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.
As part of her efforts to familiarize herself with the offices under her docket, the newly appointed First Deputy Vice Chancellor in charge of Academic Affairs, Prof. Sarah Ssali, has embarked on a series of visits to different units that report to her office. One of these is the Makerere University Press (MakPress), which she visited today on 21st of October 2025, on a courtesy call. She was received by the Managing Editor for MakPress, Dr. William Tayeebwa, a Senior Lecturer in the Department of Journalism and Communication at the College of Humanities and Social Sciences. Previously, MakPress operated jointly with the Directorate of Graduate Training (DGT) and the Directorate of Research, Innovations and Partnerships (DRIP) before becoming a standalone entity. Accompanying Prof. Ssali on this visit were Prof. Julius Kikooma, the Director of DGT, and Mr. Mathias Ssemanda, the Acting Manager of the International Relations Office.
Prof. Sarah Ssali (2nd Right) flanked by Left-Right: Mr. Matthias Ssemanda, Prof. Julius Kikooma, Dr. William Tayeebwa and Ms. Eunice Rukundo signs the MakPress Visitors’ Book.
During her visit to MakPress, Prof. Sarah Ssali commended the Unit for its progress and partnerships while emphasizing the need to strengthen collaboration with key institutions such as the National Curriculum Development Centre (NCDC), the Ministry of Education and Sports, and other universities. She encouraged the Press to explore practical working models, including leveraging external expertise and streamlining its printing processes to enhance efficiency. Prof. Ssali also highlighted the importance of safeguarding intellectual property, ensuring fair contractual terms with partners, and maintaining transparency in publishing agreements. She advised that Makerere University Press should position itself strategically by producing high-quality academic materials that serve both national and international audiences. Additionally, she urged the team to adopt a more consistent publication schedule—launching books quarterly or biannually—and to organize events where authors can engage directly with readers, scholars, and policymakers. Prof. Ssali reaffirmed the administration’s support toward building a stronger, more vibrant university press that effectively contributes to research dissemination, academic dialogue, and national development.
Dr. William Tayeebwa (R) autographs a copy of the Centennial Publication “Makerere’s Century of Service to East Africa and Beyond” for Prof. Sarah Ssali (Right).
During the courtesy visit, Dr. William Tayeebwa highlighted the milestones and ongoing projects at the Press. He spoke about the growing partnerships with institutions such as the University of Chicago Press, the University of California Press, and the African Books Collective, which have enhanced both local and international visibility of Makerere’s publications. “Why make a university press when you have Makerere University Press”, Dr. Tayeebwa said urging public universities to utilize MakPress. Dr. Tayeebwa also shared that the Press has republished several titles, launched new book projects, and developed a digital platform that enables readers to access and purchase books online. However, he pointed out a number of challenges affecting the Press’s operations, including inadequate funding, limited printing capacity at the university printery, and delays that often affect the timely release of publications. He further noted the difficulty of accessing generated funds due to bureaucratic procedures, space and infrastructure limitations, and the continued confusion between the roles of the Press and the printery. Despite these challenges, Dr. Tayeebwa reaffirmed the commitment of his team to strengthen Makerere University Press as a central pillar in advancing research dissemination and academic publishing.
Dr. William Tayeebwa (3rd R) gestures during MakPress Staff interaction with the DVCAA.
Makerere University Retirement Benefit Scheme (MURBS) has presented its performance of Financial Year 2024/2025 to the sponsor, the University Council and other stakeholders on 21st of October in the Telepresence Centre, Senate building. MURBS which is a Mandatory Employer-Based Scheme was established by Makerere University under an irrevocable trust effective 1st April 2009 to provide retirement benefits to employees of Makerere University.
Council applauds MURBS Performance
In her remarks at the presentation, the Chairperson of the University Council, Mrs. Lorna Magara, commended the Scheme’s steady progress and reaffirmed the Council’s commitment to safeguarding staff welfare. She noted that MURBS has grown into a trusted, transparent, and professionally managed scheme that continues to strengthen confidence among staff. Mrs. Magara praised the Board of Trustees for their prudent management and governance, describing their work as not merely financial stewardship but the protection of the hopes and futures of Makerere families. She urged continued focus on member education, digital service delivery, and sustainable fund growth, emphasizing that the ultimate goal is to build a lasting legacy of trust and financial wellbeing for all university employees.
