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
Today 8th October 2026, Makerere University has hosted the EU Uganda Research and Study Fair 2026, bringing together government officials, European Union representatives, researchers, academics, students, and young professionals to explore opportunities in education, research, innovation, and international collaboration.
The fair also marked 50 years of partnership between Uganda and the European Union, providing a platform for participants to learn about scholarships, research funding, exchange programmes, fellowships and opportunities for collaboration with European institutions.
Officially opening the fair, Acting Minister of Education and Sports Hon. Dr. John Chrysostom Muyingo commended the European Union, its member states, Makerere University and other partners for organising the event, describing international cooperation as important to Uganda’s education and research agenda.
The Minister said Uganda’s young population presents a significant opportunity for national development if supported with the right investments in education, skills, creativity, research, innovation and entrepreneurship.
He encouraged universities and research institutions to strengthen links between education, research, innovation and the world of work, noting that research should not only generate academic knowledge but also contribute to policies, technologies and practical solutions to national challenges.
Dr. Muyingo also encouraged students and young professionals to engage with the European Union, its member states and alumni to understand the opportunities available and prepare themselves for future applications.
Makerere highlights value of partnership
Prof. Sarah Ssali, Deputy Vice Chancellor (Academic Affairs), Makerere University, who represented the University at the event, said the fair provided an important platform for bringing education, research, innovation and international cooperation together.
She noted that the event was particularly significant as Uganda and the European Union celebrate five decades of partnership, with Makerere’s relationships with some European institutions extending even beyond 50 years.
Prof. Ssali said the partnerships have supported education, research, skills development, innovation, institutional strengthening and human capital development, creating opportunities for Ugandans to acquire knowledge and skills, conduct research and establish international networks.
She called for the next chapter of the partnership to place knowledge, research, innovation, technology and young people at the centre.
“Research needs to move beyond publication of research, to influence policy, improve practice, create products and services, strengthen communities and contribute to the economic development of our country,” she said.
Prof. Ssali also encouraged participants to explore opportunities for scholarships, research, exchange programmes, doctoral studies, joint research and fellowships available through European partnerships.
She said the ultimate value of international education and research partnerships lies in how knowledge, skills, networks and technologies acquired through such opportunities contribute to Uganda’s development.
Human Response programme strengthens partnerships
The fair also showcased Makerere’s partnerships through programmes such as the Human Response, Health and Displacement Erasmus Mundus Joint Master Programme.
Dr. Justus Twesigye, Dean of Students, School of Social Sciences, Makerere University and Co Principal of the Human Response Programme, explained that the programme has created partnerships between Makerere and universities in Europe and Africa.
These include the University Institute of Lisbon in Portugal, Norwegian University of Science and Technology, University of Athens in Greece, University of Cape Verde and University of Rovuma in Mozambique, alongside associate partners including the Uganda Red Cross Society, Allied Uganda, Refugee Led Organisation Network and the Ministry of Water and Environment.
Twesigye said the partnerships have introduced new approaches to teaching and learning by involving practitioners directly in training and giving students opportunities for concurrent field practice.
He noted that organisations such as the Uganda Red Cross Society have participated in delivering classes, while students also gain practical experience in the field before returning to class for reflective learning.
The programme is also promoting joint research between academics and practitioners, moving away from approaches where researchers and practitioners work separately.
CEES project supports competence based education
The College of Education and External Studies (CEES) also presented an EU supported project aimed at helping higher education institutions and regulators transition to competence based education.
Assoc. Prof. Josephine Esaete, Senior Lecturer in the Department of Science, Technology and Vocational Education, said the project brings together nine partners from Uganda, West Africa and Europe.
She explained that the project seeks to strengthen the capacity of universities and higher education regulators in designing competence based curricula, teaching, assessment, monitoring and evaluation.
Makerere University is coordinating the four year project, with Mountains of the Moon University among the Ugandan partners.
Assoc. Prof. Esaete said the project is timely as universities work towards transitioning their programmes and curricula to competence-based education.
The project also seeks to strengthen collaboration between higher education institutions and industry so that students can acquire skills relevant to the world of work.
Fair creates opportunities for students and researchers
The exhibition brought together different EU supported research projects, academic programmes and institutional partnerships, allowing students, researchers and other participants to interact directly with project teams and representatives of European institutions.
The fair also provided opportunities for participants to learn from Makerere alumni who have benefited from international study and research opportunities.
Prof. Ssali urged participants to use the opportunity to “engage, explore, connect, and discover” new possibilities while encouraging young people to dream boldly, seek knowledge, build networks and use what they learn to contribute to Uganda’s transformation.
The fair reaffirmed Makerere University’s commitment to strengthening international partnerships that support research, innovation, human capital development and national transformation.
