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MURBS Trustees Declare 11.05% Interest on Members Balances for the FY 2021/2022
Published
4 years agoon

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
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General
Makerere University Hosts Landmark East African Universities Debate Championships 2026
Published
4 days agoon
August 6, 2026By
Mak Editor
Makerere University has once again cemented its place as a regional leader in academic excellence after successfully hosting the East African Universities Debate Championships (EAUDC) 2026, welcoming the continent’s brightest young minds for a week of intellectual competition, cultural exchange, and leadership development.
Held from 26th July to 1st August 2026, the championship brought together more than 200 student debaters, adjudicators and delegates from 25 universities across Uganda, Kenya, Tanzania, Rwanda, South Sudan and other invited institutions, transforming the Ivory Tower into East Africa’s premier arena for ideas, innovation and public discourse.

The week-long tournament featured rigorous British Parliamentary debate rounds, public speaking competitions, adjudication workshops and networking sessions designed to sharpen critical thinking, leadership and persuasive communication. Participants debated contemporary issues ranging from governance and economic transformation to technology, public health, climate change and Africa’s future.
Speaking at the opening ceremony, the Deputy Vice Chancellor welcomed delegates to Makerere University, emphasizing the institution’s enduring commitment to nurturing graduates who are not only academically accomplished but also capable of leading meaningful conversations that shape society. The championship reflected Makerere’s vision of producing graduates who are innovative, analytical and prepared to address regional and global challenges.

Beyond competition, EAUDC 2026 became a celebration of East African unity. Delegates experienced Uganda’s rich cultural heritage through social events, campus tours and cultural showcases that fostered friendships beyond national borders. The interactions reinforced the championship’s belief that dialogue remains one of the strongest foundations for regional integration and peaceful cooperation.
The tournament concluded with an electrifying Grand Finale witnessed by students, alumni, university leaders, invited guests and debate enthusiasts. The Chairperson of the Parliamentary Committee on Education and Sports Hon. Eng. Cuthbert Abigaba represented the Speaker of Parliament as the Guest of Honour. In his remarks he congratulated Makerere University on the successful event and encouraged debate among students.

Prof Sarah Ssali the Deputy Vice Chancellor in charge of Academic Affairs at Makerere University pledged continuous support from the administration towards Makerere Debate Union. Teams demonstrated exceptional research, analytical reasoning and eloquence before a distinguished panel of international adjudicators, bringing to a close one of the most competitive editions of the championship.
The successful hosting of EAUDC 2026 marks another milestone in Makerere University‘s growing reputation as a centre of excellence for debating and public speaking. The event builds on the university’s long-standing tradition of producing outstanding debaters while providing students with opportunities to engage with peers from across the region in meaningful intellectual exchange.

As the championship drew to a close, participants departed Kampala with new friendships, stronger networks and renewed inspiration to continue using debate as a tool for leadership, democratic participation and social transformation.

With the East African chapter successfully concluded, attention now turns to the Pan-African Universities Debating Championship (PAUDC) 2026, where Makerere University will once again represent East Africa on the continental stage.

