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
The grounds of Makerere University came alive with energy and ambition as students, graduates, and industry leaders gathered for the 2026 Makerere Careers Fair, an engagement that continues to cement the University’s role as a bridge between academic training and the realities of the modern workplace.
Held in partnership with the National Social Security Fund (NSSF) as part of the wider NSSF Career Expo, and the US-Mission Uganda, the three-day event created a vibrant space where conversations about careers moved beyond theory into lived, practical experience. The Yusuf Lule, Central Teaching Facility, Auditorium, the Freedom Square and exhibition spaces transformed into arenas of exchange, where students interacted directly with employers, asked difficult questions about their futures, and began to map out their professional journeys with greater clarity.
At the heart of this year’s engagement on day one, 11th March, 2026, was a theme that resonated deeply with a generation stepping into uncertainty: “Man or Machine: Exploring AI’s Impact on Careers.” Across panel discussions and keynote sessions, speakers challenged students to confront the realities of a rapidly shifting job market. The message was consistent: technology is not simply displacing jobs; it is reshaping them, demanding a workforce that is adaptable, digitally fluent, and grounded in distinctly human skills such as creativity, critical thinking, and emotional intelligence.
Day Two, 12th March, 2026, led by the United States Mission to Uganda, shifted the focus to global opportunities, equipping students with practical guidance on U.S. university applications, scholarships, and visa processes, as well as fully funded fellowships they can apply for. Through direct engagement with credible experts, students gained clarity on navigating international academic pathways and positioning themselves competitively beyond national borders, expanding the Careers Fair’s scope from local employability to global mobility.
The final day, 13th March 2026, under the theme “Connecting potential to purpose: Partnerships for sustainable impact,” brought together Makerere University and key partners, including Stanbic Bank, Absa Bank Uganda, TotalEnergies Uganda, the Uganda Police, Pslams Food Industries, among others, to emphasise collaboration as the cornerstone of career readiness. The conversations underscored a shared commitment to aligning education with industry needs, demonstrating that sustainable career pathways are built through strong partnerships that connect talent to opportunity in a rapidly evolving world.
What stood out most was not just the content of these conversations, but the way students engaged with them. There was a palpable sense of curiosity and urgency, as young people sought to understand where they fit in a future increasingly defined by automation and innovation. For many, the Careers Fair became more than an event; it was a bridge to internship and graduate trainee opportunities, and to careers whose balls were set rolling. It was a moment of reckoning and possibility.
This transformation was made possible through a strong network of partners whose presence underscored the importance of collaboration in shaping career pathways. NSSF Uganda anchored the engagement with insights into financial planning and long-term security, reframing how young professionals think about work beyond immediate income. Stanbic Bank Uganda brought industry perspective, offering students a clearer understanding of the competencies required to thrive in the financial sector. The United States Mission to Uganda contributed to broadening horizons through knowledge exchange and exposure to global opportunities, while TotalEnergies Uganda highlighted the evolving energy sector landscape and the role of innovation in driving sustainability, among other players.
Together, these partners did more than exhibit; they participated in shaping a narrative about the future of work that is inclusive, dynamic, and grounded in real-world demands.
For Makerere University, the Careers Fair represents more than an annual engagement; it is a reflection of its enduring commitment to preparing students for life beyond the lecture room. By convening diverse actors from academia, industry, and development spaces, the University continues to position itself as a national hub for talent development and thought leadership. It is within these spaces that education becomes truly transformative, where knowledge meets opportunity, and where ambition is matched with access.
Advancing Partnerships for Sustainable Impact
The Careers Fair also speaks directly to Makerere University’s Advancement agenda, which is increasingly focused on building purposeful, long-term partnerships that extend the University’s impact beyond its campus.
Through such engagements, Makerere is intentionally cultivating relationships that create shared value. The presence of industry leaders and development partners is not incidental; it is part of a deliberate strategy to align academic training with market realities while opening up pathways for mentorship, internships, and employment. These collaborations are gradually shaping an ecosystem in which students are not only educated but also actively supported in their transition into the workforce.
What emerges is a model of engagement that moves beyond transactional interactions to something far more meaningful. Partners are not just sponsors or participants; they are co-creators in preparing the next generation of professionals. In turn, Makerere strengthens its position as a trusted partner, one capable of convening, connecting, and contributing to national and global development priorities.
As conversations from the Careers Fair continue to echo across campus, one thing remains clear: the future of work will belong to those prepared to evolve with it. Makerere University, through platforms such as this, is ensuring that its students are not merely observers of change but active participants in shaping it.
