions can be made
She added that her board would develop an investment plan for the purpose of diversifying MakEF’s investment portfolio so as to grow the asset selection and minimise potential investment risks.
“From my experience in the investment world, I am aware that an investor’s asset allocation decision has a strong bearing on portfolio performance of a Fund. Together with my colleagues, we will review the asset allocations and in consultation with existing policies, determine the best options for the Fund” pledged Prof. Kigozi.
As she concluded her remarks, the Incoming MakEF Board Chairperson highlighted that there was a lack of empirical studies specific to the nascent endowment fund terrain on the continent, which made it difficult for institutions like MakEF to systematically examine trends in the endowment sector as a whole. She therefore implored the university to invest in research in this area, which would eventually benefit both the Board and MakEF’s portfolio.
The new members of the MakEF Board of Trustees are;
Professor Maggie Kigozi – Chairperson
Associate Professor Umar Kakumba – Member
Mr. Martin Owiny – Member
Ms Anne Juuko – Member
Mr. Kenneth Mugambe – Member
Mr. Barnabas R. Tumusingize – Member
Mr. William Ndoleriire – Member
Please see Downloads for brief profiles of the new MakEF Board and Speeches from the event.
Makerere University has officially unveiled NCBA Bank Uganda as the platinum sponsor for the 2025 Makerere University Marathon (#MakRun2025), marking a significant milestone in the institution’s journey toward inclusive and sustainable student support. The partnership was formally announced during a colourful event held at the university, attended by the Vice Chancellor, Prof. Barnabas Nawangwe, Dr. Maggie Kigozi, Chairperson of the Makerere University Endowment Fund, and NCBA Bank Uganda CEO, Mr. Mark Muyobo.
NCBA Bank Uganda’s UGX 1.45 billion sponsorship over the next five years is the largest corporate contribution to the Makerere Marathon to date. It underscores the bank’s commitment to supporting quality education, community development, and equity. Mr. Muyobo said that, “We are driven by the desire to leave every community better than we found it”. He added that the goal is to empower disadvantaged students to live without limitations, describing this initiative as a bold stride toward establishing a world-class international marathon.
Left to Right: Mr. Mark Muyobo, Dr. Maggie Kigozi and Prof. Barnabas Nawangwe pose for a photo at the Main Building entrance.
“This is more than just a sponsorship, it is a strategic partnership built on shared values,” Dr. Kigozi remarked. “With this support, we are positioned to establish a fully equipped Disability Support Unit and a sustainable pool of funds to assist economically disadvantaged students.”
The marathon, slated under the theme “Run the Hills for the Future,” seeks to unify students, alumni, corporate entities, and professional athletes in pursuit of a common cause. At its core, the MakRun2025 promotes active lifestyles, social inclusion, and a sense of communal responsibility.
“It’s not just a race,” Prof. Nawangwe emphasized. “It is a movement to break barriers, change lives, and build a resilient, inclusive university.”
Prof. Barnabas Nawangwe poses with the #MakRun2025 photo frame.
The marathon’s broader impact includes fundraising for students living with disabilities and those facing financial hardship, contributing directly to the university’s Endowment Fund.
A major highlight of the event is the introduction of a full 42.2-kilometer marathon—bringing international standards to the annual run. Organizers have promised a professional, accredited experience with traffic-free routes and ample support for runners.
“This edition will elevate the MakRun into a world-class event,” said Mr. Muyobo. “We are proud to support Makerere University in realizing its dream of a globally recognized marathon that reflects Uganda’s commitment to education and inclusivity.”
Beyond the race itself, the event will feature a vibrant line-up of activities, including music, drama, and games for all age groups. It is designed to foster a festival-like atmosphere that welcomes every member of the community.
Officials pose with runners in the Freedom Square.
Organizers and university leaders have extended an open invitation to students, staff, alumni, corporate partners, and Kampala residents to participate, cheer, or donate to the cause.
“Every step taken is a step towards hope for a student,” Dr. Kigozi stated. “Together, we are building a Makerere that cares, includes, and uplifts.”
