General
Dr. Martin Aliker to Prof. Maggie Kigozi: The Legacy of MakEF
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 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.”
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.
The two-week training programme aims to equip government officers with practical skills to assess project viability, manage investment risks and ensure public resources deliver value for money.
The Public Investment Management Centre of Excellence (PIM CoE) is strengthening the capacity of government officers to undertake financial appraisal and risk analysis of public investment projects through a two-week training programme designed to improve the quality of project preparation, appraisal and decision-making in Uganda.
The training, which started in Fort Portal on October 19, 2026, brought together participants from various government ministries, departments and agencies (MDAs), alongside facilitators from Makerere University, the Ministry of Finance, Planning and Economic Development, Cambridge Resources International (CRI), the National Planning Authority and the Uganda Development Bank.
Officially opening the training on behalf of the Permanent Secretary/Secretary to the Treasury, Ms Esther Ayebare, Acting Assistant Commissioner in the Project Analysis and Public Investment Department of the Ministry of Finance, Planning and Economic Development, emphasised the importance of rigorous project appraisal in strengthening Uganda’s public investment management system.
She noted that projects admitted into the public investment plan must be aligned with national priorities, technically sound, financially viable and capable of delivering value for money.
“Government must be able to compare investment alternatives and ensure that only viable projects proceed through the public investment process,” she emphasised.
Ms Ayebare explained that sound appraisal enables government to make informed investment decisions, maximise returns on public expenditure and ensure that limited public resources are directed towards projects with the greatest potential to deliver development outcomes.
Building practical skills for better investment decisions
The training builds on the Public Investment Management course conducted in June, which introduced participants to Uganda’s public investment management framework, including project conceptualisation, stakeholder analysis, project costing, implementation action plans, the Integrated Bank of Projects, and monitoring and evaluation of public investment reforms.
The current programme advances this foundation by equipping participants with technical competencies in financial appraisal, financial modelling and risk analysis.
Participants will explore integrated investment appraisal, alternative investment criteria, cash-flow statements, inflation and exchange-rate movements, asset valuation, project financing, project scale and timing, risk-sharing arrangements and cost-effectiveness analysis.
Through practical exercises and case studies, participants will apply these concepts to investment scenarios in sectors such as roads, health, education and water. The programme will also examine how climate change, social considerations and other risks can be integrated into project preparation and appraisal.
Ms Ayebare encouraged participants to engage actively with the facilitators, question the practical application of the tools and consider how the skills acquired could improve investment decisions within their respective institutions.
She also reminded participants that the programme includes an examination and that certification requires more than attendance. Participants are expected to demonstrate an understanding of the concepts and acquire practical skills that they can apply in their work.
Reducing dependence on externally prepared studies
A key objective of the training is to strengthen the ability of government institutions to undertake high-quality project appraisal studies using their own technical teams.
Ms Ayebare observed that many studies submitted to the Development Committee have traditionally been prepared by external consultants, often at considerable cost. Building the capacity of public officers to conduct these studies independently can help institutions strengthen their technical expertise and improve the quality of project proposals presented for consideration.
She urged participants to take full advantage of the facilitators’ expertise and return to their institutions equipped to undertake sound financial appraisals and provide evidence-based advice to decision-makers.
She further emphasised that project approval requires thorough preparation, analysis and justification, rather than simply identifying available funding and proposing a project to utilise it.
Strengthening public investment management through capacity development
In his remarks, Prof. Edward Bbaale, Director of the PIM CoE, thanked the Ministry of Finance for its financial support and for identifying participants from government institutions. He also recognised the contributions of the facilitators and partner institutions in delivering the programme.
Prof. Bbaale noted that the Centre’s work extends beyond training to include research and advisory services aimed at improving public investment management practices. He encouraged continued collaboration with government institutions and other partners to advance research, knowledge sharing and capacity development.
Speaking during the training, Dr John Sseruyange, Manager of the PIM CoE, highlighted the importance of commitment, active participation and punctuality throughout the programme. He encouraged participants to engage with the facilitators, ask questions and apply the knowledge gained to the projects they support.
