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.
On Wednesday 16th July 2025, Makerere University lost one of its most cherished sons, Professor Livingstone Sserwadda Luboobi. Described as a mathematician, academic leader, and humble servant, Professor Luboobi devoted more than five decades to the university, rising through the ranks to become Vice Chancellor, and leaving a legacy defined by simplicity, service, and scholarship.
Born to Lameka Serwadda and Sanyu Serwadda on 25th December 1944 in Mitondo, Kalisizo, Kyotera District, Professor Luboobi’s academic career begun as a third-year student at Makerere and continued with unwavering loyalty until his passing. His life’s work reflected not only a commitment to mathematics but also nurturing generations of scholars and leaders across Uganda and beyond.
A funeral service was held in his honour at St. Francis Chapel, Makerere University on 18th July 2025. It was a moment of solemn remembrance and heartfelt tribute. Rev. Canon Dr. John Senyonyi delivered the sermon titled “Only God Knows,” reminding mourners of the mystery and grace of life’s journey. Rev. Canon Geoffrey Byarugaba represented the Kampala Diocese at the service, while former St. Francis Chaplain, Rev. Dr. Canon Johnson Ebong thanked Professor Luboobi for spearheading the Chapel’s expansion. Friends, colleagues, and family members filled the chapel, joined in mourning but also in gratitude for a life that had deeply touched theirs.
Mrs. Lorna Magara, Chairperson of the University Council, spoke movingly about Professor Luboobi’s faithfulness, likening his life to the biblical call in Mark 10:43, “Whoever wants to become great among you must be your servant.”
In his condolence message, the Vice Chancellor, Professor Barnabas Nawangwe, hailed Professor Luboobi as a visionary leader whose legacy is deeply woven into Makerere’s identity as a research-led institution. He credited Professor Luboobi with laying the groundwork for a culture of inquiry—championing graduate programmes, encouraging doctoral training, and fostering international collaborations that strengthened the university’s research profile. “He believed in building systems, not just structures,” noting that many of Makerere’s current research policies stem from his leadership. Even in retirement, Professor Luboobi remained a source of wisdom and guidance, quietly shaping the future of the university he so deeply loved.
Speaker after speaker painted a portrait of a man who led not by pomp, but by quiet strength and deep conviction. The Principal, Professor Winston Tumps Ireeta, speaking on behalf of the College of Natural Sciences (CoNAS), described Professor Luboobi as a foundational figure whose influence is deeply etched in the structures and spirit of the college. He spoke with emotion about Luboobi’s unwavering commitment to academic integrity and his belief in the power of mentorship.
“He was not just a mathematician,” Professor Ireeta said, “he was a visionary who understood the soul of the university. Even in retirement, he remained an advisor, a guide, and a quiet force of wisdom.” He concluded by saying that the college would continue to draw from his example as it navigates the future of science and innovation in Uganda.
Professor Luboobi’s illustrious career at Makerere University included serving as Head, Department of Mathematics from 1990 to 1991. The current Head of Department, Dr. Ismail Mirumbe remembered him as a pillar in the teaching and development of mathematics in Uganda
Professor John Mango, who served as Head, Department of Mathematics during Professor Luboobi’s term as Vice Chancellor from 2004 to 2009 described him as a towering figure of integrity and principle, someone who not only upheld the highest standards of academic conduct but insisted that others around him do the same. “He was a pillar in the department,” Prof. Mango remarked, “and his moral compass was unwavering.”
He recalled instances where Professor Luboobi made firm decisions, including terminating contracts when integrity was compromised, setting a tone that shaped the department’s reputation for honesty and excellence. Even as Vice Chancellor, he remained deeply involved in the department’s affairs, teaching, supervising students, all the while handling top administrative duties punctually. Prof. Mango spoke with great admiration of a man who led by example, mentored many, and whose contributions to mathematics education, research, and policy-making continue to shape the future of the discipline in Uganda and beyond.
According to an article from 1990 written by Dr. Vincent Ssembatya and Andrew Vince at the University of Florida, the Uganda Mathematical Society (UMS), which was formally established on 25th November, 1972 has since inception enjoyed major support from Makerere University and Kyambogo University in terms of infrastructure and leadership. Professor Paul Mugambi, who was also present at Professor Luboobi’s funeral service was elected first president of the UMS. Dr. Saul Nsubuga from the Department of Mathematics represented UMS at the service, honouring Professor Luboobi’s pioneering role in the discipline.
The service also featured tributes from close friends and family. Loved ones shared stories of a man who remained grounded no matter how high he rose, a man who valued relationships and walked closely with his faith. His children and grandchildren remembered him as a father who was ever-present, a listener, and a source of steady guidance.
