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MURBS Trustees Declare 11.05% Interest on Members Balances for the FY 2021/2022

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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.

Chairperson Board of Trustees, Dr. Godwin Kakuba presenting MURBS Performance

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.

Secretary Board of Trustees -Mr. Wilber Naigambi

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.

Prof. Frank Mwine representing Chairperson Makerere University Council.

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.

Chairperson MUASA contributing to the discussion.

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.

Mr. Godwin Okiror asking a question during the Q&A Session

“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.

Prof. Nawangwe
Vice Chancellor- Prof. Nawangwe

“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.”

Chief Executive Officer Uganda Benefits Regulatory Authority, Mr. Martin A. Nsubuga

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%.”

Seated (Left- Right) Dr. Robert Kakuru, Ms. Irene Namatende, Mr. Bruce Twesigye: – the representatives of Academic, Administrative and Support Staff respectively join the Vice Chancellor in a group photo.

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

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Aptitude Test Results for the Mature Age Entry Scheme 2024/2025

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Senate Building

The Office of Academic Registrar, Makerere University has released Aptitude Test Examination results for the Mature Age Entry Scheme Examinations held on Saturday 24th February, 2024.

The Candidates who scored 50% and above in the aptitude test passed the aptitude examination and will have their programme -specific examination paper marked. Those who scored less than 50% failed.

Access the links below for the lists categorised under Science-based and Humanities based programmes respectively:

Below is the list for Full Results for Candidates who sat Mature Age Entry Examinations 2024/25 for Bachelor of Laws. Note: All candidates who scored a final mark of 50% and above should prepare for the Bachelor of laws pre-entry examination:

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Strengthening Partnerships: Makerere University Welcomes Delegation from Western University, Ontario, Canada

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The Vice Chancellor-Prof. Barnabas Nawangwe (Centre) and UWO President-Dr. Alan Shepard (3rd Left) show off the signed MoU as Left to Right: UWO's Dr. Opiyo Oloya and Dr. Lily Cho as well as University Secretary-Mr. Yusuf Kiranda, UWO's Dr. John Yoo and Head of Advancement-Mr. Awel Uwihanganye witness on 21st March 2024. Frank Kalimuzo Central Teaching Facility, Makerere University, Kampala Uganda, East Africa.

By Carol Kainomugisha

The Vice Chancellor, Prof. Barnabas Nawangwe and the University Management, welcomed a delegation from Western University, Ontario, Canada (UWO), marking an important milestone in the strengthening of international partnerships and collaborations. The week-long visit, characterized by insightful discussions and exchanges with various colleges, departments and units of the University, highlighted various areas of mutual interest and potential collaboration between the two esteemed institutions.

Prof. Barnabas Nawangwe (2nd Right) and Dr. Alan Shepard (2nd Left) sign the MoU as Mr. Yusuf Kiranda (Left) and Dr. Lily Cho (Right) witness. 21st March 2023, Frank Kalimuzo Central Teaching Facility, Makerere University, Kampala Uganda, East Africa.
Prof. Barnabas Nawangwe (2nd Right) and Dr. Alan Shepard (2nd Left) sign the MoU as Mr. Yusuf Kiranda (Left) and Dr. Lily Cho (Right) witness.

The delegation was led by President and Vice-Chancellor Dr. Alan Shepard and accompanied by Vice-Provost and Associate Vice-President, Dr. Lily Cho, the Associate Vice-President, Equity, Diversity, and Inclusion, Dr. Opiyo Oloya and the Dean, Schulich School of Medicine and Dentistry, Dr. John Yoo.

The visit culminated with the signing of a new Memorandum of Understanding (MoU) which will most certainly strengthen the already existing relationship between Makerere University and Western University.

The meeting between Makerere University and Western University commenced with the University Management which discussed collaborative opportunities, particularly in engineering, design, and technology, emphasizing interdisciplinary collaboration and knowledge exchange.

Mr. Opio Oloya addressed issues of Inclusivity and diversity in academia, focusing on integrating indigenous knowledge, combating global anti-blackness, and promoting social integration within university communities.

Members of the University Management and the delegation from Western University, Ontario, Canada pose for a group photo at the Makerere@100 Monument. 18th March 2024, Makerere University, Kampala Uganda, East Africa.
Members of the University Management and the delegation from Western University, Ontario, Canada pose for a group photo at the Makerere@100 Monument.

Makerere‘s academic excellence and capacity-building initiatives were showcased, with plans to expand graduate training opportunities and enhance capacity through student and faculty exchanges.

 The meeting concluded with a shared vision for future collaborations, including research projects, academic programs, and student exchanges, reaffirming the commitment to fostering excellence and addressing global challenges through collaborative efforts.

Fostering Global Academic Partnerships: Western University meets Makerere University Colleges and Units.

In a meeting at the School of Law, led by the Principal, Associate Prof. Ronald Naluwairo, the delegation held lengthy deliberations to explore avenues for academic collaboration, embodying the power of international partnerships in academia.

Central to the dialogue was Western University’s interest in global engagement, particularly in internationalization, aligning with Makerere‘s ethos of interdisciplinary collaboration. The meeting highlighted joint research opportunities, staff, and student mobility programs, showcasing a commitment to academic excellence and the potential for cross-cultural learning and growth.

