General
MURBS Trustees Declare 12.34% Interest for FY 2022/2023
The Makerere University Retirements Benefits Scheme (MURBS) on 26th October 2023 declared an interest of 12.34% on members’ balances for the financial ended 30th June 2023. The declaration was made at the MURBS 13th Annual General Meeting (AGM) held on Thursday 26th October 2023 in the Yusuf Lule Central Teaching Facility Auditorium. The MURBS Fund value grew from UGX 299billion at the start of Financial Year 2022/2023 to UGX 352billion as at 30th June 2023. This growth resulted in a net return of UGX 42billion, which was distributed to members as interest.
The declaration was preceded by a presentation of the MURBS Performance for Financial Year 2022/2023 to members of the University Council and Management at a meeting held on Tuesday 24th October 2023 at the Telepresence Centre, Senate Building, Makerere University. The presentation was attended by the Chairperson of Council, Mrs. Lorna Magara represented by the Chairperson Finance, Planning, Administration and Investment Committee (FPAIC) of Council, Mr. Bruce Balaba Kabaasa, the Vice Chancellor, Prof. Barnabas Nawangwe represented by the University Secretary, Mr. Yusuf Kiranda, Acting Deputy Vice Chancellor (Finance and Administration), Prof. Winston Tumps Ireeeta, Director Quality Assurance, Dr. Cyprian Misinde, Acting Director Human Resources, Mr. Deus Tayari Mujuni and Acting Dean of Students, Mr. Peter Rivan Muhereza. The CEO Uganda Retirements Benefits Authority (URBRA), Mr. Martin A. Nsubuga was represented by his Head of Supervision, Mr. Lubega Rodgers.
During the Year, the Trustees operationalised the Trust Deed and Scheme Rules (TDSR) as amended on 30th May 2023. Overall, the amendments facilitated governance, policy, and operational changes and enhancements, further streamlining and strengthening the Scheme. Effective with the new TDSR, the Board composition changed from five (5) to seven (7) Trustees. As at 30 June 2023, the Board was composed of six (6) Trustees, pending appointment of the independent Trustee.
Changes in the Board of Trustees
During the year, the Board discharged one member and appointed three members. The changes involved the retirement of Mr. Wilber Grace Naigambi who completed his term on 31 March 2023 and he was replaced by Dr. Elizabeth Patricia Nansubuga as MUASA’s representative. In a special way, the Trustees recognise and appreciate the contribution of Mr. Wilber Grace Naigambi, who served on the Board of Trustees from 2016 to 2023. In addition, Dr. Deus Kamunyu Muhwezi and Mr. George Bamugemereire, who are Council representatives, joined the Board in May and June 2023 respectively.
Presentation of FY 2022/2023 Performance
Presenting the 2022/2023 performance on behalf of the Chairperson, Dr. Elizabeth Patricia Nansubuga, the Secretary Board of Trustees, Dr. Godwin Kakuba announced that on June 2021, MURBS became the first mandatory Employer-based Scheme in Uganda. Furthermore, he shared that the aforementioned TDSR amendment of 30th May 2023 that changed the Board of Trustees’ size from five to seven also introduced the “Midterm” access by members to 12% of their accrued benefits, provided they are at least 45 years old and have saved with the Scheme for at least ten years .
The Chairperson’s presentation nevertheless cautioned that whereas members were entitled to Midterm access of their funds, it had long-term effects on fund value and return on investment of their cummulative retirement benefits. For example, due to Midterm access in 2022/2023, sixteen Members’ savings shifted from the UGX 200-250million to the UGX 150-200million range, while five members shifted from the UGX 50-100million to the below UGX 50million range.
The shifts due to Midterm access notwithstanding, one members’ savings moved from the UGX 400-450million to the UGX 450-500million range, while three members joined the UGX 400-450million range. The largest number of members; 1,640 out of a total of 3,041 active accounts (53.9%) fall in the category of savings below UGX 50million, a slight improvement from 54.8% last year.
