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.”
General
Are We Giving Enough Attention to the People Around Us Who Quietly Influence Lives Every Day?
By Marion Apio
On March 21, 2026, I felt a strong urge to reconnect with a close colleague and passionate leader, Owekitinisa Sylas Ruhweza Atwooki. We had not spoken since I moved to the United States to pursue my dream of becoming a journalist. The following day, I learned that he had been quietly undergoing treatment in and out of the hospital. True to his character, he had chosen to keep his condition private. I was shocked and saddened, wishing I had known earlier so I could offer support.
At first, reports from family and friends were encouraging. He had been diagnosed with malaria and low blood platelet counts and was receiving treatment. Respecting his wish for confidentiality, members of the Mastercard Foundation Scholars and Alumni community at Makerere University rallied discreetly around him.
However, on April 29, his condition worsened. He was transferred between medical facilities and underwent extensive tests, including a biopsy, as doctors searched for answers. Sadly, on May 29, Sylas passed away.
His death sparked an extraordinary outpouring of love and solidarity. Friends, colleagues, and former scholars mobilised to support his family, settle medical expenses, organise virtual vigils, and plan a dignified farewell. Hundreds gathered at St. Augustine Chapel to pay their respects. Within three days, the Mastercard Foundation Scholars and Alumni community raised approximately UGX 11 million, a testament to Sylas’ impact on countless lives.
In the days that followed, I found myself wrestling with difficult questions. In a world where we spend so much time following people online, are we paying enough attention to those quietly transforming lives around us? Why do we invest so much emotional energy in distant personalities while overlooking the people God has placed right in front of us?
Sylas lived with humility and served with grace. His death left more than 1,500 Mastercard Foundation scholars and alumni grieving, alongside many others around the world who knew him. Yet his passing also exposed a contradiction in modern life.
We live in an age of unprecedented connectivity. Uganda has millions of internet users and WhatsApp subscribers, while globally, people spend hours each day on social media. We have more tools than ever to stay connected, yet many of us are becoming increasingly disconnected from the people who matter most.
Sylas resisted this trend. Through mentorship, service, and community-building, he remained deeply present in others’ lives. While many people retreat into individual pursuits, he consistently chose connection.
This challenge is especially relevant for Mastercard Foundation scholars and alumni. Every year, young Africans leave home to pursue education and professional opportunities abroad. Distance, time zones, visa restrictions, and rising travel costs make it difficult to maintain relationships and remain actively involved in the communities that helped shape us.
For Sylas, the answer was simple: show up. Celebrate others. Offer support. Stay connected.
He never allowed geographical or personal barriers to become excuses for disengagement. Even while facing his own struggles, he invested in others. He embodied the values the Mastercard Foundation seeks to cultivate—ethical leadership, service, and community empowerment.
Sylas did not wait for a perfect platform to create change. He simply served where he was. He helped build bridges between education, culture, and professional development while remaining grounded in his values. He dreamed of creating a stronger alumni ecosystem and brought both passion and compassion to every initiative he touched.
Since his passing, social media has been filled with memories of his infectious smile and unwavering commitment to others. Those tributes reveal an important truth: people gave generously because Sylas had first given himself generously to them. People from different backgrounds, generations, and communities showed up because he had spent his life showing up for them. His legacy now challenges all of us.
The greatest tribute we can offer is not simply to mourn his loss but to continue his work. That means supporting the causes he cared about, helping the children whose education he championed, strengthening alumni networks, and pursuing the dreams we discussed with him.
The tragedy of modern life is not that we follow people online. It is that too often our attention to distant lives comes at the expense of meaningful relationships nearby. Yet strong relationships are as essential to our well-being as physical health.
As Ugandans, we take pride in our faith, culture, and sense of community. We contribute to fundraisers, attend ceremonies, and support family members in times of need. But increasingly, genuine connection is being replaced by passive digital interaction. Families and communities cannot thrive on likes, retweets, and emojis alone.
They require presence—phone calls, visits, conversations, and the willingness to notice when someone is struggling.
Before spending another hour immersed in the lives of strangers online, look around. Call the friend you have not spoken to in years. Check on a family member. Reach out to a colleague who seems withdrawn. Communities are not built by algorithms or celebrities. They are built by ordinary people who choose, day after day, to care for those within their reach.
Uganda needs more people like Sylas. At just 32 years old, he achieved what many spend a lifetime striving for. He served as Minister of Information in the Toro Kingdom and as President of the Mastercard Foundation Scholars Alumni Association in Uganda. More importantly, he dedicated himself to serving others.
While his death is deeply painful, his life remains a powerful example of how we should live. My prayers and condolences go to his family, friends, and the entire Mastercard Foundation Scholars and Alumni community.
Rest in perfect peace, Owek. Sylas Ruhweza Atwooki.
The author is a Mastercard Foundation Alumna from Makerere University and the University of California, Berkeley. She is a journalist based in Southern California and the CEO of the Debunk Media Initiative.
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