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.
General
Makerere University and World Bank Sign Partnership to Strengthen Environmental and Social Sustainability Capacity
On 5th March 2026, Makerere University signed a Memorandum of Understanding (MoU) with the International Development Association (IDA), the financing arm of the World Bank Group, establishing a strategic partnership aimed at strengthening environmental and social sustainability systems in Uganda and the wider East African region.
The collaboration brings together Makerere University through the College of Agricultural and Environmental Sciences (CAES) and the College of Humanities and Social Sciences (CHUSS) and the World Bank to jointly advance training, research, and policy advisory in environmental and social sustainability.
The three-year agreement provides a framework for cooperation focused on building national capacity to manage environmental and social risks associated with large-scale development investments.
Advancing Sustainable Development through Knowledge Partnerships
The partnership will be anchored in the Environment and Social Sustainability Centre (ESSC) at Makerere University, a national hub established to promote applied research, policy engagement, and professional training in environmental and social governance.
Through the Centre, the two institutions will collaborate to strengthen Uganda’s ability to plan and implement development projects in ways that safeguard communities and the environment.
Speaking during the signing ceremony, Ms. Francisca Ayodeji (Ayo) Akala, the World Bank Country Manager emphasised that the collaboration reflects a shared commitment to strengthening systems that support sustainable growth.
“This partnership with Makerere University is an important step in strengthening Uganda’s systems for environmental and social sustainability. By working through the Environment and Social Sustainability Centre, we aim to build the capacity of professionals across government, the private sector, and development institutions to better manage environmental and social risks and deliver investments that promote sustainable growth while protecting people and the environment.” Ms. Francisca Ayodeji (Ayo) Akala, World Bank Country Manager, Uganda, noted.
The partnership will support training, research, and policy advisory activities through the ESSC, helping Uganda pursue a development trajectory that promotes economic growth while protecting people and the environment.
Building National Capacity for Environmental and Social Risk Management
Uganda’s development agenda under the Fourth National Development Plan prioritises large-scale investments in infrastructure, agro-industrialisation, energy, and science and technology. However, such investments require strong environmental and social risk management systems to ensure sustainable outcomes.
The new partnership, therefore, focuses on building a skilled workforce capable of applying international best practices in environmental and social governance.
Under the MoU, Makerere University will design and deliver demand-driven short-course training programs targeting public sector officials, development practitioners, financial institutions, civil society organisations, and private sector actors implementing major projects.
Seven certificate-level short courses have already been developed and approved across multiple colleges at the University. These courses cover areas such as environmental and social risk management, climate risk assessment, construction health and safety, and integrating environmental and social considerations into investment cycles.
“Makerere Universityis proud to partner with the World Bank in strengthening Uganda’s capacity to manage environmental and social risks in development investments. Through the Environment and Social Sustainability Centre, we have already developed and approved seven certificate-level short courses across multiple colleges, designed to equip professionals in government, the private sector, and development institutions with practical skills to plan and implement sustainable projects. This collaboration reflects Makerere’s commitment to providing knowledge-driven solutions that support Uganda’s development while safeguarding communities and the environment.” Prof. Barnabas Nawangwe noted.
Strengthening Collaboration between Academia and Development Partners
As part of the agreement, the World Bank will support the development and delivery of the training programs, including conducting Training of Trainers (ToT) on the Bank’s Environment and Social Standards and international best practices.
The Bank will also leverage its convening power to encourage participation from development partners, government institutions, and project implementers, while supporting impact monitoring of trained professionals to document improvements in project performance and job creation.
The collaboration will further promote professional networking, policy dialogue, knowledge exchange, and the development of knowledge hubs containing environmental and social tools, databases, and resources for practitioners.
Positioning Makerere as a Regional Knowledge Hub
Through this partnership, Makerere University seeks to position the Environment and Social Sustainability Centre as a leading knowledge hub for environmental and social governance in Africa.
By combining academic expertise with the World Bank’s global experience in development financing and technical assistance, the initiative is expected to strengthen the institutional capacity required to deliver sustainable and climate-resilient investments in Uganda.
The partnership also aligns with the World Bank’s broader commitment to supporting Uganda’s development agenda and strengthening country systems for environmental and social sustainability.
Together, the two institutions aim to equip professionals across government, the private sector, and development organizations with the skills required to ensure that Uganda’s development pathway remains inclusive, responsible, and environmentally sustainable.
