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 Chairperson and Members of the Intergovernmental Authority on Development (IGAD) Board of the Higher Education Council on Tuesday 29th July 2025 paid a courtesy visit to Makerere University following the 5th Meeting of the IGAD Universities Forum held in Kampala from 28th to 29th July. The delegation was received by the Acting Deputy Vice Chancellor (Academic Affairs), Prof. Edward Bbaale in the presence of Dr. Muhammad Kiggundu Musoke, Makerere University’s representative to IGAD.
In his welcome remarks, Prof. Bbaale on behalf of the Vice Chancellor and the University Management thanked the delegation for including a visit to Makerere on their Kampala itinerary, “It is an honour and privilege to host you here today,” he remarked. He equally thanked Dr. Kiggundu Musoke for representing the University on IGAD and facilitating the visit.
Prof. Bbaale acknowledged that IGAD continues to play a critical role in fostering regional cooperation, peacebuilding, and sustainable development in the Greater Horn of Africa. “The inclusion of higher education in IGAD’s strategic priorities speaks volumes about the importance you attach to knowledge, skills, and research as tools for transforming societies,” he supplemented.
The Acting DVCAA reiterated that Makerere University takes great pride in her IGAD membership, as well as the collaborative research partnerships, capacity-building initiatives, and policy dialogues that seek to harmonise and strengthen higher education in the region undertaken therein. He equally lauded the participation of regional Vice Chancellors and Senior Academic Leaders in IGAD’s activities, “Your presence affirms our collective resolve to build stronger institutions and knowledge systems that respond to the developmental needs of our communities.”
He noted that Makerere in pursuit of her strategic research-led agenda takes cognizance of the importance of partnerships at regional and international levels and urged the leaders present to nurture them. “We need to build a strong academic and research network so that we have seamless flow staff and students on the African continent,” adding that “We hope this visit will further deepen the bonds between our institutions and inspire new opportunities for collaboration in teaching, research, innovation, and regional integration.”
Dr. Kebede Kassa Tsegaye, the IGAD Senior Coordinator of Education, Science, Technology and Innovation Program expressed delight at visiting Makerere, noting that the University and Republic of Uganda are strategic and extremely valuable partners of the regional body.
In her remarks, Dr. Victoria Anib Majur the Head, IGAD Health and Social Development Division thanked Makerere and other regional universities for promoting mobility among learners by endorsing the implementation of the IGAD Regional Qualifications Framework (IGADQF). “It is our pleasure that your institution and all other partner institutions in the region are joining IGAD in fulfilling the mission of regional integration through skills development and through qualifications.”
She reiterated IGAD’s commitment to push for; excellence in education, inclusivity of gender and persons with disabilities, and promotion of skills that will prepare learners, especially refugees, returnees, and those from host communities in the IGAD region for the marketplace. The IGAD Secretariat is hosted by the Republic of Djibouti and region covers the host country-Djibouti, Eritrea, Ethiopia, Kenya, Somalia, South Sudan, Sudan and Uganda.
The National Enterprise Corporation (NEC) has successfully delivered yet another milestone project to Makerere University with the handover of a fully refurbished Mary Stuart Hall. The renovation, which cost UGX 10.5 billion, began on 26th July 2024 and was completed exactly a year later, on 25th July 2025.
Mary Stuart Hall is one of three major projects entrusted to NEC by the university, the others being the renovation of Lumumba Hall and the construction of a perimeter wall. These developments follow a presidential directive to renovate all halls of residence at Makerere University, aimed at enhancing student welfare and improving living conditions on campus.
Speaking at the event, Vice Chancellor Prof. Barnabas Nawangwe commended NEC for their exceptional work. “I must thank NEC for the job well done,” he said, adding that “this facility looks better than some hotels.” He also expressed gratitude to the First Lady and Minister of Education and Sports, Mama Janet Museveni, whom he credited as the driving force behind the renovations. He urged students and stakeholders to take care of the newly renovated facility: “Let us try to maintain the facility the way it has been handed over.” The Vice Chancellor emphasized that the purpose of these renovations is to foster an environment conducive for leadership development.
Prof. Anthony Muwagga Mugagga, Principal of the College of Education and External Studies (CEES), represented the Deputy Vice Chancellor (Finance and Administration). He commended the Vice Chancellor for fulfilling his campaign promise to transform university infrastructure and expressed appreciation to the Government for the financial support. “I can report from what I’ve seen, that there is value for money,” he stated. Prof. Muwagga further encouraged student leaders to promote responsible behaviour that protects and preserves university property for future generations.
Lieutenant General James Mugira, Managing Director of NEC, emphasized the significance of the project, describing the refurbished building as a symbol of “female empowerment and liberation.” He applauded the university leadership for their trust and confidence and reaffirmed NEC’s commitment to quality and timely project delivery. He highlighted the role of proper accommodation in fostering health, safety, academic performance, and social interaction among students. “A healthy mind, in a healthy body,” he said, adding that good housing promotes “safe and hygienic living and physical and mental health.” He also underscored the importance of regular maintenance to preserve the facility and avoid expensive renovations.