“In a period of five years the Scheme has moved from no one holding benefits above UGX 250million to having 270 members holding benefits above UGX 250million with five of them being above UGX 400million as of 30th June 2023… The Scheme strives to move more members from the lower bands to the upper bands by ensuring timely collection and prudent investment of their contributions” remarked Dr. Kakuba on behalf of the Chairperson.
Dr. Kakuba concluded the Chairperson’s presentation by thanking the University Council and Management for their cooperation and timely remittance of all members’ contributions to the fund. “We thank all the stakeholders who have worked with MURBS to ensure a successful Financial Year, in a special way, we thank you the sponsor for making time for this occasion.”
Responses to Chairperson’s presentation
Responding to the presentation, Mr. Bruce Balaba Kabaasa appreciated the Board for successfully sustaining the Scheme’s operations for the last thirteen years. He nevertheless urged the Trustees to consider a long and detailed strategic plan to serve as the blueprint for the Scheme Funds’ management and investment, so as to safeguard member benefits from challenges that may arise as the value appreciates.
“I am particularly happy that those of you who have been at the forefront of agitating for staff welfare are now very close to the management of MURBS”, he added in reference to Dr. Deus Kamunyu, former Makerere University Academic Staff Association (MUASA) Chairperson.
Mr. Kabaasa nevertheless took difference with the MURBS opinion that Midterm access to funds before retirement should be discouraged. He noted that from the sustainable development perspective, “you don’t compromise today because you are planning for the future.
“My view therefore, is that man or woman should be given an opportunity closer to retirement to start putting one leg into the waters to test how deep they are in order to be able to put in both legs later, well knowing the depth of the river or lake” he remarked. This he justified by noting that it is better for one to lose 12% of their retirement benefits to poorly researched investment now, than lose 100% at retirement when they have no chance for reprieve.
On this note, Chairperson FPAIC urged MURBS to step up its member education programmes on what works or doesn’t work for various investment vehicles they are likely to engage in. “You should be involved in making sure that our people have the required skill, the required mindset and the required understanding of the opportunities available within our economies and beyond.”
Delivering the Vice Chancellor’s remarks, Mr. Kiranda noted “the story of MURBS is simply one of the many good stories that will continue to stream out of Makerere year after year.” He added that “The Chairperson’s presentation of MURBS’ good performance for the year 2022/2023 is very much appreciated by the University Management for it encourages the employees of Makerere University to remain focused on their core mandate, confident that their retirement benefits are secure.”
He lauded the MURBS Board of Trustees for upholding professionalism and integrity, noting that the University Management has not received complaints concerning retirement benefits from any former employee of Makerere University over the last five years. The Vice Chancellor equally acknowledged the tremendous contribution by the Government of Uganda to a thriving sector by paying salaries on time, contributing to retirement benefits and creating an enabling environment for Schemes and their service providers to invest member funds.
On the subject of Midterm access, Mr. Kiranda re-echoed the Chairperson Council’s call to invest more in training members on how best to invest their retirement benefits. “Chairperson (of MURBS Board of Trustees), Management committed to work with you to do further sensitization and that commitment is still open.”
On behalf of the CEO URBRA, Mr. Lubega commended the MURBS Board for always addressing matters raised by the regulator during onsite inspections. He noted that the retirement benefits sector growth over the last ten years has not been by coincidence, but rather due to strengthened supervision. According to the URBRA website, Uganda currently has UGX 20.56trillion worth of assets under management in the retirement benefits sector.
“I am happy to communicate that Makerere University Retirement Benefits Scheme is one of those schemes that have really implemented these regulations of retirement benefits… the controls put in place by this Scheme can actually show you that they are moving in the right direction so thank you so much Board” commended Mr. Lubega.
Delivering the closing remarks at the presentation, Mr. Bamugemereire thanked all members and service providers for attending the event, reminding all present that planning for retirement starts the day one is employed. As a Trustee, he appreciated the lengths that URBRA goes through to ensure that Trustees are well trained and equipped to perform their duties. “I want to inspire you with confidence that the Scheme is in safe hands.”