Before becoming an optometrist, researcher, programmer, and eye health entrepreneur, Timothy Khabusi walked barefoot to school along rough roads in Manafwa District, Eastern Uganda. For most of his primary school years, Timothy walked more than nine kilometres each day from his home to Bubulo Mixed Primary School in Manafwa District.
He would leave home at about 6:00 a.m., walk to the highway, and join other children on their way to school. On the murram road, sharp stones pressed into his feet. When the rains came, he sometimes arrived at school completely drenched. Occasionally, a truck carrying market vendors would stop and offer them a lift. “Those were few lucky days,” Timothy recalls.
At the time, however, Timothy did not see his life as unusual. It was simply how life was for many children in his village. What he did not yet know was that those long walks were helping shape a determination that would eventually take him from rural Manafwa to Makerere University and, later, the University of Edinburgh in Scotland.
Timothy Khabusi is the sixth of eight children (5 boys and 3 girls). His father, 68, a retired primary school teacher, and his mother, 60, a small retail shop owner, had limited resources but were determined to give their eight children opportunities they had not enjoyed themselves.
The family tried several ways to make ends meet. His mother ran a small local brew joint, selling malwa, a traditional fermented cereal drink. When Timothy was about ten, the family closed the malwa joint and moved on, first trying farming and later, in 2009, opening a small retail kiosk with money earned from selling a small coffee harvest.
The family kiosk changed things. Timothy started taking snacks to school and also began developing an interest in business. He sold sugarcane and later teamed up with his younger brother, Mark, to make mandazi, a popular delicacy among schoolchildren.
Behind these modest ventures were sacrifices his parents made for their children’s education and health. His father took loans to support the family through school, while both parents repeatedly emphasised the importance of education.
Timothy’s own academic journey was far from perfect.
At rural Bubulo Primary School, Timothy performed very well and earned a place at one of the best secondary schools in Eastern Uganda, Mbale Senior Secondary School, in Mbale city.
At Mbale Secondary School, he became a strong academic performer and earned a renewable merit-based bursary that covered most of his school fees. Mr Mabaku, his Mathematics teacher, taught him to connect classroom concepts to real-life problems—a way of thinking that would later shape his interest in technology and programming.
Then came a setback.
Timothy’s A-level results (15 points in Physics, Chemistry, and Mathematics) were far lower than he had expected. For someone who had always seen himself as a top student, the outcome was deeply disappointing, and he missed out on the much-coveted government scholarship. He even wondered whether university was still possible. He considered repeating his A-levels but instead applied to Makerere University on private sponsorship. He was admitted to study Optometry, although he had initially wanted to pursue Medicine and Surgery.
Then came the opportunity that changed everything.
In 2017, Timothy became a Mastercard Foundation Scholar at Makerere University, receiving support that enabled him to continue his university education. The financial uncertainty that had threatened his university education was resolved. What initially felt like failure became an opportunity that redirected him towards a field he had not planned to enter. Through optometry, he discovered a profession that linked clinical care with science, technology, research and public health.
His career journey after graduation.
After graduating from Makerere University in January 2022, Timothy set out to fulfil his ambitious mission to improve eye health in Uganda. His career began far from his village home in Manafwa: he started at a private clinic in Arua town, West Nile, hundreds of kilometres from Manafwa in Eastern Uganda. Asked why he didn’t find a job in Kampala, as most of his peers did, Timothy quickly explained that his mission is to provide the best eye health care to communities with limited access to these services.
After working for one year in Arua, he returned to Kampala. He first worked at Dr. Agarwal’s Eye Hospital from 2023 to 2025, then moved to Med-Optics, another popular eye clinic in Kampala. In February 2026, he opened his own eye clinic, Khabusi Vision Care Centre, a modern optometry centre dedicated to providing eye care services at subsidised rates to individuals and families who may face financial barriers to accessing these services.
His leadership journey
For Timothy, leadership is not about collecting titles. At Mbale Senior Secondary School, he led the Science Club, organising seminars and holiday revision programmes. At Makerere, he served as a minister at the College of Health Sciences and as a leader in the Optometry Students’ Association. Those experiences shaped a simple philosophy: leadership means seeing what needs improvement, taking responsibility, and bringing others along.
That philosophy now drives his ambitions for Khabusi Vision Care. In the coming years, he aims to strengthen the organisation’s clinical, public health, digital and research work. His longer-term vision is to build a major Ugandan eye health organisation with branches across the country, comprehensive services, research programmes and locally developed diagnostic and ophthalmic technologies.
Impact in the community
Asked about his impact in the community, Timothy quickly pointed to the number of patients whose sight he has helped restore at a modest cost they otherwise couldn’t have afforded.
