General
MURBS Fund Value Grows to UGX 409.2 Billion
By: Ritah Namisango
Dr. Elizabeth Patricia Nansubuga, the Board Chairperson of the Makerere University Retirement Benefits Scheme (MURBS), has announced that the MURBS fund value has grown to UGX 409.2 billion as of the 2023/24 financial year.
Dr. Nansubuga made the announcement during the presentation of the MURBS Performance Report for the 2023/24 financial year, which ended on June 30, 2024. The report was presented to members of the University Council and Management at a meeting held on October 22, 2024, at the Makerere University Telepresence Centre, Senate Building.
The meeting, which preceded the Annual General Meeting scheduled for October 24, 2024, was attended by several key figures, including Vice Chancellor Prof. Barnabas Nawangwe, University Secretary Mr. Yusuf Kiranda, Acting Deputy Vice Chancellor for Finance and Administration Prof. Henry Alinaitwe, Acting Deputy Vice Chancellor for Academic Affairs Prof. Buyinza Mukadasi, and a representative of the CEO of the Uganda Retirement Benefits Regulatory Authority (URBRA), Cosmas Ssenyonga, among other dignitaries.
MURBS is the mandatory scheme for Makerere University staff. It was established under irrevocable trusts with effect from 1st April 2009. It was set up by Makerere University for the purpose of providing retirement benefits to employees of Makerere University upon retirement from the University.
In her address, Dr. Nansubuga emphasized that, over the last 14 years, MURBS has grown into the fourth-largest retirement benefits scheme in Uganda by fund value and is regarded as one of the best-managed schemes in the country.
She acknowledged the efforts, hard work, commitment and resilience of the past and current leaders for the continuous growth of the scheme.
“MURBS Trustees have worked through different challenges in the past years to make it a strong scheme. These challenges have also enabled the trustees to develop and establish good relations with different sector players and its principal stakeholders,” she said.
The Financial Year 2023/24 under review marked the beginning of the implementation of the Board’s new Strategic Plan (23/24 – 27/28) which is centered around four strategic pillars – Member satisfaction, Financial Sustainability, Institutional capacity, and Stakeholder satisfaction.
She explained that through this they have been able to grow the fund value of the scheme by 16.1% from last financial year. She explained that although they did not reach their goal of improving the fund value by 17%, they appreciate the stakeholders for the milestone reached.
“By 30th June 2023, MURBS had a fund value of 352.4 billion. The 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 409.2 billion, which is an increase of 16.1%, failing to hit the target by less than 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 stated.
She further shared that MURBS was able to improve the funds’ value after having an impressive financial performance, recording a net investment income of UGX 44.6 billion, far higher than the UGX 34.4 billion was collected in contributions during the financial year.
“The Performance filters down to all members through the interest that has been declared for the Financial Year 2023/2024. The Trustees will declare the interest on members’ balances during the Annual General Meeting on October 24, 2024,” she said.
It is against this background that Dr. Nansubuga revealed that the interest that the Trustees are awarding with respect to the Financial Year that ended 30th June 2024 will be higher than the one awarded last Financial Year. The very figure will be declared at the members’ AGM on Thursday, 24th October 2024.
Dr. Nansubuga further revealed that in order to have members who are grounded in protecting the benefits of the members, the Trustee made a decision to train its staff in Tax, Corporate Governance, Digital Trust and Cybersecurity, Investment opportunities in the Downturn landscape, Data Protection and Privacy Awareness, among others.
“Aware that one of the most common risks to a retirement benefits scheme is having members of the Board of Trustees who are not fully empowered to undertake their responsibility of governing the Scheme, the Trustees set out to strengthen the Board of Trustees’ capacity in various skills during the year,” she said.
“The Scheme recruited staff to focus on project remittances but also maintained all its staff who crossed over from the 2022/2023 FY. The Trustees are glad that the impact of the training undertaken is reflected in the execution of the different officers’ roles,” added Dr. Nansubuga.
“As of July 2023, 1153 members had benefits above 100 million, and by June 2024, 1166 members held benefits above 100 million even after giving out Ushs11 billion in Mid-term Access benefits. In addition, the FY started with only one member having at least half a billion but we closed with four members having at least half a billion and a total of 538 members with benefits over Ushs250 million,” she said.
Dr. Nansubuga also informed the conference that MURBS received its 7th Fire Award in the category of Retirement Benefits Schemes this year in recognition of their continuing excellence. This award reflects MURBS’ performance in comparison to her industry counterparts.
Dr. Nansubuga also used the opportunity to express her gratitude to Makerere University management for their ongoing assistance in ensuring prompt remittance of all contributions.
“At this moment, allow me to appreciate the Sponsor for remitting all the contributions to the FY ended. In the same vein, MURBS appreciates Makerere University Council and the Government of Uganda for paying the final installment of the In-house debt. Going forward, the university is assured of very good publicity concerning its handling of retirement matters at Makerere University,” Dr Nansubuga said.