Professor Daniel Kibuule, son of the late Professor Luboobi and Dean, Faculty of Health Sciences at Busitema University, delivered a deeply personal tribute that painted a full portrait of his father’s life, values, and final days. He expressed gratitude to the University leadership, family, friends, and medical professionals who stood with them during a challenging period. He particularly thanked his siblings, Dr. David Kimera and Dr. Irene Nakiyimba for their unwavering role in caring for Professor Luboobi through illness.
He spoke of a man who, despite great academic accolades, remained deeply humble and committed to discipline, simplicity, and faith. From instilling punctuality and responsibility to ensuring his children charted their own paths, none bearing his surname “Luboobi”, Prof. Luboobi was intentional in every lesson he passed on. Kibuule recalled his father’s insistence on being at home even in his final moments, his strong connection to Christ, and his quiet strength despite his failing health.
Former students and mentees echoed the same sentiments, of a teacher who was generous with his time and invested deeply in others’ growth. The community that gathered was not only there to grieve but to celebrate the quiet legacy of a man whose example continues to live on.
Among the mourners were public figures and leaders, including Hon. Abed Bwanika, Member of Parliament for Kimanya-Kabonera, Hon. Nyombi Thembo, the Executive Director Uganda Communications Commission, and Hon. Dr. Ham-Mukasa Mulira, former Minister of ICT, among others.
In his passing, Makerere University has lost a pillar, but his life reminds us that greatness lies in consistency, in humility, and in service to others. Professor Luboobi’s memory will continue to live on in the minds he shaped, the systems he built, and the values he embodied. He ran his race with grace.
The Writer is a Volunteer in the Public Relations Office, Makerere University
Please click the embedded video below to view the service livestream
Legal and accounting officers from public universities across Uganda have convened, for a high-level training workshop organized by Makerere University. The three-day training, taking place from July 16th to 18th, 2025, is aimed at strengthening legal frameworks, improving institutional governance, and ensuring compliance with public finance and procurement laws within higher education institutions.
Ms. Lorna Magara, Chairperson of the Makerere University Council and Guest of Honour at the opening session, commended the initiative as timely and necessary. She addressed the growing backlog of court cases affecting Makerere and other public universities and outlined measures already taken to mitigate legal risks. These include the establishment of a Legal Rules and Privileges Committee and the Directorate of Legal Affairs, part of a broader strategy to improve legal compliance and foster good governance.
Representing the Vice Chancellor, Prof. Winston Tumps – Ag. Deputy Vice Chancellor (Finance and Administration), described the training as both strategic and practical. “It is imperative that we learn from each other, especially in how we handle employee litigation and institutional legal risks,” he remarked. He added that the program is designed to promote experience-sharing across universities and enhance collective institutional growth.
In his address, Mr. Yusuf Kiranda, University Secretary at Makerere University, emphasized the urgent need for robust legal oversight and more effective case management mechanisms within public universities.
The training featured a keynote address by the Attorney General of Uganda, Hon. Kiryowa Kiwanuka, who provided critical insights into legal expectations for public institutions. He warned that failure to heed legal advice could result in personal liability for accounting officers, citing a precedent involving the Uganda Cancer Institute. “Universities must consult the Attorney General’s chambers before entering into major contractual obligations,” he advised, urging legal officers to document decisions meticulously as proper record-keeping forms the first line of defense in legal disputes.
Hon. Kiwanuka further discussed the government’s ongoing efforts to recentralize legal services to ensure alignment with the Attorney General’s office. He cautioned in-house counsel against becoming overly entangled in decision-making processes, stressing the need for objectivity. Other key issues he addressed included contract approvals, misuse of Memoranda of Understanding (MoUs), and lapses in procurement processes, particularly at the close of financial years.
Participants also benefited from insights by Hon. Justice Musa Ssekaana of the Court of Appeal, who offered an in-depth analysis of judicial review and its significance in promoting lawful, transparent university governance. He called on university legal officers to act with clarity, timeliness, and accountability.
Lady Justice Joyce Kavuma, Judge of the High Court, delivered a comprehensive presentation on dispute and claim management involving public universities. She addressed emerging trends in civil litigation, emphasizing the importance of due process, transparency, and clear communication in resolving employment, student, and contractual disputes. Drawing on real case examples, she urged institutions to strengthen internal systems, embrace participatory governance, and adopt regional best practices to minimize litigation and protect institutional reputation.
The training reflects a shared commitment among public universities to build a more accountable, legally sound, and strategically aligned higher education system in Uganda. Through peer learning and collaboration, participating institutions aim to reduce litigation, enhance institutional autonomy, and uphold the rule of law.
Participating universities include Makerere University, Kyambogo University, Mbarara University of Science and Technology, Busitema University, Mountains of the Moon University, and Lira University.
The training concludes on July 18th 2025, with sessions focusing on employment dispute management in public universities and the implications of recent PPDA Appeals Tribunal decisions on procurement and disposal practices within public entities.
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