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Dr. Martin Aliker to Prof. Maggie Kigozi: The Legacy of MakEF

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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. Martin Aliker (2nd L) shakes hands with the Vice Chancellor, Prof. Barnabas Nawangwe (2nd R) at the successful conclusion of the Second Edition of the Makerere University Endowment Fund (MakEF) Run (MakRun) on Sunday 25th March 2018 as Prof. William Bazeyo (L) and Dr. Florence Nakayiwa (R) witness.
Dr. Martin Aliker (2nd L) shakes hands with the Vice Chancellor, Prof. Barnabas Nawangwe (2nd R) at the successful conclusion of the Second Edition of the Makerere University Endowment Fund (MakEF) Run (MakRun) on Sunday 25th March 2018 as Prof. William Bazeyo (L) and Dr. Florence Nakayiwa (R) witness.

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;

  1. 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.
  2. 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)
  3. Popularising MakEF through various activities such as the MakRun held in 2017, 2018 and 2019.
  4. Reaching out and encouraging Colleges at the University to contribute to the fund. CoBAMS positively responded by establishing a college fund.
  5. 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 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.
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;

  1. A digital platform to profile alumni from all over the world and mobilize them to contribute to ongoing activities such as the MakRun
  2. 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;

  1. Professor Maggie Kigozi – Chairperson
  2. Associate Professor Umar Kakumba – Member
  3. Mr. Martin Owiny – Member
  4. Ms Anne Juuko – Member
  5. Mr. Kenneth Mugambe – Member
  6. Mr. Barnabas R. Tumusingize – Member
  7. Mr. William Ndoleriire – Member

Please see Downloads for brief profiles of the new MakEF Board and Speeches from the event.

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Dissolution of the 2020/2021 GRC and Guild Executive

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The Vice Chancellor, Prof. Barnabas Nawangwe (L) hands over an assortment of Mak souvenirs to the 86th Guild President Mr. Ssempijja Ivan (L) after their meeting, June 2021, CTF1, Makerere University.

To All Students

Communication from Dean of Students

This is to inform you that the Guild Representative Council and Guild Executive were dissolved on 08th October, 2021 by the Rt. Hon. Guild Speaker in accordance with Article 17(4) (e) to pave way for the Guild Presidential and Guild Representative Council elections for 2021/2022.2. The Electoral Commission was elected and begun its work.

Following the dissolution,- the guild matters are under the Care TakerGovernment provided for by Article 50 of the Guild Constitution.

The composition of the Care Taker Government is:

a) Dean of Students

b) Guild Speaker

c) Guild Advisor

d) Deputy Guild Speaker

e) Guild Legal Advisor

Winfred Kabumbuli
DEAN OF STUDENTS

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Call for Applications: PhD Thesis Completion Grants

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The Director DRGT, Prof. Buyinza Mukadasi interacts with some of the 80 PhD Candidates attending the Training in Scholarly Writing and Communication Skills on 19th August 2019 at the Main Library, Makerere University, Kampala Uganda

From the University’s annual budget allocation FY 2021/22, the Directorate of Research and Graduate Training (DRGT) established the PhD Thesis Completion Grants Program to support outstanding doctoral candidates on the verge of finalizing their thesis/dissertation, who have no other source of funding for the requested period.

The scheme is intended to help candidates make significant progress toward the completion of their thesis/dissertation and/or substantial improvement in the quality of their dissertation. The scheme is designed to enable candidates to focus full time on the writing of their theses, improving the quality of the dissertation and shortening the time required to complete the doctoral degree.

In effect, the grant is intended to decrease time to degree and to support higher quality outcomes among students nearing graduation where relatively modest resources will make a large difference.

Applications from PhD candidates who demonstrate a clear ability to impact mainstream academia and whose projects reflect, and contribute to, the aims of the DRGT are welcomed to apply.

  • Applicants should review the eligibility criteria specified below as those not meeting these criteria will not be considered.
  • No grant will be awarded for a Thesis/dissertation which has already been submitted for preliminary examination.

Awards:

A total of 10 grants will be awarded during the period of July 1 to December 31, 2021 to Fully Admitted and Registered students.

The total budget support will depend on the strength of the application but in any case not exceeding Shillings Ten million (UGX 10,000,000/=), which will be disbursed upon submission of a realistic activity-based budget.

Application Procedure

  1. Electronic submission of application with supporting documents saved under one file using the following format: last name_PhDgrant2021.doc
  2. Submit to the Director, Directorate of Research and Graduate Training, Makerere University; Email: conference[at]rgt.mak.ac.ug Copy to: director[at]rgt.mak.ac.ug
  3. Three (3) Hard copies should be addressed to:
    The Director, Directorate of Research and Graduate Training,
    Senate Building Level 4, Room 410, Makerere University; P.O.BOX 7062, Kampala.
  4. Application Deadline: FRIDAY NOVEMBER 5TH, 2021; 5.00PM East African Time

NB: Only Successful applicants will be contacted.

Applications submitted to any other Email address other than the one above will not be accepted.