The Principal-Associate Prof. Ronald Naluwairo (5th Left), Deputy Principal-Dr. Zahara Nampewo (3rd Left), Principal CHUSS-Associate Prof. Josephine Ahikire (3rd Right), Head PAF-Dr. Benon Kigozi with other officials and the UWO delegation at the School of Law. 19th March 2024, Makerere University, Kampala Uganda, East Africa.
The Principal-Associate Prof. Ronald Naluwairo (5th Left), Deputy Principal-Dr. Zahara Nampewo (3rd Left), Principal CHUSS-Associate Prof. Josephine Ahikire (3rd Right), Head PAF-Dr. Benon Kigozi (Right) with other officials and the UWO delegation at the School of Law.

During the meeting between the Infectious Diseases Institute (IDI) and Western University, the Executive Director Dr. Andrew Kambugu outlined IDI’s evolution from an academic venture to a multifaceted institution driving service delivery, research, and capacity building in Africa.

Highlighting existing partnerships, particularly in data management with the Faculty of Medicine at Western University, President Alan Shepard underscored the tangible outcomes of cross-border collaboration, with data-driven research initiatives making significant contributions to healthcare and public health interventions. Future collaboration prospects, including exchange programs, joint initiatives, and equipment donations, emphasized a shared commitment to innovative approaches and collaborative problem-solving to address pressing challenges in Africa.

Dr. Andrew Kambugu (4th Left) with other officials and the UWO Delegation during their visit to IDI. 19th March 2024, Infectious Diseases Institute (IDI), Makerere University, Kampala Uganda, East Africa.
Dr. Andrew Kambugu (4th Left) with other officials and the UWO Delegation during their visit to IDI.

Celebrating Collaboration: Farewell Luncheon Honoring Western University Delegation

A farewell luncheon, hosted by Mrs. Lorna Magara, the Chairperson, Makerere University Council, marked the poignant conclusion of the exchange visit with Western University, Ontario, Canada, celebrating the enduring spirit of collaboration and friendship between the two institutions.

Mrs. Lorna Magara (Left) shakes hands with Dr. Opiyo Oloya as Dr. Alan Shepard (Rear Right) and other officials interact. 21st March 2024, Golden Tulip Hotel, Kampala Uganda, East Africa.
Mrs. Lorna Magara (Left) shakes hands with Dr. Opiyo Oloya as Dr. Alan Shepard (Rear Right) and other officials interact.

 As farewells were exchanged, participants left with cherished memories and a renewed commitment to nurturing the partnership for future endeavors, underscoring the power of collaboration to transcend boundaries and create opportunities for growth and learning.

As Western University and Makerere University look ahead, the memories of the week-long strategic visit will serve as a beacon of inspiration, guiding their continued efforts to collaborate, learn, and grow together.

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CTCA Request For Expression of Interest: Finance and Accounts Assistant

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CTCA is seeking the services of a Finance and Accounts Assistant whose overall responsibility will be to provide finance and administrative support to ensure efficient operation of the office. Centre for Tobacco Control in Africa (CTCA), School of Public Health, College of Health Sciences, Makerere University, Kampala Uganda, East Africa.

Institution: Centre for Tobacco Control in Africa (CTCA)
Project Title: Enhance Tobacco Control Institutional Capacity in Africa
Expression of Interest Number: CTCA/EOI/G339/2024

1. Introduction:

The Centre has received funding from the African Capacity Building Foundation (ACBF) for the
2024-2026) to implement a project on institutional development. The project investments are
geared towards sustaining human resource capacity and knowledge generation to reduce use of all forms of tobacco products in Africa.

Specifically, the project aims to:

  1. Enhance training opportunities for African governments and relevant actors in tobacco
    control in the continent.
  2. Increase access to knowledge for guiding tobacco use prevention and control in Africa.
  3. Reinforce the institutional development of CTCA for an optimal performance of its
    functions and processes.

Therefore, CTCA is seeking the services of a Finance and Accounts Assistant whose overall responsibility will be to provide finance and administrative support to ensure efficient operation of the office. The Assistant will support management and other employees on a variety of tasks related to administration, finance, procurement, and communication.

2. Scope of Work

The specific duties include:

  1. Providing support to the accounting and procurement functions through preparing journals and loading payments for review by the budget and finance officer for authorization
  2. Maintain supplies inventory by checking stock to determine inventory level; anticipating needed supplies; placing and expediting orders for supplies; verifying receipt of supplies.
  3. Administer and manage logistics and contracts for services with service providers such as travel agents, hotels, translations and interpretation agencies, office supplies
  4. Maintaining a clean electronic and manual filing system.
  5. Handling communications – Receiving, storing, retrieving, dispatching, organizing documents and other correspondence of the Centre.
  6. Provide secretarial services to CTCA technical meetings.
  7. Assist in the preparation of regularly scheduled reports.
  8. Assist in logistics preparations for meetings, workshops, and missions.
  9. Oversee and supervise the work of junior staff.
  10. Maintain up-to-date employee records.
  11. Any other duties as may be assigned.

See Downloads for detailed advert.

Application deadline: Not later than 17:00 hours on 8th April, 2024.

View on CTCA

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