General
Makerere University Newsletter Apr-Jun 2026
Published
4 days agoon
August 6, 2026By
Mak Editor
This April–June 2026 edition of the Makerere University Newsletter captures a decisive push toward becoming a research-led institution. Vice Chancellor Prof. Barnabas Nawangwe’s college engagements emphasized prioritizing graduate training to ensure research addresses Uganda’s and Africa’s development needs.
New Memoranda of Understanding are deepening collaborative research, staff and student exchanges, and the conversion of knowledge into practical solutions. The upgraded Makerere Financial Management System (Mak-FMS), launched this quarter, exemplifies institutional innovation by enabling fully paperless financial processes that boost efficiency, transparency and accountability.
Individual achievement also highlights our global reach. Mr. Kiggundu Muhammed’s win in the University of Groningen’s Erasmus+ African Perspectives Video Contest showcases how Makerere minds contribute distinctive African insights to international discourse. Complementary efforts, such as the sign-language training for undertaking Pharmacy students, demonstrate research-informed practice that advances inclusive service delivery.
The upgraded Makerere Financial Management System (Mak-FMS), launched this quarter, exemplifies institutional innovation by enabling fully paperless financial processes that boost efficiency, transparency and accountability.
Together, these developments confirm that Makerere’s research output is growing in both scale and relevance. As Makerere natures cultivate the next generation of scholars and innovators, we remain committed to producing knowledge that transforms lives, strengthens communities, and positions Uganda as a continental leader in higher education and innovation. As We Build for the Future
Enjoy the issue!
General
Freshers’ Joining Instructions 2026/2027
Published
5 days agoon
August 5, 2026By
Mak Editor
Dear Students; Class of 2026/2027
It is both an honour and a privilege to welcome you to Makerere University, Uganda’s oldest and premier institution of higher learning, and one of Africa’s most respected centres of scholarship, research and innovation. On behalf of the University Senate and the Office of the Academic Registrar, I extend my heartfelt congratulations to each one of you upon your admission to Makerere University for the 2026/2027 Academic Year.
Today marks the beginning of one of the most important chapters of your lives. It is a day that signifies not only your admission to a great university, but also your acceptance into a community of scholars committed to the pursuit of knowledge, the advancement of society, and the service of humanity. You have earned your place here through determination, sacrifice and hard work. Behind every student seated here is a story of perseverance, encouragement from parents and guardians, dedication from teachers, and personal commitment to excellence. To all who have contributed to this achievement, we express our sincere appreciation.
As you join Makerere University, you become part of a remarkable legacy that spans more than a century. For generations, Makerere has stood as a beacon of academic excellence on the African continent. It has nurtured leaders in government, business, academia, science, education, the arts and many other professions. Its graduates have shaped public policy, advanced scientific discovery, built thriving enterprises and transformed communities across Uganda, Africa and the world. Today, you inherit that proud tradition. More importantly, you are called upon to enrich it through your own achievements and contributions.
The world you are entering is changing rapidly. Advances in artificial intelligence, biotechnology, digital innovation and data science are transforming every profession. Nations are grappling with climate change, public health challenges, food insecurity, unemployment, governance concerns and widening inequalities. These realities demand graduates who are not only knowledgeable, but also innovative, adaptable, ethical and committed to finding practical solutions to society’s most pressing challenges. Makerere University is committed to preparing you for that responsibility. Our vision is not simply to produce graduates, but to develop critical thinkers, responsible citizens, innovators and leaders who will make meaningful contributions to national development and global progress.
Dear Fresh Students,
University education is fundamentally different from the education you have previously experienced. At Makerere, learning is not confined to the lecture room. It requires curiosity, discipline and personal responsibility. Your lecturers will guide you, challenge your thinking and provide opportunities for intellectual growth, but the responsibility for learning rests with you. Attend your lectures consistently, participate actively in discussions, read widely beyond the prescribed materials, complete your assignments diligently and prepare adequately for your examinations. Success at university is rarely the result of extraordinary intelligence alone; more often, it is the product of consistent effort, effective time management and unwavering commitment.
As Academic Registrar, allow me to emphasise the importance of understanding and complying with the University’s academic regulations. These regulations exist to ensure fairness, transparency and the integrity of our academic processes. Complete your registration within the stipulated timelines, familiarise yourselves with the Academic Calendar and the Students’ Regulations, and regularly access your academic information through the Academic Management Information System (ACMIS). Always seek guidance whenever you encounter academic or administrative challenges. Our offices are here to support your success.
One value that must remain central throughout your academic journey is integrity. Your degree will derive its true worth not only from the knowledge you acquire, but also from the honesty with which you earn it. Academic dishonesty, including plagiarism, examination malpractice, falsification of documents and any other form of misconduct, undermines the very purpose of higher education. Protect your reputation and uphold the good name of Makerere University by conducting yourselves with honesty, responsibility and professionalism in all that you do.
While academic excellence remains our primary focus, I encourage you to embrace the broader university experience. Makerere University offers countless opportunities to develop your talents beyond the classroom. Participate in research, innovation, entrepreneurship, leadership, sports, cultural activities, volunteer programmes and community engagement initiatives. These experiences will enrich your education, strengthen your confidence and prepare you for leadership in an increasingly interconnected world. Some of the most valuable lessons you will learn at Makerere will come through collaboration, service and engagement with people from different backgrounds and cultures.
You have joined one of the most diverse academic communities in the region. Within this University you will meet colleagues from every region of Uganda and from many countries across Africa and beyond. Embrace this diversity with respect, openness and humility. Learn from one another. Build lasting friendships. Listen to different perspectives and appreciate that diversity is one of our greatest strengths. The networks you establish during your years at Makerere may become lifelong friendships, professional partnerships and opportunities that shape your future.
As you pursue your studies, remember that the University community is built on mutual respect and shared responsibility. Conduct yourselves with dignity both on and off campus. Respect your lecturers, fellow students and members of staff. Use social media responsibly and appreciate that your actions, whether online or offline, contribute to your personal reputation and that of the University. Leadership begins with character, and character is demonstrated through the choices we make every day.
There will undoubtedly be moments when university life becomes challenging. You may encounter difficult coursework, financial constraints, personal struggles or moments of uncertainty. Such experiences are not unusual, nor do they define your future. What matters is how you respond to them. Do not hesitate to seek assistance from your lecturers, academic advisers, counsellors or fellow students. Makerere University is committed to supporting your academic, personal and professional development, but you must also be willing to seek help whenever you need it. Resilience, perseverance and a positive attitude often distinguish those who succeed from those who give up too soon.
Dear Students,
Leadership is not reserved for those who hold positions of authority. Leadership begins with taking responsibility for your own actions, influencing others positively and serving your community with integrity. Throughout your time at Makerere, I encourage you to cultivate the qualities of ethical leadership, critical thinking, innovation and service. Challenge yourselves to become solution providers rather than problem identifiers. Ask yourselves not only how you will build successful careers, but also how your knowledge and skills will improve the lives of others and contribute to the development of Uganda, Africa and the wider world.
Among you are future scientists who will develop life-changing innovations, future entrepreneurs who will create employment opportunities, future judges who will uphold justice, future medical professionals who will save lives, future teachers who will inspire generations and future public servants who will shape national policy. The opportunities before you are immense, but they must be matched by discipline, humility and a commitment to lifelong learning.
As you begin this journey, remember that every lecture attended, every book read, every assignment completed and every meaningful friendship formed contributes to the person you will become. Make each day count. Pursue excellence not for recognition alone, but because excellence is a habit that shapes character and transforms lives.
As I conclude, I leave you with a simple but profound challenge. During your years at Makerere University, do not merely strive to obtain a degree. Strive to become a person of knowledge, integrity, compassion and purpose. Let your education inspire you to think boldly, act ethically and serve selflessly. Let your years at Makerere prepare you not simply for employment, but for leadership; not merely for personal success, but for meaningful impact.
On behalf of the University Senate and the Office of the Academic Registrar, I warmly welcome you to Makerere University. We are proud to receive you at this great institution, and we look forward to witnessing your growth into graduates who will uphold the values, traditions and reputation of Makerere University wherever life may lead you.
I wish you every success in your academic journey.
Welcome to Makerere University, and may God bless you all.
I thank you for your kind attention.
We Build For the Future.
Professor Buyinza Mukadasi (PhD)
Academic Registrar
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