Inquiries:

For further information, please contact Mr. Nestor Mugabe, Research Grants Officer, DRGT Makerere University, via e-mail: nestor.mugabe[at]mak.ac.ug; Cell: +256-782-770032

Please Download below for the eligibility criteria and other details

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Mak Leadership Commends MURBS Fund Value Growth ahead of 11th AGM

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Assoc. Prof. Sarah Ssali (5th L) who represented the Chairperson Council with Members of Council, US-Mr. Yusuf Kiranda (6th L), URBRA's Mrs. Ritah Nansasi Wasswa (4th L), Chairperson MURBS BoT-Dr. Godwin Kakuba (7th L), MURBS Trustees, Representatives of Management as well as the Chairman MUASA and Representatives of Staff Associations at the presentation held on 19th October 2021, Senate Building, Makerere University.

The University Council and Management have commended the Makerere University Retirement Benefits Scheme (MURBS) Board of Trustees (BoT), Service Providers and Secretariat on the Scheme’s fund value growth from UGX 209 Billion to UGX 255 Billion during the Financial Year 2020/21. The commendations were delivered on Tuesday 19th October 2021 in the Telepresence Centre, Senate Building at the presentation of MURBS’ performance for the aforementioned period ahead of the 11th Annual General Meeting (AGM) scheduled to take place on Thursday 21st October 2021.

“The Chairperson of MURBS has told us that the Scheme now has assets worth UGX 255 Billion and has shown a rising trend of members’ benefits over the last few years. It is quite remarkable that 200 University employees have crossed into the group having over UGX 200 million in a space of one year!” exclaimed the Vice Chancellor, Prof. Barnabas Nawangwe in his remarks.

The Vice Chancellor, Prof. Barnabas Nawangwe delivers his remarks.
The Vice Chancellor, Prof. Barnabas Nawangwe delivers his remarks.

Earlier, Dr. Godwin Kakuba the Chairperson MURBS BoT had in his communication shared that the Scheme recorded two (2) members whose benefits crossed into the UGX 350-400 Million range, while four (4) members’ benefits crossed into the UGX 300-350 Million range within the period 30th June 2021 to 30th June 2021. Furthermore, within the same period, members with benefits in the UGX 250-300 Million range grew from six (6) to seventy eight (78), while those in the UGX 200-250 Million range grew from seventy three (73) to two hundred seventy three (273).

“These are good performance indicators and I am sure members of MURBS are pleased about them. We too welcome these results and hope that they will result into something positive for the University” said Prof. Nawangwe.

The Chairperson Board of Trustees, Dr. Godwin Kakuba presents the Statement of MURBS' Performance for the FY 2020/21.
The Chairperson Board of Trustees, Dr. Godwin Kakuba presents the Statement of MURBS’ Performance for the FY 2020/21.

On this note, the Vice Chancellor urged members of MURBS to serve the University with dedication and contribute generously towards the reconstruction of the Main Building. He equally appealed to staff to actively participate in celebrations to mark 100 years of Makerere University’s existence. The year-long celebrations were launched by the President H.E. Yoweri Kaguta Museveni on 9th October 2021 during the 59th Independence Day commemorations at Kololo Ceremonial Grounds.  

The Chairperson, Makerere University Council, Mrs. Lorna Magara who was represented by Council Member and Dean School of Women and Gender Studies, Assoc. Prof. Sarah Ssali in her remarks thanked God for MURBS’ notable achievement despite a Financial Year characterized by lockdowns and COVID-19 infection waves.

“These (performance indicators) are well above the objectives of the scheme and have added real growth to every individual member’s funds. I also congratulate the Trustees on this achievement” lauded Mrs. Magara.

Assoc. Prof. Sarah Ssali represented the Chairperson of Council, Mrs. Lorna Magara.
Assoc. Prof. Sarah Ssali represented the Chairperson of Council, Mrs. Lorna Magara.

At 77.79%, Treasury Bonds form the largest Asset Class in MURBS’ investment portfolio. This is followed by Investment property at 7.96%, Quoted shares (East Africa Equities) at 5.58%, Guaranteed Fund at 4.45%, Fixed Deposits at 2.15%, Treasury Bills at 2.01% and Corporate bonds at 0.07%.

The Chairperson congratulated MURBS upon winning an additional two accolades at the Financial Reporting (FiRe) Awards in November 2020. Earlier, the Chairperson Board of Trustees reported that MURBS had emerged winner in the retirement benefits category of the FiRe Awards for four consecutive years.

Assoc. Prof. Sarah Ssali (3rd L), URBRA's Mrs. Ritah Nansasi Wasswa (2nd L), University Secretary Mr. Yusuf Kiranda (C) and Chairperson MURBS BoT Dr. Godwin Kakuba (3rd R) with Trustees R-L: Mr. Wilber Grace Naigambi, Ms. Franco Angida Mugyema and Mr. Joseph Ikarokok.
Assoc. Prof. Sarah Ssali (3rd L), URBRA’s Mrs. Ritah Nansasi Wasswa (2nd L), University Secretary Mr. Yusuf Kiranda (C) and Chairperson MURBS BoT Dr. Godwin Kakuba (3rd R) with Trustees R-L: Mr. Wilber Grace Naigambi, Ms. Franco Angida Mugyema and Mr. Joseph Ikarokok.

