General
MURBS Trustees Declare 11.05% Interest on Members Balances for the FY 2021/2022
The Board of Trustees for the Makerere University Retirements Benefits Scheme (MURBS) has declared an interest of 11.05% on members’ balances for the financial year starting 1st July, 2021 to 30th June, 2022.
The Chairperson of the Board of Trustees, Dr. Godwin Kakuba made this declaration during the Presentation of the MURBS Performance for the Financial year ending 30th June 2022 to members of the University Council and Management at a meeting held on 18th October 2022 at Makerere University Telepresence Centre, Senate Building. The meeting was graced by Makerere University Council Members, the Vice Chancellor and members of management, the CEO Uganda Retirements Benefits Authority Mr. Martin. A Nsubuga, the CEO of the Insurance Company of East Africa and leaders of staff associations. Other members present were Trustees of MURBS, MURBS departmental Ambassadors, staff of Makerere university and MURBS among others.
On behalf of the Board of Trustees, Dr. Kakuba highlighted that given what has been happening on local and international market and the impact caused by the COVID pandemic, the declared interest is above the inflation rate implying that members contributions have been well preserved. He revealed that for 1,116 members of staff, the interest generated through the scheme investments and credited on their accounts is more than contributions received from the university.
The Board also confirmed that Makerere University remitted all the contributions that were due for the entire Financial year. Members funds grew from UGX 255bn to 299bn supported by the increase in contributions and positive returns from investments and is projected to hit a trillion by 30th June 2026.
Dr. Kakuba reported that the schemes accounts were audited by PricewaterhouseCoopers Certified Public Accountants who issued unqualified opinion on the financial statements. He said the scheme membership increased by 1000. As at 30th June 2022, the scheme had 7, 162 (active 3,093 and Deferred -4,069) members compared to 5,984(Active -2007 and Deferred -3907) as at 30th June 2021.
“The Trustees collected contributions totaling UGX 33.5bn as compared to UGX 24.5bn for the FY 2020/2021. Out of the 33.5bn, UGX 29.4bn was paid in respect of staff of Makerere university on main payroll except UGX 82.5m. The Trustees appreciate this compliance and are also grateful for the plans drawn to settle the difference. The Trustees thank the Makerere University for honouring these obligations,” he commended.
Dr. Kakuba appreciated the University Management for the progress made towards debt recoveries. The Trustees recovered UGX 6.5bn in respect of the In-house debt and thus, combined with UGX 5bn paid by Government on 20th May 2021, the scheme recovered UGX 11.5bn by 30th June 2022. Dr. Kakuba reported that on 4th August 2022, the Government paid UGX 1.5bn, bringing the cumulative amount recovered to UGX 13bn representing 51% total debt recoveries expressing hope that the balance of 12.4bn will also be cleared.
“The members’ funds grew from UGX 255bn at the start of the FY 2021/2022 to UGX 299bn at the end. This growth was supported by the increase in contributions and positive returns from investments. During the year, trustees approved investments in Unit Trusts which created an avenue for the scheme to maximise opportunities for daily cash contributions. The scheme’s strategy to significantly divest from equities continues to cushion our assets against volatility.” part of the statement reads.
Reporting on the effect of Fund value and return on investment on individual members, Dr. Kakuba noted that MURBs now has a member holding benefits in excess of UGX 400m while the average of the top five holdings exceeds UGX 398m. He promised that the Trustees will strive to push the member with the biggest member holding to hit 0.5bn mark over the next 12 months.
Kakuba also reported that for the past years the scheme has been voluntarily participating in Financial Reporting competitions to gauge its standard of financial reporting as compared to other financial institutions in the country with emphasis on the disclosures made in the report, governance, sustainability, communication and presentation of the accounts.
“With respect to the 2020 Annual report, MURBS again emerged winner in the Retirement Benefits Sector category. These awards are a confirmation that MURBS is on the right course. We are proud to have our scheme as a leader of the pension scheme,” said Dr. Kakuba.
Chairperson of Council satisfied with the interest of 11.05%, cautions staff on Mid Term
Access
In a speech read by Prof. Frank Mwine, the Chairperson Makerere University Council Mrs. Magara congratulated MURBS upon its consistent commitment on accountability to the stakeholders, subjecting the books accounts for auditing by a reputable firm, participating in the Financial reporting competitions and winning five awards.
The Chairperson of Council commended the Trustees for the positive performance indicators, a growing fund and membership, diversified investments, the growing net return on investment and competent return on investment. As leaders in the pension sector, the Chair implored the scheme to keep the position and support other retirement benefits schemes in Uganda to improve.
“I have noted that you have declared less interest this year than last year., but considering the economy and market conditions during the 2021/2022 Financial Year, I am satisfied that the interest 11.05% is a good return. So, our Trustees have done very well and as Council, we agree that this performance has added value on each members holding in MURBS.”