Caroline Kainomugisha is the Communications Officer, Advancement Office, Makerere University
General
Makerere University Explores Expanded Partnership with Stanbic Bank to Advance Innovation and Investment
On 5th March 2025, the Vice Chancellor, Makerere University, Prof. Barnabas Nawangwe, paid a courtesy visit to Stanbic Bank Uganda’s Chief Executive Officer, Mr Mumba Kalifungwa. The purpose of the visit was to explore areas for further collaboration with Stanbic Bank Uganda to strengthen innovation, entrepreneurship, and strategic investment.
The engagement reaffirmed the long-standing relationship between the two institutions and provided an opportunity to explore how academia and the financial sector can work together to unlock opportunities for students, staff, alumni, and the broader Ugandan community.
Discussions during the meeting focused on innovation and entrepreneurship support, student development programs, infrastructure partnerships, and investment opportunities linked to the University’s strategic development agenda.
Driving Innovation and Youth Entrepreneurship
During the engagement, the Vice Chancellor highlighted Makerere’s continued efforts to position itself as a research-led and innovation-driven university, emphasising the importance of partnerships with industry in translating academic research and ideas into practical solutions.
He underscored the need to empower young people with the skills and support required to create enterprises and generate employment opportunities, given Uganda’s fast-growing population, particularly the mushrooming young population. According to UBOS, by 2024, the young population was approximately 22.8 million persons out of a total population of 45.9 million people.
“If we do not support young people to innovate and create enterprises, we risk facing serious economic and social challenges. The employment of the future will increasingly be created by young people themselves,” he noted.
Among the proposals discussed was the possibility of establishing a Stanbic-supported innovation competition, aimed at stimulating entrepreneurship and providing a platform for students and young innovators to transform ideas into viable businesses.
Such an initiative could build on existing innovation and incubation programs run at Makerere and Stanbic Bank while strengthening collaboration between academia and the private sector in supporting enterprise development.
Expanding Strategic Collaboration
Speaking during the meeting, Mr Mumba Kalifungwa, the Chief Executive Officer of Stanbic Bank Uganda reaffirmed the bank’s commitment to strengthening its partnership with Makerere University.
He noted that while the bank has long provided financial services to the university and its staff, there is a significant opportunity to deepen collaboration in areas that generate broader societal impact.
“As an institution, we are interested in partnerships that go beyond financial services to create meaningful impact in society through the Stanbic Bank positive impact agenda. Education is one of the most important sectors through which we can drive that impact,” he noted.
The CEO also highlighted Stanbic Bank’s National Schools Championship program, which promotes innovation among secondary school students across Uganda, noting that a similar approach could potentially inspire initiatives at the university level.
Exploring Investment and Infrastructure Opportunities
The meeting also explored opportunities for collaboration in investment and commercialisation initiatives linked to university infrastructure and land assets.
University representatives shared insights into ongoing efforts to explore public–private partnership (PPP) models for strategic investments aimed at improving infrastructure and unlocking value from underutilised university assets.
Potential development opportunities discussed include projects related to hospitality facilities, commercial spaces, and other revenue-generating infrastructure within and around the university. Such initiatives could provide sustainable revenue streams for the university while creating opportunities for private sector participation in campus development.
Supporting Students, Staff, and Alumni
Additional discussions focused on expanding programs that benefit the wider Makerere community. These include financial literacy initiatives for students, expanded internship and graduate training opportunities, and collaborative programs to support student entrepreneurship and enterprise development.
The meeting also explored opportunities for collaboration in alumni engagement, leveraging Makerere’s extensive global alumni network to strengthen partnerships between the university and industry.
Programs aimed at improving financial preparedness and retirement planning for staff were also discussed, alongside potential housing and asset financing solutions tailored to the needs of university employees.
“Through this partnership, we are exploring opportunities that support the entire Makerere community, from financial literacy and entrepreneurship programs for students to internship pathways, alumni engagement, and financial preparedness initiatives for staff. These efforts will be anchored within the renewed collaboration framework between Makerere University and Stanbic Bank Uganda,” said Mr Awel Uwihanganye, Chief Advancement Officer.
The Chief Advancement Officer further noted that these initiatives are expected to be anchored within a renewed Memorandum of Understanding (MoU) between Makerere University and Stanbic Bank.
A Shared Vision for Impact
Both institutions expressed optimism about the potential of the partnership to contribute to national development by supporting innovation, enterprise creation, and the development of future leaders.
As Makerere University continues to strengthen its role as a leading research and innovation institution in Africa, partnerships with forward-looking institutions such as Stanbic Bank Uganda remain critical in advancing the university’s mission of generating knowledge, nurturing talent, and driving solutions that address national and global challenges.
Caroline Kainomugisha is the Communications Officer, Advancement Office, Makerere University
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