Dr Sseruyange also acknowledged the Government of Uganda, through the Ministry of Finance, Planning and Economic Development, for financing the training, and appreciated Cambridge Resources International for its continued support towards improving public investment preparation and analysis in Uganda.
The training reflects ongoing efforts to strengthen Uganda’s public investment management system by equipping public officers with the knowledge and practical competencies needed to assess projects rigorously, identify potential risks and make informed investment decisions.
By developing in-house expertise across government institutions, the programme seeks to contribute to better-prepared projects, more efficient use of public resources and improved delivery of Uganda’s development priorities.
President Yoweri K. Museveni while officiating as Chief Guest at the Julius Nyerere Annual Symposium 2026: Nyerere-Museveni Dialogue at Makerere University called upon the audience not to merely hold Nyerere’s Legacy as a historical footprint but as a masterplan for the future that remains unfinished. Organised by the Julius Nyerere Leadership Centre (JNLC), the symposium was a two day event that started with “ekyooto” on 13th October at the JNLC gardens and climaxed on 14th October in Freedom Square. The second day hinged on the theme: Borrowing from the Past, Building the Future.
In the President’s message delivered by Rt. Hon. Dr. Crispus Walter Kiyonga the Second Deputy Prime Minister and Chancellor of Makerere University, the president spotlighted, “Mwalimu Nyerere as the greatest African that ever lived in terms of contribution to the African people’s efforts for freedom, human rights, and dignity.”
This greatness, he notes, spilled not just to political ideals but also to economics and security. The President agreed with him and warned that “freedom without economic transformation and economic prosperity, without a robust strategic security, remains incomplete.”
Reaching out to the younger generation of scholars and leaders, the President issued a strong warning to move beyond simply remembering Nyerere to action. He said, “you must carry forward the torch of pan-Africanism, reject sectarianism and tribalism, build our regional markets, and champion the total political integration of our motherland.”
He appreciated Mwalimu for his; unwavering support for the struggle of the East African Federation, courageous backing of the armed anti-colonial struggles in the southern half of Africa, principled and decisive support for the anti-Idi Amin struggle, pro-people and pro-unity policies that kept Tanzania peaceful for decades, and ensuring that Tanzania remained a strategic rear base for the entire African resistance.
As a believer in Nyerere’s ideals, the President urged the audience to honor Mwalimu “not merely through commemorative speeches, but through completing the historical task of uniting, defending, and prospering our motherland,” for the motive is to ensure that the independence wars won by our predecessors were not in vain.
To this note, he reiterated the case for Uganda, saying “we shall never forget his profound contribution” to Africa.
Professor Nyamsenda’s Keynote Unparked Pan-Africanism
During the Nyerere-Museveni Dialogue symposium at Makerere University, Professor Sabatho Nyamsenda, a lecturer at the University of Dar es Salaam delivered the Keynote Address titled “The Unfinished African Project: From Liberation Legacies to a New Generation of Transformation” during the symposium”.
He started on a lighter noticing “Nyerere is being Ugandanised.” This he said looking at the annual Public Lectures dedicated to his name and felt like challenging his home institutions to follow suit.
At the calm of the room, he presented a critique of the current state of Pan-Africanism, arguing that it has been grabbed by the ruling elites, a challenge Professor Nyamsenda identifies to have started in the period of 1960 -1980.
He explained that it was around this time period that Pan-Africanism was snatched away from the masses and it became a state project. Currently, he said the ideology exists in two forms: Boardroom and Street Pan-Africanism.
Professor, characterised Boardroom Pan-Africanism as a State Project. He said “boardroom Pan-Africanism sits comfortably with imperialism and elite-centered accumulation.” While Street Pan-Africanism to which Professor advocates, he emphasised that historically, this approach “united the African liberation movement and liberated the African continent from the most barbaric colonial powers.”
As he concluded, Professor Nyamsenda joined Mwalimu and the President of Uganda in urging youth to consider joining and leading the struggle for a better Africa.
