It was pomp and fanfare as the Mastercard Foundation Scholars Program (MCFSP) at Makerere University celebrated the graduation of its highest number of Scholars, during the 73rd Graduation ceremony at Makerere University. The Program held a grand celebration on 17th February 2023 at Imperial Royale Hotel in Kampala for the 292 Scholars who completed their academic programmes in 2022. This brings the total number of MCFSP alumni to 788.
Rt. Hon. Daniel Fred Kidega, the Chairperson of the MCFSP Advisory Board and Vice Chairperson of Makerere University Council who presided over the ceremony called upon the graduates to be humble, honest, hardworking and focused in order to achieve their goals. “Humility will open doors for you on top your academic credentials” Rt. Hon. Kidega remarked.
He further appealed to the graduates to strategically redesign their career journeys with a focus on five Ps- purpose, people, performance, practice and partnerships.
“There are many things that will make you succeed in life but critical among them is focus; if you go everywhere and follow everyone, you will end up nowhere” Rt. Hon. Kidega counseled.
He reminded Scholars that education was a powerful weapon which they can use to change the world. “As Mastercard Foundation Scholars, this is the opportunity for you to change the world; make all the years of education and empowerment count by transforming your communities, country and the continent of Africa.” Rt. Hon. Kidega remarked.
The Vice Chancellor Prof. Barnabas Nawangwe, in a speech read for him by the Deputy Vice Chancellor (Academic Affairs), Prof. Umar Kakumba, applauded the Mastercard Foundation for the support it renders to young people not only in Uganda and Makerere University, but also all over the world.
“I applaud the support of the Mastercard Foundation that has enabled over 1,000 young people to realize their education dreams at Makerere University, as well as other young people across the world through other partner universities” Prof. Nawangwe remarked.
Prof. Nawangwe, called upon the graduates to make good use of the knowledge and skills they acquired through their respective academic programmes to transform the world.
“You have been equipped with the relevant skillset and determination to make a real difference in a world that is in desperate need of young, energetic and innovative change agents. As you transition into the world of work, seek to remain responsible and compassionate leaders committed to social and economic transformation.” Prof. Nawangwe urged.
On his part, as the Chairperson of the MCFSP Steering Committee, Prof. Umar Kakumba, urged graduates to tap into the various opportunities that the Scholars Program presents to them both during and after their University.
“The Scholars Program is uniquely designed to provide the Scholars with holistic support which includes Mentorship and career guidance, Entrepreneurship, Psychosocial support, Counseling and social support services, as well as experiential learning through volunteerism, Graduate internship opportunities, and job placements through its network of partners. I urge our graduates to make use of these opportunities” Prof. Kakumba remarked.
The Country Director, Mastercard Foundation – Uganda, Mr. Adrian Bukenya noted the partnership with Makerere University since 2013 has been outstanding.
”Mastercard Foundation is proud of the partnership with Makerere University, which began with the Scholars Program in 2013, that has educated and empowered over 1,000 young people to study at Makerere University.” Mr. Bukenya said.
Mr. Bukenya pointed out that the Foundation was happy to support young people beyond the Scholars Program, to ensure that every young person transitions to dignified and fulfilling work.
”As a Foundation we want a world where young people are included and are thriving and their leadership and contributions matter; a future where young people are driving transformative change and achieving their full potential.” Mr. Bukenya said.
Prof. Justine Namaalwa, the Program Coordinator, Mastercard Foundation Scholars Program at Makerere University, informed the gathering that the graduation celebration was not mere merrymaking, but a moment of tangible accountability to the stakeholders of the Scholars Program.
“This day is an opportunity for us to congratulate 292 Scholars (243 Females and 49 Males) upon successfully completing their undergraduate studies, reflect on their journey as they pursued their degree programs, and a great moment to provide tangible accountability to our partner- Mastercard Foundation.” Prof. Namaalwa remarked.
Prof. Namaalwa further revealed that the Scholars excellent academic performance during the 73rd graduation ceremony was clear testimony that there is no correlation between academic brilliance and economic barriers.
“Economic barriers have no correlation with brilliance. All that the youth in economically constrained environments need is an opportunity to access education and they shall be able to contribute to transforming society,” Prof. Namaalwa summed up.