The Makerere University Vice Chancellor, Prof. Barnabas Nawangwe has today, Friday, 26th June 2026 handed over the CCE (Complex) Hall of Residence Site to National Enterprise Corporation (NEC) Managing Director and CEO, Lieutenant General James Mugira for renovation and overhaul works. The UGX 12billion Government of Uganda-funded works, expected to be completed within a year, are the fourth project to be undertaken by NEC. They were preceded by; construction of the University Perimeter Wall, Renovation of Lumumba Hall, and Renovation of Mary Stuart Hall.
NEC’s Record Lauded
Prof. Nawangwe in his remarks at the handover ceremony lauded these projects. “The quality of work done by NEC makes us proud because we can finally say that we have Ugandans who can do the things, which we previously depended on foreigners to do.” He therefore thanked the Government of Uganda for fully funding the projects and the First Lady and Minister of Education and Sports, Hon. Janet Museveni, whose visit set the renovation projects in motion.
The Vice Chancellor added that as the Alma mater for most members of both the Contractor and Project Management Teams, this was a moment of great pride as their expertise and skills have saved the country billions of taxpayers’ money. “Thank you for being patriotic”, he commended.
Prof. Nawangwe concluded by noting that CCE Hall, by virtue of its location, provides a first impression of Makerere University as a whole. He therefore urged the contractor to ensure that upon renovation, CCE Hall would create a memorable and lasting first impression, exceeding even that of the renovated Mary Stuart Hall.
A Project Fueled by Nostalgia
Speaking of impressions, Lt. Gen. Mugira, with nostalgia recalled that close to 42 years ago, he not only attended his first lectures in Hall 1 of the CCE Complex but also, on a more personal note added, “my wife was a resident, and so I have every motivation to put in a lot of effort and make sure that I deliver more than was done with Mary Stuart and Lumumba.”
He therefore extended heartfelt appreciation to his Alma mater Makerere University for the trust and confidence bestowed in NEC, which underscored their ability to deliver. “Trust is earned through performance, through integrity and consistency, and your decision to engage us motivates us to work even harder to exceed your expectations.”
In his remarks, the Deputy Vice Chancellor (Finance and Administration) Prof. Henry Alinaitwe reechoed the need to ensure that the project is executed with adherence to the cost, quality, specifications and safety related issues as earlier shared by the Acting (Ag.) Chief Engineer of Estates and Works, Eng. Ezra Sekadde.
“NEC has already demonstrated this (with previous projects), and that is why we have all the confidence that you can deliver this project within 12 months” remarked Prof. Alinaitwe. He equally lauded the Project Management Team (PMT) led by Arch. Dr. Kenneth Ssemwogerere whose supervision ensures timely project completion.
Relatedly, Arch. Dr. Semwogerere was on 25th June 2026, the eve of the handover, promoted to the rank of Associate Professor, a milestone Prof. Alinaitwe attributed to his track record as Head of PMT. He therefore, on a light note, urged him to keep up the good work as this could equally contribute to his promotion to the rank of full Professor.
Also present at the handover ceremony was the Principal, College of Education and External Studies (CEES) Prof. Anthony Mugagga, whose unit will be greatly affected by the renovations. He nevertheless welcomed and reiterated his full support for the project, noting that just as renovation of Lumumba and Mary Stuart Halls had resulted in many alumni revisiting, the CCE Complex would upon renovation attract former residents and teaching professionals to give back or forge new partnerships.
Student Welfare at the Forefront
On her part, the Dean of Students Dr. Winifred Kabumbuli lauded the renovations of Halls of Residence as a clear demonstration of Government’s dedication to the improvement of student welfare, and creating an environment conducive for nurturing responsible citizens who can contribute to national development. She pledged her Office’s and the Student Leadership’s readiness to ensure that the renovated facilities used responsibly for the benefit of future generations.
As a resident of the recently renovated Mary Stuart Hall, 92nd Guild President H.E. Kadondi Gracious could not help but appreciate how impactful the renovation of CCE Hall would be to student welfare. “The female students will be very excited (to occupy CCE Hall) but the male students will be left complaining – so we shall be expecting more renovations, not just for the female but also the male students,” she amiably concluded.
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