Role of JNLC in Realising Nyerere’s Ideas
Professor Saturninus Kasozi Mulindwa, the JNLC Board Chair highlighted the primary objective of the center as “imparting knowledge and sharing experiences from the old generations to the new generations.” Therefore, JNLC contributes to the actualisation of Nyerere’s ideas by focusing on the development of the next generation of African leaders.
To supplement this, Dr. Nansozi K. Mwanga the Executive Director at JNLC said that the center is committed to “nurturing ethical, conscious, and transformative leaders inspired by Mwalimu’s ideas of service, human dignity, self-reliance, and Pan-African solidarity.”
She explained their focus is on several key areas with training as core. They have “trained over 1,500 young people and young leaders from across Uganda.”, and developed leadership programs “grounded in ethical decision-making, civic responsibility, public service, and action.”
In her remarks, it was observed that training alone is not enough; they are also doing mentorship, to provide opportunities for networking and learning from experienced leaders. There are already testimonies when you visit the Centre wall of fame. To which Dr. Nansozi revealed “leadership development matters when learning becomes service and meaningful action.”
The Centre remains proud of those they have touched and are eager to support as many cohorts.
Julius Nyerere Family Pour their Heart out
Mama Maria Nyerere, addressed the Symposium virtually and commended the Centre for keeping Mwalimu’s values alive.
As a memory of her husband, she reminded the audience that his greatest legacy was anchored on the values by which he lived: service, humility, integrity, unity and love for Africa and its people. She also urged the young people to take up leadership responsibilities and lead with humility, integrity and always remember the people they serve.
Mama Nyerere also advised the youth to learn from those who came before them like her husband with courage to build a better Africa for their generation and those who will come after them.
Joining Mama Nyerere, on behalf of the Nyerere family was Ms. Julia Nyerere, a granddaughter, who attended physically and thanked H.E. Kaguta Museveni for supporting the establishment of the Julius Nyerere Centre at Makerere University and also commended the Keynote Speaker Professor Nyamsenda for Critiquing Nyerere’s ideas.
Julia further shared an understanding of her grand-father’s interest in preserving humanity as a moral.
As a family they are happy that his (Nyerere) values and legacies continue to inspire Africa and beyond.
Appreciation for All who Made the Symposium Possible
Addressing the symposium, the Vice Chancellor of Makerere University, represented by Professor Henry Alinaitwe the Deputy Vice Chancellor in Charge of Finance and Administration expressed the University’s appreciation and commitment.
He thanked “the government of Uganda for the support they are giving to the Julius Nyerere Leadership Center,” and requested Dr. Kiyonga to “convey the message to the fountain of honour for this initiative that Makerere University is happy for, and is going on well.”
To the leadership of the Center, he specifically thanked the Director Dr. Nansozi for her focused leadership. He stated, “I commend my friend, Dr. Nansozi, for the work that you are doing.”
Professor Alinaitwe also emphasized “we” value these symposiums, saying, “as a university, we acknowledge that such activities create great visibility.”
Dr. Kiyonga was also thanked for delivering the President’s message, together with veterans like Professor Kabwegyere, among other distinguished guests and partners that attended.
Professor Tarsis Bazana Kabwegyere as well appreciated all and emphasised the collective duty of the youth in building the next generation.
He advised “your responsibility is to identify and build Africa forward, building on the legacies and foundations of our forefathers,”.
The Professor also argued that “being young on its own is not a virtue. It is what you are when you are young.” He challenges the audience to avoid being ignorant and claim that you are young.
Background of the Nyerere Symposium
The Julius Nyerere Annual Symposium is an intergenerational gathering hosted at Makerere University. For more than six years now, it has been connecting past leadership legacies of Nyerere and other revolutionaries with current regional and continental priorities under the (JNLC) centre.
The Julius Nyerere Leadership Centre (JNLC) serves as a training ground and research hub designed to mentor the next generation of African leaders. Co-hosted by Makerere University and the Uganda Management Institute (UMI), the Centre bridges the gap between older statesmen and youth by focusing on Pan-African ideals, ethical governance, and social transformation.
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