Speaking at the event, Vice Chancellor Prof. Barnabas Nawangwe who first gave a history of the previous schemes that the University community used previously, underscored the importance of the scheme in giving confidence to the University’s staff.
“This scheme is extremely important to our staff because it is the only scheme which saves money for them, such that when they retire, they have a package. So, this is extremely important to our staff that even when they retire, they will live a normal life,” Prof. Nawangwe explained.
The Vice-Chancellor thanked the MURBS board of trustees for ensuring that the fund’s value grows by 40 plus billion shillings.
“I cannot thank the board of trustees enough, the managers, and administrators, for a job well done. I congratulate you for all those awards you have won, and it is just for Makerere to set the bar for the rest,” he said.
Professor Nawangwe called upon the MURBS Board of Trustees to consider investing in the Makerere Masterplan, which is seeks to develop the university’s territory around the country.
“I encourage MURBS to get interested in the Makerere University investment and development plans so that it is not just developers who have no connection that benefit, but the staff themselves who have worked for the University diligently for a long time, they can benefit from investments on this land,” he suggested.
On his part, Mr. George Bamugemereirwe, one of the board trustees thanked the University Management and Council for empowering MURBS.
“I want to commend the management of Makerere University for taking the initiative to think ahead, plan for people, and to invest for the future because retirement is a must,” he said.
“The danger of retirement is that it can be traumatic, some are lucky to have a full career, but I can tell you that there are very few jobs these days that can tolerate you for life. Contract jobs where you serve for a specific number of years are on the rise,” he added.
Mr. Bamugemereirwe stressed that retirement is very vulnerable for many individuals and therefore Makerere staff’s benefits should been safeguarded like it has been duly done by MURBS.
“Retirement is a very vulnerable time for many people and many actually fall victim to scammers’ loss, You’ll be vulnerable to a scammer who will come trying to advise on how to invest your money. So we thank MURBS that they have put measures to safeguard, and ring-fence workers’ money,” he said.
On his part, Mr. Cosmas Ssenyonga who represented the CEO of Uganda Retirements Benefits Regulatory Authority (URBRA), thanked Makerere University management for always remitting contributions on a timely basis which has allowed the scheme to have that great performance.
“I want to thank the sponsors of this scheme which is the University management because without them I am not certain if the scheme would have had this kind of performance. They do remit contributions on a timely basis and that I can confirm because we receive quarterly returns on contributions,” he said.
Mr. Ssenyonga also praised the board of trustees for their adequacy in achieving their goal as a retirement benefit system, which is to ensure that their University staff enjoy a respectable life after they retire.
“I commend the board of trustees; they have done good for not only the scheme but the entire sector. When study the operations of MURBS, in terms of performance indicators especially, the efficiency indicator, they rank among the first two,” Mr. Ssenyonga added.
Ssenyonga hailed the board of trustees for implementing best practices, which prompted URBRA to examine MURBS as a model scheme when considering how to strengthen governance of such entities.
General
Minister Janet Museveni Lays Foundation Stone for School of Graduate Studies Building, Commissions the School of Law Building and the renovated Lumumba Hall
The First Lady and Minister of Education and Sports, Hon. Janet Kataaha Museveni, has laid the foundation stone for Makerere University’s School of Graduate Studies building, whose construction is now underway.
The Minister laid the foundation stone for the USD8 million project during a brief function held on Wednesday 18th December 2024 at the site opposite Makerere University’s Lumumba Hall. The event was attended by several dignitaries, including the State Minister for Primary Education, Hon. Joyce Moriku Kaducu, University Council Chairperson Mrs. Lorna Magara, and Makerere University Vice Chancellor, Professor Barnabas Nawangwe.
Others in attendance included Acting Deputy Vice Chancellor of Finance and Administration, Professor Henry Alinaitwe; Acting Deputy Vice Chancellor of Academic Affairs, Professor Buyinza Mukadasi; University Secretary Mr. Yusuf Kiranda; Dean of Students Winfred Kabumbuli; Guild President Vincent Lubega Nsamba; and the Vice Guild President, Joy Eve Serunjogi among others.
The building is a donation (in-kind) from the late Hasmukh Patel, an industrialist and former Chairman of Tororo Cement who passed away on August 29, 2024, after a short illness. The journey to this befitting donation to Makerere University started in December 2022, when Hasmukh Patel accompanied by some members of his family and friends visited the Vice Chancellor, Prof. Barnabas Nawangwe to declare his donation. From December 2022, a number of meetings were convened involving the Minister of Education and Sports, the University leadership, Mr. Hasmukh Patel, his family and Tororo Cement regarding this donation. Living true to his commitment during those meetings, his family and Tororo Cement are implementing his wishes to construct the building, which will house the School of Graduate Studies at Makerere University.