The Chairperson of Council reminded the Trustees to be aware that handling mandatory contributions requires a great deal of care. She implored the Trustees to take the highest level of due diligence as they work with service providers in the sector noting that there is no greater pain to an employee than to be told some of the money was lost in some not-so-clear investments.
In her speech, Mrs. Magara also encouraged staff and retirees not to spend a big part of the retirement package and to take advantage of the MURBS Annuity program in order to have a comfortable retirement. She reasoned that given the rate at which the scheme fund is growing, and the benefits they have, it’s likely that annuity pay-outs will soon be able to match a retirees exit salary for many members. She asked Trustees to sensitize members on the benefits of annuities.
The Chairperson of Council reminded MURBS members that there has been early access to retirement benefits before in Makerere and this has been one of the main reasons senior staff may be still having smaller packages for retirement and some members ending up accusing the university for giving them peanuts at the end of service.
Mrs. Magara cautioned and expressed concern about whispers of MURBS members getting early access to and part of their retirement money on the pretext of hardships faced during the lockdown years of COVID 19.
“I am not convinced this is a good idea for the members of MURBS since the university was able to pay full salaries during that time. The idea of midterm access coming out of a one–time event called COVID 19 should not become entrenched into long term scheme rules. I will therefore caution you to be very careful with this idea and sensitize members of MURBS,” she guided.
MURBS performance-a relief and in line with Council’s objectives – Mak VC
Describing MURBS as the brain child of the Makerere University Council established 12 years ago, the Vice Chancellor Prof. Barnabas Nawangwe said the purpose was to ensure that staff lived decent lives in retirement. Prof. Nawangwe reported that the status of the scheme was last year boosted when the Minister of Finance, Planning and Economic Development exempted the University from mandatory contributions to NSSF, making handling of mandatory retirements benefits easier and adding value to the university employees.
Prof. Nawangwe congratulated the Trustees upon the excellent performance saying, the good results presented met the original objectives of the University Council. “It is so gratifying to hear that there are more than 60 employees whose retirement packages are over 300m but are still working and some still below 50 years. This was unthinkable a few years ago. It is good to hear that over 1000 individuals have received more interest than their contributions in this financial year. This is a big achievement for a University that used to suffer negative publicity on the basis of retirement packages of her employees,” Prof. Nawangwe stated.
Prof. Nawangwe recalled that 12 years ago MURBS started with less than UGX 20bn but now holds, over UGX 300bn and receiving monthly contributions over UGX 2bn. He reminded participants that this is part of the potential he was referring to while starting his first term as Vice Chancellor.
“You may also recall that unlocking the potential within Makerere University was top of my agenda. In the case of social security of staff, this is being done every month when more than UGX 2bn is invested by our own scheme and for repayment of university debt. In addition, I promised to prioritise repayment of university debt.”
The Vice Chancellor, expressed happiness that the University with support from Government completed paying all debts for the period between 2005 and 2011 and has now repaid UGX13bn of in-house debt pledging that the balance is expected to be cleared in less than two years.
Vice Chancellor challenges staff to face the challenges of the century squarely
Turning to the staff, the Vice Chancellor stressed that with the completion of celebrations of 100 years of excellent service to humanity, Makerere University has a firm foundation on which to build.
“It is now time to face the challenges of the century squarely. We owe it to the Ugandan tax payer and to the Government of Uganda to come up with innovations that will solve the problems that our people are facing,” Prof. Nawangwe said adding:
“The Government has consistently been increasing funding towards universities. So, Universities too, and Makerere in particular, need to support government development programmes for the country by finding real solutions that impact lives and transform society. Let us nature the good relationship that exists between Government and Makerere university,” Prof. Nawangwe said.
Prof. Nawangwe commended the University Council and Management for the support accorded to MURBS saying, they have worked with the Trustees over many complicated matters and were going to continue working together in other matters such as the amendment of the Trust Deed of MURBS as the new dispensation requires.
MURBS has a formidable team and experts –CEO UBRA
The Chief Executive Officer Uganda Benefits Regulatory authority, Mr. Martin A. Nsubuga congratulated Makerere University upon holding the centennial celebrations successfully. Mr. Nsubuga also congratulated the MURBS for the wonderful performance.
“For people in this Market, declaring the interest of 11. 05% in the era of COVID and the market dynamics that were present, I really have to congratulate you. You have a very good formidable team with very good experts.”
Re-affirming the position of the Trustees on the interest declared and investments made, Mr. Nsubuga said: “On our side, we can only confirm that the numbers that have been declared are consistent with what we had anticipated. Just to confirm to you when we came here we know where your money is invested with almost 80 % in fixed assets and we know how they are trading, we had an idea and we would have been disappointed if they had declared anything less than 10%.”
Mr. Nsubuga commended MURBS Trustees for upholding good governance standards saying, they are reliable, the reason why they were recommended to become an in dependent pension scheme.
He said as a regulator, they were proud of MURBS credibility in her Financial statements describing the performance as unrivalled as far as the standard, disclosures and the returns are concerned.