Speaking on behalf of their fellow Scholars, the three representatives; Mr. Ngobi Ambrose, Ms. Juliet Namukhula and Ms. Ajok Mary Valentino, expressed gratitude to Mastercard Foundation and Makerere University for the visionary partnership, which had enabled them to attain university education. They called upon their fellow Scholars to continue with the values of Mastercard Foundation, especially the spirit of giving back to the community.
Mastercard Foundation Scholars Program at Makerere University graduated 292 Scholars out of which 14 attained First Class honours in their respective academic programmes.
This brings the total number of graduates to 788, which is 76% of the 1,032 Scholars who were recruited on the Program.
Bernard Buteera is the Communications Officer, Mastercard Foundation Scholars Program at Makerere University.
Dr. Elizabeth Patricia Nansubuga, Chairperson of the Makerere University Retirement Benefits Scheme (MURBS) Board of Trustees, announced this milestone during the 14th Annual General Meeting (AGM) for the year 2023/24 held on Thursday, 24th October 2024, at Makerere University Main Campus, School of Public Health Auditorium.
The AGM attracted various stakeholders, including trustees, Audit Committee Chairperson CPA David Ssenoga, Board Evaluation Consultant Vincent Kaheeru, URBRA Representative Mark Lotukei, Audit Committee members, co-opted members, and university administrators.
Presenting the performance report, on behalf of the Board of Trustees, Dr. Nansubuga highlighted that this is the highest interest declared by the scheme in the past five years, and she anticipates continued improvements. She noted that for the previous financial year, which ended in June 2023, the Board of Trustees declared an interest an interest of 12.34%.
Dr Nansubuga also announced that the scheme has achieved a Net Investment Income of UGX 44.6 billion, far higher than the UGX34.4 billion collected in Contributions during the year.
The Chairperson of the Board also revealed that the fund value had grown from UGX352.4 billion recorded at the end of the last financial year to UGX409.2 billion, indicating an increase of 16.1%.
“By 30th June 2023, MURBS had a fund value of UGX 352.4 billion. The Board of Trustees targeted Fund growth of 17%, and I am glad to inform you, that the fund value of MURBS, as per the Audited Financial Statements of 30th June 2024 is UGX 409.2 billion, which is an increase of 16.1%. This achievement was made possible by strategic periodical activities undertaken by the Board and our fund managers, supported by the strong oversight committees of the Board,” she reported.
She attributed the positive growth to factors such as improved debt recovery, operational efficiency, timely remittance of contributions by the sponsor (Makerere University), an increase in project and contract contributions, and the recovery of UGX8.85 billion in debts.
Dr. Nansubuga also expressed gratitude to Makerere University, the scheme’s sponsor, for consistently remitting contributions, a key factor that has significantly contributed to MURBS’ smooth operation. “I am happy to announce that the sponsor-Makerere University remitted your retirement benefits for the financial year 2023/24,” she said.
In the same development, Dr. Nansubuga reported that MURBS registered a legal victory against Uganda Revenue Authority (URA) over a real estate investment in Sonde undertaken in 2019, and which URA sought to tax heavily. She notified the AGM that MURBS won the case and was awarded costs which also set a precedent.
“On behalf of the Board of Trustees, I am pleased to inform you that during the financial year, we received a favorable outcome on a key court case. How did we end up with this case? In 2019, MURBS invested in real estate, we bought land in Sonde,” Dr Nansubuga explained.
“Uganda Revenue Authority (URA) then charged us with a tax assessment worth UGX600 million. It has been four (4) years in the tax appeals tribunal. Since then, the lawyers, the former and current trustees, have been appearing before the appeals tribunal, but in December 2023, MURBS won the case. We challenged URA, and this case was awarded with costs. URA has to pay MURBS. We therefore saved UGX600 million,” she added.
In terms of governance, Dr Nansubuga said that the scheme made changes in the board. Initially, the trustees were six and they needed a seventh member, and following a competitive race, they recruited another trustee; CPA Edina Rugumayo who has over thirty years in accounting.
“In terms of governance, we continue to uphold good governance practices and we align with international standards. Last year during the presentation, I said we were six and we needed to have the seventh trustee because the Board composition is supposed to be seven,” she explained.