Before laying the foundation stone for the School of Graduate Studies building, Hon. Janet Museveni first unveiled a plaque to officially open the new building for the School of Law. She then headed to Lumumba Hall, where she unveiled another plaque marking the completion of its renovation.
The First Lady, who had initially laid the foundation stone for the School of Law building on May 17, 2022, returned to the main campus to officially open the completed structure. Funded by the Government of Uganda to the tune of UGX 7.3 billion, the new three-storeyed building features lecture rooms, tutorial and seminar rooms, a library, a moot court, offices, a cafeteria, a lactation room, and other teaching and learning facilities. Construction was undertaken by M/S CK Associates, with Symbion serving as a consultant.
The renovation works for Lumumba Hall commenced in June 2023, with the site handed over to the contractor, National Enterprise Corporation (NEC). Funded by the Government of Uganda to the tune of UGX 9 billion, the project involved extensive renovations to restore Lumumba Hall to its original splendor. Lumumba Hall now accommodates about 725 students.
Lumumba Hall was the first hall of residence to undergo renovation, followed by Mary Stuart Hall, which has also been handed over to NEC for refurbishment. These renovations, which began last year, are a result of the Government of Uganda’s efforts to improve the nine (9) halls of residence at the main campus.
Speaking at the event, Hon. Janet Museveni thanked the University Council and management for their dedication to rebuilding the institution. She expressed confidence that the physical restoration efforts would also rebuild the character of young people.
“There is a restoration of dignity that comes to an institution or a community when we choose to rebuild and it is not only physical, there is a spiritual restoration that comes as well. For Nehemiah, it was not just the rebuilding of a physical wall it was the rebuilding of broken lives and a broken covenant. It was the rolling away of the reproach they had suffered as a nation,” she said.
Adding; “I therefore salute the Council and the management of Makerere for your dedication to the rebuilding of this University. I am confident that as you rebuild physically, you are rebuilding the character of our young people. My prayer is that the physical restoration is translating into the spiritual restoration of this great institution.”
The first lady, Hon. Janet Museveni recalled her earlier visit to Makerere University, where she observed the dilapidated state of the halls of residence, which prompted her to initiate the renovation works.
“I remember taking a tour of the halls of residence in this University and Kyambogo University in the thick of the COVID-19 pandemic. My heart bled when I saw the state of the halls of residence. Like Nehemiah, I took my burden to the Lord and now see what the Lord has done! Commissioning of the refurbished Lumumba Hall today is a testament to the faithfulness of our God. It is even more gratifying to know that other projects are ongoing and these include: the renovation of Mary Stuart Hall, the construction of the Perimeter Wall, and improvements at the University Hospital, including setting up an operating theatre and ICU.” She said.
Hon. Janet Museveni also expressed gratitude to the Vice Chancellor, Prof. Barnabas Nawangwe, for his leadership, which facilitated the realization of the Tororo Cement project. “This Project would not have been possible without the guidance and leadership of the Vice Chancellor of Makerere University, Prof. Nawangwe, who drew my attention to this offer by Tororo Cement, and requested me to endorse this Project, which will be named after Mr. Hamukh Patel,” she said.
Adding: “I am informed that the construction of this building is estimated to cost 8 Million US dollars and will consist of: lecture and seminar rooms, smart classrooms, laboratories, an innovation space, a conference hall, offices and other facilities. We remain forever grateful for this donation, which will increase access and contribute to improving the quality of postgraduate education.”
Speaking at the event, Vice Chancellor Prof. Nawangwe commended Hon. Janet Museveni for prioritizing the development of Makerere University, which has seen remarkable progress under her leadership. “Hon. Minister, from the time you took over the Office of Minister of Education and Sports and the Higher Education Sector, Makerere University in particular has transformed tremendously. Most notable is the infrastructure revolution at Makerere. On several occasions, you have come to Makerere to lay the foundations for new buildings and to open completed buildings, including our iconic Main Administration Building,” he said.
“When you inspected the halls of residence in 2021, I could see the frustration in your eyes, looking at the dilapidated state the halls were in, especially Lumumba, part of which had been condemned for 2 years,” Prof. Nawangwe said.
“Hon. Minister, I am sure that today, after seeing the glamorous new building for the School of Law and the glittering renovated Lumumba Hall, you are in a completely different mood compared to that visit in 2021. We are as delighted as you must be and your efforts are the reason for our happiness today. Our law students and professors can now comfortably study, work and conduct research in the best building for any school of law that I have seen,” Prof Nawangwe added.
Reflecting on the Graduate School Building, Prof. Nawangwe recalled when he received a proposal from Mr. Hasmukh Patel in 2022 who had initially intended to donate the Main Administration Building, which had been destroyed by fire, but opted to donate School of Graduate Studies Building after finding that the main building reconstruction had already started.