Caroline Kainomugisha is the Communications Officer, Advancement Office, Makerere University.
General
Makerere University and Tumusiime Mutebile Foundation Sign MOU to Advance Centre of Excellence for Private Sector Development
Makerere University and the Tumusiime Mutebile Foundation have signed a Memorandum of Understanding (MoU) to advance the Emmanuel Tumusiime Mutebile Centre of Excellence for Private Sector Development, marking a significant step toward strengthening collaboration between academia, policy actors, and the private sector.
The agreement formalises a strategic partnership aimed at promoting research, policy dialogue, entrepreneurship development, innovation, and knowledge exchange to support Uganda’s economic transformation and the growth of its private sector.
The MoU, which will run for an initial five-year term, brings together Makerere University’s academic and research expertise with the Tumusiime Mutebile Foundation’s commitment to advancing the legacy of the late Governor Emmanuel Tumusiime Mutebile, one of Uganda’s most influential economic reformers and a proud alumnus of the University.
Advancing a Shared Vision for Private Sector Development
Speaking at the signing ceremony, Rt. Hon. Amama Mbabazi, SC, Chairman of the Tumusiime Mutebile Foundation, described the occasion as an important milestone that establishes a purposeful partnership between two institutions committed to knowledge, national development, and the advancement of Uganda’s private sector.
“This is an important occasion because it formalises a partnership between two institutions with a shared commitment to knowledge, to national development, and to the advancement of Uganda’s private sector,” he noted.
Rt. Hon. Mbabazi emphasised that Uganda’s future prosperity will depend on the strength and competitiveness of its private sector and the country’s ability to nurture innovation, entrepreneurship, and sound policy.
According to him, the Centre will provide a practical platform through which research can inform policy, young people can be trained and inspired, partnerships can be built, and innovation can be supported to help enterprise flourish.
“These are not separate concerns,” he said. “They are all part of the same national task: building an economy that creates jobs, expands opportunity, and improves the lives of our people.”
Makerere’s Role in Hosting the Centre
Makerere University will host the Centre of Excellence and support its work through its research capacity, innovation ecosystem, and network of scholars and experts. The University leadership noted that the partnership aligns closely with Makerere’s mission as one of Africa’s leading research universities and its commitment to knowledge-driven development.
In her remarks, Prof. Sarah Ssali noted, “Makerere University is fully committed to hosting, resourcing, and championing the Emmanuel Tumusiime Mutebile Centre of Excellence, and we look forward to working closely with the Foundation to attract additional partnerships that will strengthen its impact.”
The collaboration will bring together academic excellence and practical engagement with the private sector, positioning the Centre as a national resource for policy research, entrepreneurship development, and dialogue on economic transformation.
She also reaffirmed Makerere’s commitment to working closely with the Tumusiime Mutebile Foundation to attract additional partnerships and funding to strengthen the Centre and expand its impact.
Honouring the Legacy of Emmanuel Tumusiime Mutebile
Beyond its institutional significance, the establishment of the Centre represents a tribute to the enduring legacy of Governor Emmanuel Tumusiime Mutebile, who served for many years as Governor of the Bank of Uganda and played a central role in shaping Uganda’s economic policy and institutional development.
Governor Mutebile was widely recognised for his intellectual rigour, commitment to sound economic policy, and dedication to building strong institutions that could support sustainable growth and stability.
Through the Centre of Excellence bearing his name, Makerere University and the Tumusiime Mutebile Foundation seek not only to commemorate his contributions but also to continue advancing the values he championed, including policy discipline, intellectual seriousness, and a commitment to national development.
As Rt. Hon. Mbabazi noted that legacy should be understood not merely as remembrance but as meaningful work that benefits future generations. “It is about creating a platform through which research can inform policy, through which young people can be trained and inspired, and through which innovation can be supported,” he said.
A Platform for Ideas, Innovation, and National Development
The Emmanuel Tumusiime Mutebile Centre of Excellence for Private Sector Development is expected to serve as a hub for research, capacity building, entrepreneurship support, and policy engagement aimed at strengthening Uganda’s private sector and expanding economic opportunity.
By bringing together academia, policymakers, business leaders, and innovators, the Centre will help foster practical solutions to the challenges facing enterprise development while nurturing the next generation of Ugandan entrepreneurs and economic leaders.
Through this partnership, Makerere University and the Tumusiime Mutebile Foundation have taken an important step toward ensuring that Governor Mutebile’s legacy continues to inspire ideas, institutions, and opportunities that contribute to Uganda’s long-term prosperity.