Mrs. Lorna Magara.
MURBS demonstrates liquidity and resilience amid a volatile economy
Representing the Vice Chancellor, the Deputy Vice Chancellor for Academic Affairs, Prof. Sarah Ssali, commended the Makerere University Retirement Benefits Scheme (MURBS) for its continued growth, accountability, and prudent management. She applauded the Scheme’s record fund value of UGX 475 billion and its unqualified audit opinion from KPMG, describing these milestones as clear evidence of transparency and sound governance. Prof. Ssali reaffirmed Makerere University’s full commitment as the Scheme’s sponsor, noting the progress made in clearing historical arrears and supporting MURBS operations. She praised the Board’s disciplined investment strategy—particularly its diversification into unit trusts and near-cash assets—which has enhanced liquidity and resilience amid a volatile economy. Highlighting MURBS as a model of good governance and accountability, Prof. Ssali emphasized that a reliable retirement scheme not only secures staff futures but also strengthens motivation, productivity, and institutional excellence.
Prof. Sarah Ssali.
Embrace digital transformation – URBRA urges
From Uganda Retirement Benefits Regulatory Authority (URBRA), the Manager Market Conduct, Mr. Mark Lotukei commended MURBS for its continued commitment to compliance, member education, and sectoral excellence. He highlighted that the Authority has been focusing its trainings on strengthening trustees’ capacity, with recent sessions covering strategic tax planning to help schemes minimize liabilities and safeguard members’ funds. Mr. Lotukei further announced upcoming trainings on benefits administration, stakeholder roles, and the contribution of pension funds to infrastructure and economic development. Emphasizing the evolving nature of the pension landscape, he urged trustees to embrace digital transformation, improve communication with members, and promote sustainable and innovative investment strategies. He concluded by reaffirming URBRA’s commitment to supporting MURBS and other schemes, assuring stakeholders of the Authority’s openness to continued collaboration and guidance.
Mr. Mark Lotukei.
Fund Value Hits Record UGX 475 billion
In his presentation on the performance, the Chairperson of the Board of Trustees, Dr. Michael Kizito, highlighted the Scheme’s continued growth, prudent financial management, and commitment to transparency. He reported that MURBS’ total assets had risen to UGX 475 billion, up from UGX 409 billion the previous year, reflecting strong investment performance and effective governance. Dr. Kizito commended the University management for timely remittances and reaffirmed the Board’s focus on sound risk management, diversification, and member satisfaction. He acknowledged the dedication of the trustees, staff, and service providers, noting that their collective effort has positioned MURBS for sustainable success. Looking ahead, he emphasized the Scheme’s intention to strengthen alternative investments and optimize operations to deliver even greater value to members and stakeholders.
Dr. Michael Kizito.
The presentation of the performance of the scheme is one of the activities leading to the Annual General Meeting and it is done to management and the Sponsor of MURBS. The presentation, which attracted several key stakeholders including members of the University Council and representatives from Stanbic Bank and Old Mutual, concluded with an engaging question-and-answer session moderated by Dr. Deus Kamunyu Muhwezi. The session provided an opportunity for participants to seek clarity on the Scheme’s performance, governance practices, and investment strategies, fostering transparency and open dialogue between the MURBS leadership and its partners. MURBS is licensed by the Uganda Retirement Benefits Regulatory Authority (License No. RBS.0005).
This is to address recent incidents of student violence targeting individuals at Mitchell Hall of residence. Fortunately, the police intervened and prevented harm.
Violence of any kind is unacceptable and has no place at Makerere University. Every member of the University Community deserves to live without fear of violence or harassment.
The University has launched an investigation into the matter and once concluded, strict disciplinary action will be taken against those found responsible in accordance with University Rules & Regulations.
I urge all students to:
Refrain from violence and harassment
Report incidences of violence to University Management