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
Makerere University Convocation Graduation Luncheon Honors CEDAT Staff and Outstanding Students
Several staff members from the College of Engineering, Design, Art and Technology (CEDAT) were recognized for their exceptional contributions in research and teaching during the Makerere University Convocation 75th graduation luncheon, held on Friday, January 17th, 2025. The event celebrated the achievements of top students, teachers, and researchers, with special awards presented to CEDAT staff for their outstanding performance and dedication.
Assoc. Prof. Dorothy Okello and Mr. Ayor Andrew Semakula received the Teacher of the Year Award, acknowledging their exemplary contributions to education and their significant impact on students. The recognition highlights the commitment and excellence of CEDAT staff in advancing the fields of engineering, design, art, and technology.
The Senior Career Award went toProf. Kirabira John Baptist, Prof. Olupot Wilberforce and Assoc. Prof. Michael Luswataall from the Mechanical Engineering Department.
Dr.VianeyYiga, Dr. SemiyagaSwaib, Mr. Manga Musa got the Mid-Career Award, while Ms. Namuju Dona Lillian, Ms. Wesonga Racheal and Ms. NamakulaHidaaya received the Early Career Award. At the same event, thirty of the best performing students were also recognized.
The Makerere University Convocation 75th graduation luncheon celebrated outstanding achievements, with a strong emphasis on recognizing excellence through awards. Colonel Edith Nakalema, Senior Presidential Advisor and Head of the State House Anti-Corruption Unit, delivered a keynote address focused on integrity and creativity for graduates.Col. Nakalema stressed the need for graduates to uphold high moral standards and professionalism, urging them to focus on creativity and integrity, especially in the age of AI, to achieve true success.
The event, themed “Celebrating Excellence and Creating Path to Success,” honored the top performers from each college. Col. Nakalema congratulated the graduates and highlighted the importance of making positive contributions to society. Other speakers, including Dr. Monica Musenero, Minister of Science, Technology and Innovation, and Hon. Godfrey Baluku Kabyanga, Minister of State for ICT and National Guidance, emphasized the role of universities in socio-economic transformation and the importance of research.
Written by Harriet Musinguzi, Principle Communication Officer, College of Engineering, Design, Art, and Technology
By the Program Communication Team
On Friday, January 17, 2025, the Mastercard Foundation Scholars celebrated a significant milestone as they graduated from Makerere University. The day was filled with enthusiasm and pride as 36 dedicated students completed their Mastercard Foundation Scholars Program journey. This achievement reflects their hard work and commitment and paves the way for new opportunities in their future endeavours.
At the event, Mr. Adrian Bukenya, the Country Director of Mastercard Foundation Uganda and the chief guest, encouraged the new graduates to create jobs for their peers rather than solely seeking employment for themselves.
“As fresh graduates, your first step shouldn’t be simply searching for jobs. Instead, focus on creating job opportunities for your peers. The university degree you have earned puts you in a unique position. The knowledge and skills you’ve gained and the experiences and connections you have made empower you to thrive in this country,” Mr. Bukenya remarked.
Mr. Bukenya further expressed his gratitude to Makerere University‘s leadership and acknowledged the profound relationship the University shares with the Foundation. He emphasized that the partnership with Makerere University was essential to the Foundation.
“The Mastercard Foundation values its partnership with Makerere University, as the university continues to produce exceptional talent essential for Uganda’s development. The country would struggle to achieve its national aspirations without this contribution,” noted Mr. Bukenya.
Mr. Bukenya emphasized the core mission of the Mastercard Foundation, which is to alleviate poverty in areas where it is most prevalent and to enhance access to education. He pointed out that the Scholars Program is a fundamental component of this initiative. He noted that earning a degree is a valuable tool and a testament to an individual’s ability to learn, perform tasks, and achieve results within structured and organized frameworks.
He further stressed the Foundation’s commitment to empowering young people to lead and transform Africa.
“The Mastercard Foundation has made a strategic commitment to focus uniquely on Africa, home to the world’s youngest population. Through its ‘Young Africa Works’ strategy, the Foundation supports entrepreneurship and enterprise development among young people, empowering them to shape the future of their communities and the continent.” emphasized Mr. Bukenya.
Speaking on behalf of the University Management, Professor Buyinza Mukadasi, the Acting Deputy Vice-Chancellor of Academic Affairs and Chairperson of the Steering Committee for the Mastercard Foundation Scholars Program at Makerere University, congratulated the program for achieving an impressive 94% graduation completion rate.