Caroline Kainomugisha is the Communications Officer, Advancement Office, Makerere University.
General
Career Expo 2026 Concludes as Students Gain Industry Insights, Career Guidance, and Networking Opportunities
The Makerere University Careers Expo 2026 has successfully concluded, offering a wealth of opportunities to students from diverse academic backgrounds. Held from March 11–13, 2026, the three-day event climaxed under the theme “Connecting Potential to Purpose: Partnerships for Sustainable Impact.” It provided a dynamic platform for career guidance, job opportunities, entrepreneurship training, networking, innovation, and insights into evolving workplace dynamics.
Associate Professor Anthony Gidudu, Chairperson of the Organizing Committee, expressed gratitude to sponsors and participants for their support.
“Thank you, Makerere University, for entrusting me with this immense responsibility,” he said, acknowledging the collective effort behind the event’s success.
He encouraged students to fully utilize the opportunities presented at the expo. “Make the most of it,” he urged.
The expo attracted prominent partners, including the Parliament of Uganda and the Uganda Police Force, who offered valuable career insights and opportunities. Gidudu also welcomed Professor Buyinza Mukadasi, the Academic Registrar of Makerere University, recognizing his pivotal role in shaping students’ academic journeys.
On behalf of the University, Professor Buyinza Mukadasi emphasized the significance of the Career Expo 2026.
“This event gives us a chance to support our students in transitioning from the academic world to the world of work,” he noted.
He commended the theme for underscoring the importance of aligning students’ abilities with purpose and societal contribution. Prof. Mukadasi also expressed appreciation to key partners, including the MasterCard Foundation, NSSF, and the Parliament of Uganda, as well as collaborators such as the Makerere University Advancement Office, Stanbic Bank, Old Mutual, DFCU Bank, Uganda Baati, and ABSA.
Reflecting on the role of technology, he noted that artificial intelligence enhances efficiency but does not replace human potential. He urged students to embrace lifelong learning, referencing the well-known assertion that “the illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn.”
In his keynote address, Paul Rumanda Rugambwa, Head of Human Resources at the Infectious Diseases Institute, emphasized the importance of aligning potential with purpose.
“Potential is what you have, while purpose is what the world expects from you tomorrow,” he said.
Rugambwa encouraged students to develop transferable skills, seek mentorship, and uphold integrity. He highlighted agility and digital literacy as essential competencies in today’s job market.
“It doesn’t matter what course you are pursuing, you must be digitally literate,” he emphasized.
He also urged students to view their peers as future collaborators, drawing inspiration from global success stories built on partnerships.
The closing session featured a panel discussion with representatives from various organizations who deliberated on key issues across multiple sectors.
Israel Arinaitwe, Head of Personal Banking at Stanbic Bank Uganda, highlighted the bank’s commitment to supporting youth entrepreneurship through targeted initiatives. He noted the availability of internship opportunities, skills training, and the Stanbic Business Incubator, which equips young people with practical business skills. He encouraged students to build financial discipline and relationships early.
On inclusion, Gorretti Byomire, Director of the Disability Research and Learning Centre at Makerere University Business School, emphasized the need for inclusive employment practices for persons with disabilities. She called for stronger commitments from both government and the private sector, including the adoption of employment quotas and incentives. She also underscored the importance of building confidence and resilience among persons with disabilities.
Addressing technology adoption, Fred Percy Kisa, Senior Manager Transformation at NSSF Uganda, urged students to embrace artificial intelligence as a complementary tool.
“It is not machine versus human; it is human plus machine versus human,” he noted, encouraging a focus on critical thinking and problem-solving.
He highlighted the growing global AI economy and called on Africa to strengthen its contribution to research and innovation.
On employment dynamics, Evelyn Kisakye, Placement Officer at the Federation of Uganda Employers, emphasized the importance of flexibility and adaptability in today’s job market. She highlighted initiatives such as the Work Readiness Project, which connects graduates to opportunities in sectors like agriculture and tourism while equipping them with essential soft skills.
Commissioner of Police Anatoli Muleterwa, Head of Community Policing Department, outlined career opportunities within the Uganda Police Force. He noted that the institution accommodates a wide range of professional qualifications and highlighted four entry pathways, from constable to officer level. He encouraged students to prepare for and consider careers in national service.
The Career Expo 2026 concluded with a strong call to action, urging students to harness their potential, embrace innovation, and pursue purpose-driven careers. Participants, predominantly students, left with renewed clarity and direction, equipped with the knowledge, skills, and networks needed to make meaningful contributions to Uganda’s development.
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