“So, following a competitive process, we recruited an independent trustee. It was a very competitive position. You must have served on board which has over UGX50 billion. So, from that process, we were able to recruit CPA Edna Rugumayo Simbwa. She is a certified public accountant with over thirty years of experience in accounting, taxation, and corporate governance,” she mentioned.
She also thanked other stakeholders for making sure that MURBS activities run smoothly. These entities include Makerere University, KPMG, Gen Africa, Arcadia Advocates, Zamara, URBRA, and Stanbic Bank among others.
While discussing investments, Dr. Nansubuga mentioned that 86% of MURBS’ funds are currently invested in government bonds, but added that the Board is exploring diversification to reduce risks.
“86% percent of our money is invested in government bonds, and sometimes, you do not have to put all your eggs in one basket, there is a high concentration of risk. so that is one of the key material risks that we want to address to reduce the amount we have in government securities. We want to diversify our portfolio and avoid investing heavily in government securities. The Board will venture into other fields in order to earn money or return on investment from the diverse undertakings,” she said.
In terms of membership, Dr. Nansubuga reported a 4.4% increase, with the number of members rising from 8,229 to 8,590. She attributed this growth to the reinstatement of in-house beneficiaries and an increase in project and contract staff.
Dr. Kakuba also thanked the sponsor-Makerere University for remitting the membership contributions timely which has helped the scheme to grow.
Dr. Godwin Kakuba -Secretary, MURBS Board of Trustees, who presented the record of the 13th Annual General Meeting stressed that the AGM climaxes a financial year and the Board of Trustee has been vigilant on this and has not missed any AGM for 14 years now.
“We applaud the sponsor because many of these positives in the chairperson’s report can only be attributed to the support by the sponsor through fulfilling the obligation of remitting members’ contributions to the scheme,” he added.
Partner Asad Ssenoga, an independent auditor who audited the scheme said that he was impressed with the level of compliance that the scheme exhibited in all aspects. He said they focused on ensuring that the member contributions are supported with statements and allocated to members appropriately.
“Overall we were satisfied with the work we did on the audit, the numbers that were presented by the Chairperson are the correct numbers that we audited. We were comfortable with those numbers, due process was followed during the audit,” he said.
Mr. Mark Lotukei who represented the CEO of Uganda Retirement Benefits Regulatory Authority (URBRA) thanked the Trustees for always prioritizing governance, which has helped them to reach several milestones.
“As URBRA, we look at governance as the biggest component of our compliance. MURBS Trustees from the former to the current, have taken governance as the most important aspect. We really encourage them to continue with this good practice because governance informs all the other aspects,” he said.
Mr. Arthur Kibira, a member in attendance, expressed his appreciation for the Board’s efforts. He urged them to explore higher-risk investments for potentially greater returns. He expressed concern over the scheme’s heavy reliance on government bonds.
“Dr Elizabeth Nansubuga, I want to congratulate you, and your team and also congratulate ourselves. But, I want to believe that there is room for improvement. I am one of those who do not believe that the sky is the limit, we are limited by our own thinking. I am thinking that high risks give high returns. Is there a way of managing those risks, so that we could push this 13.40% interest to a figure much higher? If we do so, we shall say we have learnt how to manage risks,”, he guided.
The Research Chairs concept is similar to Centers of Excellence (for instance in supporting world-class research in a priority area), but also has many distinguishing features. Most notably, it recognizes individual excellence, leadership and talent. The O.R. Tambo Africa Research Chairs Initiative (ORTARChI) builds on the work of Oliver Tambo, a prominent South African and pan-Africanist with a science education background, who believed in creating change through education and in cooperation and solidarity among African nations. The Initiative focuses on celebrating his legacy in building knowledge-based economies for the advancement of Africa.
ORTARChI builds on and leverages existing continental frameworks and interventions geared towards institutional capacity strengthening; recruitment and retention of excellent researchers; and incentives to support research that contributes to socio-economic and transformative development.
Ten (10) O.R. Tambo Africa Research Chairs across seven (7) countries in Africa, namely; Botswana, Burkina Faso, Ghana, Mozambique, Tanzania, Uganda and Zambia have been selected for funding through a rigorous and competitive two-stage review process. These research chairs are focused on research priorities identified by each host institution in conjunction with, especially the Science Councils, and in alignment with AU Agenda 2063 and STISA 2024.
