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MURBS Trustees Declare 12.34% Interest for FY 2022/2023

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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.

Left to Right: Dr. Godwin Kakuba, Mr. Bruce Balaba Kabaasa, Mr. Yusuf Kiranda and Prof. Winston Tumps Ireeta interact during the event. MURBS Presentation of Performance FY 2022/2023, 24th October 2023, Telepresence Centre, Level 2, Senate Building, Makerere University, Kampala Uganda. East Africa.
Left to Right: Dr. Godwin Kakuba, Mr. Bruce Balaba Kabaasa, Mr. Yusuf Kiranda and Prof. Winston Tumps Ireeta interact during the event.

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.

Part of the audience that attended the presentation of MURBS Performance for FY 2022/2023. Right is URBRA's Mr. Lubega Rodgers while Centre is Chairperson MURBS Audit Committee CPA David Ssenoga. MURBS Presentation of Performance FY 2022/2023, 24th October 2023, Telepresence Centre, Level 2, Senate Building, Makerere University, Kampala Uganda. East Africa.
Part of the audience that attended the presentation of MURBS Performance for FY 2022/2023. Right is URBRA’s Mr. Lubega Rodgers while Centre is Chairperson MURBS Audit Committee CPA David Ssenoga.

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 .

Dr. Godwin Kakuba, Secretary MURBS Board of Trustees responds to questions following his presentation. MURBS Presentation of Performance FY 2022/2023, 24th October 2023, Telepresence Centre, Level 2, Senate Building, Makerere University, Kampala Uganda. East Africa.
Dr. Godwin Kakuba, Secretary MURBS Board of Trustees responds to questions following his presentation.

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.

Front Row (Left to Right): MURBS Trustees Dr. Deus Kamunyu Muhwezi, Mr. George Bamugemereire, CPA Franco Angida Mugyema and Mr. Joseph Ikarokok. MURBS Presentation of Performance FY 2022/2023, 24th October 2023, Telepresence Centre, Level 2, Senate Building, Makerere University, Kampala Uganda. East Africa.
Front Row (Left to Right): MURBS Trustees Dr. Deus Kamunyu Muhwezi, Mr. George Bamugemereire, CPA Franco Angida Mugyema and Mr. Joseph Ikarokok.

“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

Mr. Bruce Balaba Kabaasa represented the Chairperson of Council, Mrs. Lorna Magara. MURBS Presentation of Performance FY 2022/2023, 24th October 2023, Telepresence Centre, Level 2, Senate Building, Makerere University, Kampala Uganda. East Africa.
Mr. Bruce Balaba Kabaasa represented the Chairperson of Council, Mrs. Lorna Magara.

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.

Front Row (Left to Right): Ms. Anne Njeri, representative from ICEA Lion Life Assurance, Mr. Edward Karegyesa, representative from PWC (Auditors), CPA David Ssenoga, Chairperson, MURBS Audit Committee and Ms. Susan Khaitsa, Principal Pension Officer, MURBS, attending the presentation of MURBS Performance for FY 2022/2023. MURBS Presentation of Performance FY 2022/2023, 24th October 2023, Telepresence Centre, Level 2, Senate Building, Makerere University, Kampala Uganda. East Africa.
Front Row (Left to Right): Ms. Anne Njeri, representative from ICEA Lion Life Assurance, Mr. Edward Karegyesa, representative from PWC (Auditors), CPA David Ssenoga, Chairperson, MURBS Audit Committee and Ms. Susan Khaitsa, Principal Pension Officer, MURBS, attending the presentation of MURBS Performance for FY 2022/2023.

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.

Mr. Yusuf Kiranda delivers the Vice Chancellor's remarks. MURBS Presentation of Performance FY 2022/2023, 24th October 2023, Telepresence Centre, Level 2, Senate Building, Makerere University, Kampala Uganda. East Africa.
Mr. Yusuf Kiranda delivers the Vice Chancellor’s remarks.

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.”

The Chairman MUASA, Dr. Robert Kakuru (Standing) contributes to the discussion following the presentation. In the background are Leaders and Members of Staff Associations. MURBS Presentation of Performance FY 2022/2023, 24th October 2023, Telepresence Centre, Level 2, Senate Building, Makerere University, Kampala Uganda. East Africa.
The Chairman MUASA, Dr. Robert Kakuru (Standing) contributes to the discussion following the presentation. In the background are Leaders and Members of Staff Associations.

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.”

Mr. Lubega Rodgers represented the CEO of  URBRA. MURBS Presentation of Performance FY 2022/2023, 24th October 2023, Telepresence Centre, Level 2, Senate Building, Makerere University, Kampala Uganda. East Africa.
Mr. Lubega Rodgers represented the CEO of URBRA.

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.

Mr. George Bamugemereire (Right) and Dr. Deus Kamunyu Muhwezi follow proceedings. MURBS Presentation of Performance FY 2022/2023, 24th October 2023, Telepresence Centre, Level 2, Senate Building, Makerere University, Kampala Uganda. East Africa.
Mr. George Bamugemereire (Right) and Dr. Deus Kamunyu Muhwezi follow proceedings.

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.”

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Re-advertisement: Undergraduate Programmes 2024/2025

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A section of the University Road

The Academic Registrar, Makerere University invites applications from Ugandan, East African, and international applicants for the undergraduate programmes under Government Sponsorship (BVL) and private sponsorship scheme for the 2024/2025 Academic Year.

Each applicant should:

a) Have the Uganda Certificate of Education (UCE) with at least five passes, or its equivalent and at least two principal passes at Uganda Advanced Certificate of Education (UACE) obtained at the same sitting. For day programmes only candidates who sat A’ Level in 2023,2022 and 2020 are eligible to apply. For evening, afternoon, and external programmes, a candidate is not restricted on the year of sitting A’ Level.

OR

d) Degree from a recognised/Chartered Institution

Further details on the re-advertised programmes , fees structure, and the procedure of submitting applications can be accessed from the document below:                                            

The closing date for receiving applications for undergraduate admissions is Friday 26th July 2024.                                                           

WARNING:                                                             

  1. Applicants are strongly warned against presenting forged or other people’s academic documents to support their applications for admission.  The consequences, if discovered, are very grave indeed.
  2. Do not buy any other documents not originating from the Academic Registrar’s Office.  Those who buy them do so at their own risk. 
  3. The Academic Registrar has not appointed any agent to act on his behalf to solicit for additional funds other than the application fee stated above.    
  4. Applicants are advised to use the right programme names and codes. The university will not be responsible for any wrong information entered in the system by applicants.     

Prof. Mukadasi Buyinza
ACADEMIC REGISTRAR

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Freshers’ Orientation and Registration For 2024/2025 Academic Year

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To All First Year Students;
First Year students (Freshers) are by tradition given an “acclimatization” period of one week
which is referred to as the “Orientation Week”. The Freshers report on Campus one week
earlier than the Continuing students and during this week they are introduced to the key facilities in the University as well as other important aspects of life at the University.

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Admission Lists -Disability, Sports and District Quota Schemes 2024/25

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Students move towards Main Building on University Road

The Office of Academic Registrar, Makerere University has released the admission list of candidates admitted under the Disability, Sports and District Quota Schemes with Government sponsorship 2024/25 Academic Year.

Kindly follow the links below to access the lists:-

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