The partnership is expected to significantly enhance the university’s ability to support underprivileged students and improve campus infrastructure for students with disabilities. It also sets the tone for future collaborations that align with the values of compassion, excellence, and innovation. The fifth edition of the MakRun is scheduled to take place on August 17th, 2025.
The Government of Uganda and AFRISA in Collaboration with Makerere University invites applicants for Diploma and Certificate programs tenable at the College of Veterinary Medicine, Animal Resources and Bio-security (COVAB).
Makerere University has today Wednesday, 9th June 2025 officially unveiled NCBA Bank Uganda as the Platinum Sponsor of the Makerere University Endowment Fund (MakEF)’s flagship initiative – the Makerere University Marathon. Formerly known as a fun run, the initiative was rebranded on 27th March 2025 during the launch of its Fifth Edition. This year’s event, #MakRun2025, is slated for 17th August 2025 under the theme “Run the Hills for the Future”.
MakEF Board Chairperson, Dr. Maggie Kigozi.
Addressing the Media at a press conference this afternoon, the MakEF Board Chairperson, Dr. Maggie Kigozi remarked, “We are deeply honoured and excited to unveil NCBA Bank Uganda as the Platinum Sponsor of #MakRun2025, with a landmark commitment of UGX 1.45 billion over the next five years.”
Dr. Maggie Kigozi shows her support for #MakRun2025.
Dr. Kigozi further described the unveiling as “a strategic partnership built on shared values and a common vision for inclusive education and sustainable impact,” adding that it would “fast-track the establishment of a fully equipped Disability Support Unit for students living with disabilities, and to build a sustainable pool of funds to support Economically Disadvantaged Students.”
Appreciating the generous sponsorship, the Vice Chancellor, Prof. Barnabas Nawangwe acknowledged that NCBA Bank had not only made history as the biggest corporate sponsor of #MakRun to date but also aligned with Makerere’s vision to improve the quality of student life. “This is a powerful gesture of trust in our mission and a demonstration of deep corporate citizenship”, he added.
Prof. Barnabas Nawangwe makes his remarks.
Prof. Nawangwe further thanked NCBA for recognizing that an investment in Makerere University is an indirect investment in the future of Uganda. “The Makerere Marathon is not just a race. It is a movement to establish a fully-fledged Disability Support Unit for students living with various forms of disabilities, and to build a sustainable fund for Economically Disadvantaged Students.”
The Vice Chancellor therefore rallied staff, students, alumni, partners and friends of Makerere to match NCBA’s generous support with vigour and commitment, so as to make #MakRun2025 the most impactful edition since its founding.
Mr. Mark Muyobo makes his remarks at the press conference.
The Chief Executive Officer, Mr. Mark Muyobo thanked Makerere University for giving NCBA Bank Uganda the opportunity to play its part in “shaping Uganda’s future one student, one community, one strength at a time,” adding that #MakRun is a symbol of hope for students living with disabilities as it speaks to Makerere’s core values of inclusion, equity, and excellence.
On a rhythmical note, Mr. Muyobo remarked that the #MakRun2025 theme is “not just about finishing lines, it is about opening doors; giving opportunities to those who are disabled. It is about promoting active lifestyle.”
Runners get flagged off for an evening run after the unveiling ceremony.
#MakRun2025 will for the first time feature a full 42.2km marathon race with international accreditation and professional timing along a dedicated traffic-free route.
“These are not just upgrades, these are bold steps towards building a world-class international marathon right here in Kampala. We are proud to be the wings at your back as you take this leap because when Makerere University, the beacon of higher learning in Uganda grows stronger, the ripple effects are felt across the region and across the continent” Mr. Muyobo affirmed.
Mr. Mark Muyobo (L) and Dr. Maggie Kigozi (R) pose with the signed MoU.
To officially seal the deal, a Memorandum of Understanding was officially signed between Makerere University and NCBA Bank Uganda, and thereafter, a dummy cheque of UGX 1.45 billion was presented to Dr. Maggie Kigozi as the Vice Chancellor, Members of Management and NCBA staff witnessed.
Left to Right: Mr. Mark Muyobo, Dr. Maggie Kigozi and Prof. Barnabas Nawangwe pose for a photo at the Main Building entrance.