“The Mastercard Foundation Scholars Program at Makerere University has graduated 964 scholars—78% female and 22% male—representing 94% of the 1,032 recruits from Phase One. We expect to achieve 100% graduation for all Phase One scholars at the 76th Graduation Ceremony next year.” Prof. Buyinza remarked.
Prof. Buyinza expressed gratitude to the Mastercard Foundation for its ongoing support of the university, which has significantly added value, particularly in educating young people from vulnerable communities.
“We sincerely thank the Mastercard Foundation for partnering with Makerere University to educate and empower the next generation of leaders and change-makers. The statistics regarding the number of young people supported and the impact that the program’s alumni have made in society are a testament to the energy and potential of young individuals when provided with the right education, guidance, and support.” Prof. Buyinza pointed out.
Program Director Prof. Justine Namaalwa emphasized her team’s commitment to ensuring the successful operation of the Scholars Program at Makerere University for years to come.
“Makerere University and the nation greatly appreciate the Mastercard Foundation for its generosity and foresight, which continue to transform human capital in Africa. There is no doubt that your vision for Africa is being realized. We are committed to this mission, even as we enter phase two of the program,” noted Prof. Namaalwa.
Prof. Namaalwa expressed gratitude to the University Management, led by Vice Chancellor Prof. Nawangwe, for their support and commitment to the Scholars Program. She pointed out that the strong backing from the university management has enabled the Program to meet its goals and succeed at the University.
“I sincerely thank the Vice Chancellor, Prof. Barnabas Nawangwe, and the entire University Management and the governing structures of the Program for their effective leadership, which continues to yield positive results from our strong partnership with the Mastercard Foundation.” Prof. Namaalwa pointed out.
Prof. Namaalwa equally appreciated the graduates for helping achieve the Mastercard Foundation’s goals, which aims to educate and empower the next generation of African leaders. She noted that Makerere University has begun implementing the second phase of the Mastercard Foundation Scholars Program, which will span the next ten years. In this phase, the Mastercard Foundation has committed to providing scholarships to 1,000 academically talented youth facing economic hardships, enabling them to access quality education at Makerere University.
She asserted that the Mastercard Foundation prioritizes three key transition pathways: formal employment, entrepreneurship, and further education. She urged the graduates to remain active on all the program’s social media platforms, especially the Alumni WhatsApp platform, as it will be a vital channel for sharing ongoing opportunities from the Mastercard Foundation and other partners.
Ms Aida Aol, the mother of graduate Mr Okello Godfrey, expressed gratitude on behalf of parents and guardians. She thanked the Mastercard Foundation and Makerere University for providing her son and other vulnerable young people with the opportunity to study at one of the best universities in Uganda. Ms. Aol highlighted that she had lost hope for her son’s university education due to financial constraints.
“I cannot thank Mastercard Foundation and Makerere University enough for providing our children with the opportunity to attend one of the best universities in the country. Many of us parents could not afford to send our children here because we did not have the resources to pay for their education,” Ms. Aol remarked.
Ms. Aol stated that she lost her husband when her son was only four years old, and she had since committed herself to ensuring he completed both elementary and high school. However, she reached a critical point where she could no longer afford to support his university education.
Graduates speak out
Awien Rose Madot, a Journalism and Communication graduate, expressed her gratitude to the Mastercard Foundation Scholars Program for transforming her life. The program enabled her to achieve her academic goals and instilled in her a strong sense of responsibility to use her degree to create positive change in the world.
“Accessing higher education can often feel like a distant dream for refugees like me. However, the Mastercard Foundation Scholars Program has served as a powerful beacon of hope. It clearly demonstrates that education is a vital tool for empowerment and transformation, even in the face of adversity. The Program has provided us with financial resources, as well as invaluable mentorship, guidance, and a strong support network for all the scholars involved,” said Madot.
Dr. Raphael Kasuku, a dental surgery graduate, pledged to continue the spirit of giving back to his community by offering dental services. He urged his fellow graduates to utilize the knowledge and skills they acquired through their education to uplift their communities.
“To my fellow graduates, this moment marks not just the end of a chapter but the beginning of an exciting new journey. The world ahead is vast and brimming with opportunities that we are ready to seize. It won’t always be easy, but we must remember that the resilience, determination, and passion that brought us here will continue to propel us forward as we strive to serve our communities.” Dr. Kasuku remarked.
The colourful event was a vibrant gathering held in the gardens of the University Guest House, bringing together a diverse community of program stakeholders. Attendees included members of the University management and the Steering and Selection Committees. Mentors of the Scholars Program, parents and guardians, and alumni also contributed to the inspiring atmosphere. Additionally, representatives from the Mastercard Foundation and program partners joined the celebration, along with numerous well-wishers who continue to support the Program’s mission.
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