Mr. Simon Kizito, Deputy University Secretary equally extended appreciation to the President, the Ministry of Education and Sports, and the Directorate of Estates and Works for their role in the project’s success. He thanked the Permanent Secretary of the Ministry of Finance, Planning and Economic Development for ensuring that the necessary funds were released on times.
Representing the Dean of Students’ Office, Dr. Rodney Rugyema hailed the project as a significant milestone in enhancing student welfare. He revealed that Mary Stuart Hall will accommodate 521 students and includes facilities for persons with disabilities, such as lifts and ramps. He pledged to uphold the standards and purpose of the hall.
Guild President H.E. Ssentamu Churchill James expressed his gratitude to NEC and the university administration, particularly applauding the Vice Chancellor’s for his hands-on approach and consistent involvement in the university’s affairs.
The Hall Chairlady Ms. Anthea Ampaire described the reopening as a landmark moment, calling Mary Stuart Hall “a beacon of hope and a sanctuary for students.” She highlighted the importance of providing spaces that empower women and support their academic journeys.
Dr. Kenneth Ssemwogerere, Head of the Department of Architecture at the College of Engineering, Design, Art and Technology (CEDAT) who led the Project Management Team, noted that the renovation was a collaborative effort involving both students and staff. He commended all involved for their dedication.
Following this successful handover, NEC is set to begin renovation works on the Centre for Continuing Education (CCE) Hall commonly referred to as Complex Hall, as it continues to implement the presidential directive to revamp student accommodation across public universities.
The Infectious Diseases Institute (IDI) at Makerere University on July 24, 2025 launched a ground-breaking 384kWp solar-powered electricity grid, Africa’s largest campus-based solar system. Inaugurated by the Vice Chancellor, Prof. Barnabas Nawangwe, the solar grid marks a significant milestone in strengthening sustainable research infrastructure and improving energy access in Uganda, especially in resource-limited settings.
The launch was not only a celebration of green energy but also of medical innovation, as it coincided with the unveiling of drones designed to deliver life-saving drugs to hard-to-reach areas such as Buvuma and Kalangala Islands. This dual initiative underscores IDI’s commitment to combining technological innovation with public health solutions that have tangible impact.
In his remarks, Vice Chancellor Prof. Barnabas Nawangwe expressed deep pride in Makerere University’s academic excellence and innovation culture. “Today, I am very proud to be the Vice-Chancellor of Makerere. We continue to shine because of our centres of excellence, like IDI,” he said. He also emphasized the importance of continued investment in science and technology to combat epidemics, strengthen health systems, and bridge Africa’s persistent energy gap through sustainable options like solar power.
Prof. Samuel Abimerech Luboga, Chair of the Board of Directors at IDI, thanked the university leadership for their consistent support and lauded the solar project’s environmental and social impact. “This project, empowering our campus with renewable energy, demonstrates our commitment to the environmental, social and governance agenda,” he said. Prof. Luboga reaffirmed the Board’s commitment to ensuring that all IDI initiatives deliver real value to communities. “We pledge to continue this oversight and ensure that every investment from solar panels to data labs drives impact and accountability,” he emphasized. He called upon researchers, innovators, and the broader community to rally behind the shared vision of a healthier and more sustainable future.
Ms. Susan Lamunu Shereni, Head of Finance and Administration at IDI, presented an update on the Institute’s sustainability initiatives, revealing that IDI has already installed solar systems in 150 health facilities across Uganda. “Infectious Disease Institute was first founded to address the sustainability concern specifically goal number three of the Sustainable Development Goals which is good health and wellbeing,” she said, “but in the process of doing that we’ve addressed other SDGs.” She noted that the solar system continues to generate power even on cloudy days and projects an annual savings of $85,000—enabling a full return on investment within five years. “We will also reduce carbon footpring by about 25,000 kg,” she added.
The solar project, valued at $380,000, represents a bold step toward achieving energy efficiency and reliability in the delivery of critical healthcare services.
In the same event, IDI also introduced its Medical Drones Project, launched through its Academy—a collaboration between Makerere University and the Ministry of Health established a decade ago. Mr. Patrick, the project coordinator, shared that the drone initiative is targeted at solving transportation challenges in underserved regions such as West Nile and Kalangala. “We have been delivering Antiretroviral drugs (ARV’s) to Kalangala for almost four years now,” he said. He reported impressive outcomes, including a 100% mutation treatment rate in the first 24 months and 95% viral suppression among recipients.
The inauguration was graced by key figures from Uganda’s academic and medical research community, including Dr. Robert Kalyesubula, Senior Lecturer and Head of the Department of Physiology at Makerere University College of Health Sciences; Dr. Andrew Kambugu, the Sande-McKinnell Executive Director at IDI; and Prof. David Serwadda, Africa Centre of Excellence Global Council Chair and renowned Professor at the School of Public Health and author of the first-ever paper on HIV/AIDS in Uganda, and the IDI senior management team.
Together, these initiatives reaffirm IDI’s role as a continental leader in health innovation and sustainable development—combining science, energy, and equity in service delivery for the greater good.
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