“Hon. Minister, in the morning of 13th December 2022, a miracle happened in my office in the Frank Kalimuzo Building. General David Muhoozi and Major General Apollo Gowa walked into my office with the Late Hasmukh Patel. Gen. Muhoozi introduced Mr. Hasmukh Patel as the Chairman of Tororo Cement, who after learning about the destruction by a fire of our Main Administration Building, expressed the wish to reconstruct that iconic building. On reaching Makerere, Mr. Hasmukh Patel found a contractor already on site, and he told us, that he would all the same donate a building to Makerere University as a gift on our 100th anniversary,” Prof Nawangwe said.
“He said it in such a simple way, that I thought I was dreaming. That evening, at the invitation of Mr. Patel, I visited the building that Mr. Patel had built for a school at Bukoto and I told him that a similar building for Makerere would be just what we needed for our School of Graduate Studies and Research that we needed. The University Council unanimously voted to thank Mr. Patel for his magnanimous offer and, you, Maama Janet graciously endorsed the project. I later visited Mr. Patel in Mombasa and was amazed at the humanitarian work he was doing among the communities. He was such a rare human being,” Professor revealed.
“Today we are here to witness the laying of the foundation stone for this, the largest academic building at Makerere University, and the first such donation I know by an African philanthropist to a university in Africa. The building will have lecture and seminar rooms, a conference hall, innovation spaces, PhD student rooms, computer and other laboratories, a restaurant, staff offices and other facilities. I thank Tororo Cement and the family of the Late Hasmukh Patel for honoring his wish and I wish to assure Mr. Patel, who must be in heaven smiling at us, that we will honor his legacy in this building and that we will put the building to its best use in the service of humanity, which is what Mr. Patel lived for,” Prof Nawangwe added.
On her part, the state Minister for Primary Education, Honorable Joyce Moriku Kaducu acknowledged Hon. Janet Museveni for prioritizing the Education sector in her leadership, which has led to the tremendously development of the sector.
“On behalf of the education sector, we want to thank you as the mother of the nation, indeed you are a big gift and a blessing to the nation and education at large, all this achievement would not have been possible if it was not under your visionary leadership and the guidance you have offered,” Minister Kaducu said.
Hon. Kaducu also hailed Makerere University for playing a very critical role in sensitizing, disseminating knowledge, and raising awareness to the public on the message of the Parish Development Model, which is intended to create wealth among citizens.
“As President Museveni is preaching the message of wealth creation, I want in a special way to thank Makerere University for playing a very critical role in sensitizing, disseminating knowledge, and raising awareness to the public on the message of the Parish Development Model (PDM), and they have a committee that monitors and informs government. They are indeed part of the team promoting wealth creation in this country,” she said.
Mrs. Lorna Magara, the Chairperson of the Makerere University Council said that the construction of the Graduate studies building speaks to the University’s mission of being a research-led institution because it comes as a dedicated building to house the Directorate of Research and Graduate Training, which marks the resolution of a critical gap in our institutional framework
“At the heart of Makerere University’s current strategy is the promotion of a research-led institution, with a strong focus on graduate training. The establishment of a dedicated facility for the School of Graduate Studies, which also houses the Directorate of Research and Graduate Training, marks the resolution of a critical gap in our institutional framework. The late Patel’s timely and generous contribution will undoubtedly advance graduate training and research for generations to come. We extend our heartfelt gratitude for your exceptional support,” she said.
Mr. Manish Varsani who represented the Patel family took the first lady through how Mr. Hasmukh Patel started the idea of donating the building to Makerere. He explained that, Mr. Patel intended to present a gift that was coming from the bottom of his heart, and he teamed up with General Muhoozi who led him to Prof. Nawangwe’s office.
He also recalled when Mr. Patel met H.E President Yoweri Kaguta Museveni Museveni in Bukoto where he (Patel) had donated a building to a school and told the President that he would want to donate the same building to Makerere University as a gift to the First Lady Janet Museveni because he loved her so much, and in response, the President said he would take the message back to the First Lady.
The Guild President Lubega Vincent Nsamba asked the First Lady to consider constructing another hall of residence for the female students to solve what he described as an accommodation imbalance.
“Maama Janet Museveni, allow me to report to you that we still have only three halls of residence gazetted for female students against the six halls of residence gazetted for male students. These halls of residences were built back in colonial and independent times when the female students were fewer compared to their male counterparts, and to me Maama, this accommodation imbalance is something that should be addressed,” he stated.
“To me Maama, this speaks to the sense of how there is a dire need to invest in another additional hall of residence for the girl child here at Makerere University, and Maama, without any fear of contradiction, we humbly request that you consider building an additional hall of residence named after you in recognition of the contribution and honor of the service you have made for this country as a mother and as an educator,” he said.
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