Prof. Noble Banadda from the College of Agricultural and Environmental Sciences had been inaugurated as one of the first 10 (ten) Oliver Tambo (ORTARChi) Chairs. Unfortunately, Prof. Banadda (R.I.P) passed on in July 2021, which created a vacuum. To ensure that Uganda and Makerere University continue to tap into the ORTARChi, we are glad to announce the appointment of Associate Professor David Meya from the College of Health Sciences at Makerere University for the purpose. The appointment will attract USD 170,000 annually for 5 years for graduate research with a target of training 5-6 PhDs, 10-15 Post-doctoral fellows and 10-12 Masters of Medicine and Master of Science Students at Makerere University and Mbarara University of Science and Technology.
Makerere University has had the pleasure of attending 2024 O.R. Tambo Africa Research Chairs Annual Gathering in Ouagadougou, Burkina Faso. The annual gathering is co-hosted by the Joseph Ki-Zerbo University, National Research and Innovation Fund for Development (FONRID) and the National Research Foundation (NRF) of South Africa. The theme for this year’s gathering is: “African Sovereignty: A Catalyst for Research Collaborations and Social Impact in the Continent“. At the annual gathering, Uganda was represented by Associate Prof. David Meya (Uganda Chair Elect, ORTARChI), Prof. Henry Alinaitwe (Deputy Vice Chancellor Finance and Administration, Mak), Associate Prof. Robert Wamala (Director, Research and Graduate Training) and Dr. Martin Ongol (Ag. Executive Secretary, UNCST). Assoc. Prof. David Meya – ORTARChI Chair Elect – is from Makerere University’s School of Medicine at the College of Health Sciences.
Hoima and Kikuube Districts, Uganda – October 20, 2024
A group of third-year students from College of Business and Management Sciences’s Energy and Natural Resources Economics program visited the Kingfisher oil operations and Kabalega Airport in Hoima and Kikuube districts on October 20, 2024. Led by Dr. Peter Babyenda and Dr. John Sseruyange, and with authorization from the Petroleum Authority of Uganda, the visit offered the students an invaluable opportunity to connect classroom learning with field experience.
The primary objective of the field trip was to enhance students’ practical understanding of Uganda’s oil industry by observing the extraction and production processes firsthand. According to Dr. Babyenda, “Blending theory with real-world exposure is essential for these students, as it allows them to apply and expand their knowledge beyond the classroom.”
During the tour, students explored several key areas:
Practical Exposure – Witnessing the operational procedures of oil extraction offered students a concrete understanding of how theoretical concepts play out in the field, enhancing their grasp of the industry.
Economic Impact Analysis – Observing the economic role of oil production in Hoima and Kikuube allowed the students to explore its broader impact on local and global markets and its contributions to community development and Uganda’s economic landscape.
Technical Knowledge – The students gained insights into the technical aspects of oil extraction, learning about the complexities of the operations, the innovations employed, and the challenges faced by the industry.
Environmental and Social Considerations – Students observed the environmental practices in place and evaluated the social dynamics involved, gaining an understanding of how oil companies balance production with community and environmental sustainability.
Career Insights – With opportunities to interact with professionals in the oil sector, students received guidance on potential career paths in the industry, helping them make informed decisions about their futures.
Current Industry Issues – The group also delved into the status of the East African Crude Oil Pipeline (EACOP) project and discussed challenges in oil and natural gas production, examining where Uganda stands in terms of production timelines, obstacles, solutions, and the role they can play as future energy professionals.
Reflecting on the trip, Dr. Sseruyange highlighted the importance of this experience in solidifying students’ understanding of Uganda’s evolving oil industry. “This field experience not only complements what they’ve learned in lectures but also equips them with a real sense of the operational and societal impact of the energy sector,”he noted.
The students expressed their gratitude for the immersive experience, noting how it broadened their perspectives and deepened their knowledge. The field trip served as an essential step in preparing them for careers within Uganda’s energy and natural resources sectors, bringing them closer to the industry’s forefront and the future of sustainable energy in the region.