He appreciated the University Management and Council for the support rendered to the scheme, fulfilling the contribution obligation and enabling the scheme to operate and perform without influence.
Mr. Nsubuga also commended the schemes foresightedness. He implored staff and Trustees to make an arrangement to work with ICEA and and purchase annuities so that they can receive monthly payments throughout their lifetime.
By: Jane Anyango and Ritah Namisango
In a vibrant celebration of youth leadership and African unity, Makerere University hosted the Second Annual Guild Leaders’ Summit, an event that brought together high-profile dignitaries, student leaders, and international partners for a powerful dialogue on the future of the continent. The summit, organized by the Guild Presidents Leadership Academy, served as a rallying point for East Africa’s young leaders to confront Africa’s most urgent challenges—on their own terms and with their own solutions.
A Warm Welcome and Reflections on Makerere’s Legacy
The Vice Chancellor, Professor Barnabas Nawangwe, welcomed the distinguished guests, who included Former President Uhuru Kenyatta of Kenya, Uganda’s Vice President H.E. Jessica Alupo, former Prime Minister Rt. Hon. Ruhakana Rugunda, Justice Simon Byabakama, Hon. Mathew Rukikaire, and European Union Deputy Ambassador Mr. Guillaume Chartrain, among others.
In his address, Prof. Nawangwe reflected on Makerere’s deep historical ties to East Africa’s liberation and development movements. He reminded the audience that Makerere University has been a crucible for the continent’s leadership, stating:
“Jomo Kenyatta was the first person to receive a degree from Makerere when, in 1963, he was awarded an honorary doctorate by then Chancellor Julius Nyerere. All freedom fighters in East Africa studied at Makerere.”
Building on this rich history, Prof. Nawangwe affirmed the university’s current mission to tackle pressing continental issues. “Today,” he said, “Makerere is committed to addressing Africa’s challenges—climate change, disease, poverty, food security, conflict resolution, and economic development. But we cannot do this alone.”
He echoed sentiments later shared by the keynote speaker, stressing that Africa must no longer depend on external interventions:
“Foreign agencies will not solve all Africa’s problems. It is our young people who must step forward and lead the change.”
Uhuru Kenyatta: “You Are the Last Line of Defence”
In a keynote address that resonated deeply with the students and delegates in attendance, Former President Uhuru Kenyatta issued a bold and urgent call to action for Africa’s youth.
“No one is coming to save us,” Kenyatta declared. “You are the last line of defence in the battle to rescue the heart and soul of Africa.”
Positioning today’s youth as the heirs of the continent’s freedom fighters, Kenyatta described the current moment as a new “independence era”—not of political liberation, but of economic and intellectual sovereignty. He urged students to think critically about intra-African trade, which currently accounts for less than 2.5% of global commerce, and to advocate for the removal of internal barriers to trade, innovation, and mobility.
“You are the freedom fighters of this generation,” he said. “Universities must be incubators of change, and students must be the trustees of tomorrow’s Africa.”
Pan-Africanism, Leadership, and Action
Uganda’s Vice President H.E. Jessica Alupo encouraged students to take up the mantle of Pan-Africanism with unwavering commitment. She acknowledged that while the rhetoric of African unity is inspiring, real progress demands more than words:
“You must embrace the spirit of Pan-Africanism. But it is easy to say these words—the challenge lies in collective implementation.”
She emphasized the importance of action-oriented leadership and urged the youth to harness their creativity, energy, and education for the benefit of the continent.
European Union’s Message: Leadership with Integrity
Representing Team Europe, the EU Deputy Ambassador to Uganda, Mr. Guillaume Chartrain, gave a passionate speech on the values of authentic leadership, integrity, and inclusive development. He praised Makerere University as a space where “intellectual ambition meets civic responsibility” and emphasized that leadership is not about prestige, but purpose:
“Be a leader because of what you want to be—not because of what you want to have,” he said.
Citing former Makerere alumni such as Julius Nyerere and Wangari Maathai, Chartrain called on students to model courage, resilience, and humility:
“True leadership emerges in moments of loss—when resilience, not triumph, becomes the measure of one’s character.”
The EU, he said, remains committed to supporting youth through programs like Erasmus+, the EU Youth Sounding Board, and partnerships with organizations like Faraja Africa Foundation and Restless Development. These initiatives empower youth not as symbols, but as active participants in shaping policy and governance.
The Legacy Continues
Throughout the summit, speakers highlighted the importance of legacy and long-term impact. They challenged young leaders to think not just about the present, but about the systems and institutions they will leave behind. In the words of Former President Kenyatta:
“Leadership is not about the next election. It’s about the next generation.”
The summit ended on a high note, with students invigorated and inspired to lead with purpose. As global support grows less predictable and Africa stands at a crossroads, the message from Makerere was clear: the future of the continent is in the hands of its youth. And as the Guild Leaders’ Summit demonstrated, they are ready.
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