“That is something that brings me, and Makerere University Council as a whole, lots of joy. I am confident that those awards testify about the strength of the Scheme and the level of transparency that you put into this work. Please keep it up” complimented the Chairperson.

Mrs. Magara thanked the Government of Uganda for creating an investment climate that is conducive to good performance of retirement benefits schemes, as well as continuing to pay the salaries of Makerere University Staff from which the scheme receives monthly contributions to invest. She equally thanked the University administration for supporting MURBS by paying most of the staff benefits on time.

Members of the MURBS Secretariat led by Principal Pensions Office (PPO) Ms. Susan Khaitsa (C), and L-R: Assistant PPO (APPO) Mr. Patrick Sempijja, APPO Mrs. Juliet Nabukeera Kitaka, Office Administrators Ms. Rhona Asingwire and Mr. Marvin Kakuba.
Members of the MURBS Secretariat led by Principal Pensions Office (PPO) Ms. Susan Khaitsa (C), and L-R: Assistant PPO (APPO) Mr. Patrick Sempijja, APPO Mrs. Juliet Nabukeera Kitaka, Office Administrators Ms. Rhona Asingwire and Mr. Marvin Kakuba.

The Chairperson concluded by reiterating Council’s support to MURBS as a model scheme in the country and commitment to ensuring that the balance of the In-house debt is cleared.

“I am satisfied that the University Council is achieving the objectives of setting up MURBS. I would like to again advise the Trustees to continue exercising due diligence in all matters of the Scheme” she summed up.

URBRA's Director Legal Mrs. Ritah Nansasi Wasswa represented the CEO Mr. Martin Nsubuga.
URBRA’s Director Legal Mrs. Ritah Nansasi Wasswa represented the CEO Mr. Martin Nsubuga.

Representing the CEO Uganda Retirement Benefits Regulatory Authority (URBRA) Mr. Martin Nsubuga, the Director Legal-Mrs. Ritah Nansasi Wasswa commended the Board of Trustees on the timely submission of financial statements, application for Trustee licences, quick responses to queries raised by the regulator and general adherence to the legal framework that governs the sector.

“URBRA is working tirelessly to support all licensed schemes in the promotion of good governance and overall management of the schemes’” added Mrs. Wasswa.

The URBRA representative thanked MURBS Trustees for working with the regulator to facilitate the development the Trustee Training and Certification Programme. Launched by URBRA in 2021, the programme is aimed at improving and enhancing professionalism of trustees.

Assoc. Prof. Sarah Ssali (2nd L) with L-R: URBRA's Mrs. Ritah Nansasi Wasswa, University Secretary Mr. Yusuf Kiranda and Chairperson MURBS BoT Dr. Godwin Kakuba at the presentation of MURBS’ performance for FY 2021/21 held on 19th October 2021 in the Telepresence Centre, Senate Building, Makerere University.
Assoc. Prof. Sarah Ssali (2nd L) with L-R: URBRA’s Mrs. Ritah Nansasi Wasswa, University Secretary Mr. Yusuf Kiranda and Chairperson MURBS BoT Dr. Godwin Kakuba at the presentation of MURBS’ performance for FY 2021/21 held on 19th October 2021 in the Telepresence Centre, Senate Building, Makerere University.

She commended MURBS on its new status as the mandatory retirement benefits scheme of Makerere University. “Given the new status of the scheme, we implore the Trustees to ensure strict compliance with the law, scheme trustee deed and the rules.”

The Chairperson Board of Trustees (BoT), Dr. Godwin Kakuba while presenting the Scheme’s performance reiterated MURBS’ commitment to ensuring that all practices of good governance are adhered to.

“For the Financial Year 2020/21, and in accordance with the Board Charter, the BoT engaged Profiles International Uganda Limited to evaluate its performance. This is the fourth time such an evaluation is being done and the results show that on the whole, the Board was rated very highly with an overall performance rating of ‘Excellent’.

The Secretary MURBS Board of Trustees Mr. Wilber Grace Naigambi.
The Secretary MURBS Board of Trustees Mr. Wilber Grace Naigambi.

“The Trustees will continue to work towards the realization of MURBS’ medium to long-term targets, such as, individual member holding reaching the UGX 500 Million band by 2024 and achieving 100% income replacement ratio by 2027” remarked Dr. Kakuba.

The Chairperson concluded by thanking the Chairperson and members of the University Council as well as the Vice Chancellor and members of Management for supporting MURBS to become a fully-fledged Employer Mandatory Scheme.

The presentation was moderated by Mr. Wilber Grace Naigambi MURBS Secretary BoT and Principal Public Relations Officer Ms. Ritah Namisango.  

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