“I am proud to have treated more than 10,000 patients and enabled them to see better since I began my optometry practice in 2022. Among the patients, I vividly remember a police woman who was on the verge of going completely blind due to a misdiagnosis she had received at different facilities she had visited in Kampala, until she came to Khabusi Vision Care Centre in Kyanja, where I was able to help correct the optical issue she was grappling with.” Timothy proudly states.
Timothy further enumerates the number of young people he has mentored and continues to mentor in optometry. He also offers graduate internships at his clinic and employs five young people as permanent staff. He also conducts regular community outreach activities, offering free eye check-ups in the community and subsidised treatment for those who need it.
A word to the Mastercard Foundation Scholars Community
Timothy expressed his gratitude to the Mastercard Foundation Scholars Program and Makerere University for giving him the opportunity to pursue a quality university education at a time when he had lost hope of attending university after failing to secure a government scholarship.
“I am forever grateful to Mastercard Foundation and Makerere University for giving me a scholarship that changed my whole life; without the scholarship, I would not have been able to afford the university fees; therefore, I wouldn’t have become what I am today,” Timothy points out.
Asked what advice he would give to current Mastercard Foundation Scholars, Timothy urges them to take advantage of the additional skilling and development programmes the Mastercard Foundation Scholars Program offers.
“I urge my young brothers and sisters on the Mastercard Foundation Scholars Program currently to take the capacity-building training the Mastercard Foundation Scholars Program offers; it is what will give you an advantage over others in the job market,” Timothy advises.
Looking ahead
Beyond healthcare, Timothy is a writer, programmer, and researcher. He has published “From the Slopes of Mount Elgon”, a novel about a young girl who confronts poverty and betrayal while pursuing education and dignity. Timothy’s story is not a straightforward journey from challenge to success. It is about unexpected turns: the barefoot walks, the disappointing A-level results, the unexpected scholarship, and the career he never originally intended to pursue. His advice to young people comes from that experience: one disappointing result or difficult season need not decide the rest of your life. Sometimes, you have to keep walking.
“Keep learning, keep improving, and when opportunity comes, use it—not only to change your own life, but to create opportunities for others,” Timothy advises.
Timothy is now pursuing a Master’s degree in Patient Safety and Clinical Human Factors at the University of Edinburgh. The programme has reshaped his approach to healthcare. Rather than focusing solely on individual mistakes, he examines the systems that allow failures to occur and how to redesign them to improve patient safety.
On October 5, 2026, Makerere University welcomed Mrs. Anne Twinomugisha Muhairwe, the Deputy Inspector General of Government (DIGG) and her delegation for a courtesy visit ahead of the International Ombuds Day 2026 commemoration under the theme “Ombuds: Office of Options”.
The delegation was received by Professor Barnabas Nawangwe the Vice Chancellor of Makerere University in his office where they discussed the Ombuds Day theme, the university’s successful reconciliation-based conflict resolution, ongoing infrastructure projects, and a renewed commitment to institutional partnership.
Mrs. Twinomugisha Muhairwe, who also spoke as the President of the African Ombudsman and Mediators Association (AOMA), emphasised that her office aims to be a partner in building and strengthening public institutions rather than merely a critic. Therefore, this visit marked a big step in the evolving relationship between public institutions and the Office of the Ombudsman at the Inspectorate of Government, where it is headed by Director Kakooza Savio Ntensibe, who was also part of the delegation.
The DIGG shared that the office provides essential options for resolving grievances such as administrative injustice, where people feel victimised, and unheard.
Reconciliation Underscored
While addressing the delegation, Professor Nawangwe, framed the visit as a turning point in the institution’s relationship with oversight bodies. He welcomed the DIGG, an alumna of Makerere, and commended the Ombuds methodology that prioritizes reconciliation as initiated by neutral persons or bodies to resolve disputes.
“The style of reconciliation has worked very well for us as well, ever since we started talking to the students, it has kept peace in the university,” the Vice Chancellor remarked.
“We started talking to the students and… eventually, they started to understand. Today, if you come and begin talking of strike, fellow students will tell you, ‘We came here to study’”, added the Vice Chancellor.
The engagement also discussed the practical realities of student welfare. Mrs. Twinomugisha Muhairwe, with specific interest, probed the Vice Chancellor on the status of hall renovations. In response, the Vice Chancellor explained the phased approach to renovations, noting that the university is systematically upgrading facilities to improve the living conditions.
The Vice Chancellor thereafter invited Mrs. Twinomugisha Muhairwe and her team to visit the university museum, as a gesture to underscore the spirit of the day where the Ombudsman and the university stand together.
About Ombuds Day
Ombuds Day is an international observance held annually on the second Thursday of October to raise public awareness of the ombuds profession.
According to the International Ombuds Association, an ombuds is an independent, neutral, and confidential professional who helps resolve disputes, investigate complaints, and address systemic issues within an organization, government agency, or institution.
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