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.”
Makerere University has officially launched its Strategic Plan 2025-2030, marking a major milestone in its commitment to strengthening research, innovation, and human capital development in line with Uganda’s national development priorities.
The launch brought together senior government officials, university leadership, and development planners, including the Minister of Finance, Planning and Economic Development, Hon. Henry Musasizi, and a representative from the National Planning Authority (NPA), alongside the University Vice Chancellor.
A Vision Anchored in National Transformation
Speaking at the launch, the Vice Chancellor underscored the University’s ambition to significantly expand graduate training and strengthen its contribution to national development. He noted that the institution is targeting a return to pre-COVID enrolment levels and a substantial increase in postgraduate numbers by 2030, with a focus on producing highly skilled graduates, innovators, and researchers.
He emphasized that the Strategic Plan positions the University as a key driver of Uganda’s transformation through knowledge generation, innovation, and entrepreneurship, aligned with national priorities.
“The staffing distribution is shown here. Under the approved establishment, we intended to have 419 Professors, but we currently have only 75. We planned for 473 Associate Professors, but currently have only 144. This clearly demonstrates that we still have considerable room for growth in strengthening our academic staff profile,” the VC said.
The VC appreciated researchers and research centres, that continue to attract substantial research funding. He highlighted the Infectious Diseases Institute (IDI) and the Makerere University Walter Reed Project which attracted approximately US$70 million in international research funding into Uganda.
“When you combine the grants won by all our researchers through competitive international funding, the total exceeds US$200 million,” he said.
In her remarks, the Chairperson of the University Council, Dr. Lorna Magara, described the Strategic Plan as more than an institutional roadmap, calling it “a public covenant with the people of Uganda.”
She noted that the Plan marks “the launch of Makerere University’s next chapter,” adding that decisions taken over the next five years will shape not only the future of the institution, but also Uganda’s development trajectory through graduates, research, innovations, and leadership.
Dr. Magara emphasized Makerere’s unique national role as Uganda’s premier public university, entrusted with public resources and public confidence.
“Every investment made in Makerere must produce measurable value for the people of Uganda,” she said, underscoring the need for accountability, integrity, and impact.
Ambitious Targets for Transformation
The Council Chairperson and the Vice chancellor outlined bold performance targets under the Strategic Plan, including doubling postgraduate enrolment, increasing STEM enrolment from 30% to 55%, improving PhD completion rates from 10% to 35%, and more than doubling peer-reviewed research output, alongside a significant rise in patents and innovations.
Dr. Magara stressed that these targets are not aspirations alone but binding commitments against which institutional performance will be measured.
“Ambition is precisely what this moment demands. A strategic plan is not measured by the elegance of its language, but by the lives it transforms,” she said.
Call for Stronger Governance and Legal Reform
Dr. Magara also highlighted the need for reform of the Universities and Other Tertiary Institutions Act, Cap. 262, noting that the current legal framework has not kept pace with the evolving realities of university governance and innovation.
She called on Government and Parliament to support a timely review of the Act to enable universities to better optimise knowledge systems, productive assets, and innovation capacity in support of national development.
Government Endorsement and Strategic Alignment
Hon. Henry Musasizi commended the University for developing a forward-looking Strategic Plan aligned with Uganda’s Vision 2040 and the Fourth National Development Plan (NDP IV), which serves as the foundation for the country’s Tenfold Growth Strategy.
He explained that Uganda’s ambition to grow its economy from about USD 50 billion to USD 500 billion requires accelerated growth driven by productivity gains, innovation, and strong human capital development.
“Universities are central actors in national transformation. They are engines of knowledge creation, innovation, and human capital development,” he said.
The Minister stressed that government priorities include strengthening research, promoting industrialization, and ensuring that knowledge generated in universities is translated into practical solutions that support economic growth. He further highlighted the importance of accountability, efficiency, and value for money in public investments in higher education.
Universities as Drivers of the Tenfold Growth Strategy
In his presentation, the Senior Planner at the National Planning Authority, Samuel Kasule, emphasized that the Strategic Plan is firmly anchored in Uganda’s comprehensive development framework under Vision 2040 and NDP IV.
He noted that the Tenfold Growth Strategy seeks to accelerate Uganda’s economic growth into double-digit territory, enabling the country to achieve structural transformation and reach upper middle-income status.
Kasule underscored that universities play a critical role in this transformation through labour productivity, research, and innovation. He pointed out that priority sectors such as agriculture, tourism, minerals, oil and gas, and ICT depend heavily on skilled graduates and strong research ecosystems.
He also highlighted the importance of competency-based education, alignment of academic programmes with national human resource needs, and strengthening postgraduate training and research outputs.
A Shared Commitment to Transformation
Across all speeches, a strong message emerged: universities are central to Uganda’s development agenda and must evolve into research-intensive institutions that directly contribute to economic transformation.
The Strategic Plan 2025-2030 was widely commended for its focus on innovation, industry collaboration, digital transformation, and the commercialization of research outputs.
Government leaders reaffirmed continued support for higher education institutions through research funding, innovation ecosystems, and strengthened university–industry partnerships.
Conclusion
The launch of the Strategic Plan 2030 signals a renewed commitment to positioning the University as a key partner in Uganda’s development journey. With strong alignment to national priorities, the Plan is expected to accelerate research, innovation, and skills development necessary for achieving Uganda’s long-term economic ambitions. The Strategic Plan may be accessed at: https://mak.ac.ug/about/strategic-plan
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