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MURBS Fund Value Grows to UGX 409.2 Billion

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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.

A section of the audience follow proceedings.

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.

Dr. Elizabeth Patricia Nansubuga

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.

Dr. Godwin Kakuba -Secretary, MURBS Board of Trustees

“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.

Vice Chancellor Prof. Barnabas Nawangwe

“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. George Bamugemereirwe, representative of Mak Council on the Board of Trustees

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. Cosmas Ssenyonga represented the CEO of Uganda Retirements Benefits Regulatory Authority (URBRA)

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.

Ritah Namisango
Ritah Namisango

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Makerere Convocation to Host a CEOs/Investors’ Round Table Summit 2025

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Makerere University Convocation (MUC) CEOs/Investors’ Round Table Summit on Tuesday, 2nd September 2025, 8:00AM-12:00PM, Convocation Grounds. Kampala Uganda, East Africa.

By Elvis Lubanga

Kampala, Uganda – Makerere University Convocation (MUC) is set to host the CEOs/Investors’ Round Table Summit on Tuesday, 2nd September 2025, bringing together a distinguished assembly of leaders and stakeholders.

The half-day summit will convene CEOs, investors, entrepreneurs, policymakers, researchers, innovators, and development partners to engage in meaningful dialogue, foster collaboration, and explore investment opportunities that can unlock the potential of Uganda’s next generation of talent. Running under the theme: “Exploring the Opportunities for Entrepreneurship, Innovation and Value Creation for Accelerated Socio-Economic Integration and Development of Sub-Saharan Africa,” the event reflects Makerere University’s ambition to position itself as a hub of knowledge, innovation, and transformation.

The Rt. Hon. Prime Minister Robinah Nabbanja will officiate as the Chief Guest, while Dr. Peter Kimbowa, CEO of the CEO Summit Uganda, will deliver the keynote address. Their participation underscores the importance of the summit in strengthening linkages between academia, industry, and government, and in advancing Uganda’s broader socio-economic transformation agenda.

Professor Barnabas Nawangwe, Vice Chancellor of Makerere University, will welcome the invited participants and highlighted the university’s determination to work collaboratively with partners to shape impactful solutions for Uganda and the region.

“We want to work with you to see how, together, we can move our country and continent forward. I invited all of you CEOs to Makerere so that we can brainstorm on what we can do to transform our nation and Africa at large,” Prof. Nawangwe remarked.

According to Ms. Grace Cherotich Ruto, Chief Convener of the summit and Vice Chairperson of the Makerere University Convocation, this will be the first event of its kind. She noted that the summit seeks to foster mentorship, internships, and employment linkages as a means of bridging the gap between industry and academia, while positioning Convocation as a driver of socio-economic transformation.

A key highlight of the summit will be the unveiling of the Makerere University Convocation’s Massive Transformation Purpose, a bold framework that converts five critical takeaways into independent working teams with clear Terms of Reference, objectives, data-driven activities, and measurable outcomes. The plan institutionalizes vision, distributes ownership, and ensures sustainability through quarterly reporting, evidence-based impact, and global benchmarking. The five teams—From Ivory Tower to Impact Tower, Diaspora Dividend vs. Brain Drain, Intergenerational Knowledge Bridges, AI & Future of Learning, and From Convocation to Covenant—are designed to commercialize research, harness diaspora capital, institutionalize mentorship, drive digital transformation, and sustain alumni–faculty–student engagement through a covenant model. Collectively, they transform Convocation from a ceremonial event into a movement of accountability, innovation, and sustainable socio-economic impact for Uganda and Africa.

The summit has already attracted wide endorsement from leading companies and agencies, demonstrating its timeliness and relevance.

Mr. Eugene Too, General Manager at Haco Industries, affirmed the company’s support, stating:

“Haco Industries endorses the Makerere University CEOs Forum. We believe the Summit’s objectives align with our broader goals of creating impact in education, supporting internships, job placement, and mentorship programs in Sub-Saharan Africa. We are proud to be associated with the Summit at Makerere University Convocation.”

Eng. Shaft Mukwaya, Secretary to the Equal Opportunities Commission of Uganda, commended the Convocation’s role in promoting inclusivity:

“Makerere University Convocation has proven to be a steadfast ally in achieving our mission of pursuing an inclusive society in which no one is left behind. We are honoured to be associated with this summit.”

Roofings Uganda has equally expressed strong endorsement, noting that the event aligns closely with their corporate vision:

“At Roofings, we are privileged to endorse the Makerere University Convocation CEOs/Investors’ Summit and call upon all invited guests to be part of this noble cause. Makerere University is a valued partner in nurturing talent and fostering innovation, which aligns closely with our vision of being an accelerator for a sustainable Africa. As sponsors, we are honoured to be associated with this summit that brings together leaders, investors, and visionaries to shape inclusive growth and development.”

With its broad stakeholder support, clear strategic framework, and focus on outcomes, the Makerere University Convocation’s CEOs/Investors’ Round Table Summit is positioned as a landmark event. It will provide a unique platform for academia, industry, and government to converge in pursuit of sustainable growth, innovation, and socio-economic development, not only for Uganda but for the entire Sub-Saharan African region.

Mak Editor

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Change of Course/Programme for Undergraduate Admissions 2025/2026

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The Office of the Academic Registrar, Makerere University has released lists for the recommended for change of course/ programme for Degree/Diploma Scheme and Direct entry for Private/Government sponsored students for the Academic Year 2025/2026.

The lists released can be accessed by following the respective links below:

Elias Tuhereze

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Makerere Signs Open MoU with London School of Economics and Political Science

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Seated Left to Right: Dr. Richard Newfarmer, Dr. Jonathan Leape, Dr. Sarah Sewanyana, Prof. Barnabas Nawangwe, Prof. Ibrahim Mike Okumu and Prof. James Wokadala with other officials (Standing) after the MoU signing on 27th August 2025. Makerere University, through the College of Business and Management Sciences (CoBAMS) and the Economic Policy Research Centre (EPRC), has signed an open Memorandum of Understanding (MoU) with the London School of Economics and Political Science (LSE), 27th August 2025, Kampala Uganda, East Africa.

Makerere University, through the College of Business and Management Sciences (CoBAMS) and the Economic Policy Research Centre (EPRC), has signed an open Memorandum of Understanding (MoU) with the London School of Economics and Political Science (LSE). This MoU is one of several initiatives aimed at strengthening the university’s global collaborations and research partnerships.

In his remarks, Vice Chancellor Prof. Barnabas Nawangwe highlighted Makerere’s recent centenary celebrations as a testament to its long and influential history in Africa. He reaffirmed the university’s commitment to serious, research-driven collaboration, noting Makerere’s aspiration to become a leading student-centered research university that develops solutions to regional challenges.

Prof. Barnabas Nawangwe makes his remarks ahead of the MoU signing. Makerere University, through the College of Business and Management Sciences (CoBAMS) and the Economic Policy Research Centre (EPRC), has signed an open Memorandum of Understanding (MoU) with the London School of Economics and Political Science (LSE), 27th August 2025, Kampala Uganda, East Africa.
Prof. Barnabas Nawangwe makes his remarks ahead of the MoU signing.

Prof. Nawangwe emphasized that Makerere’s research addresses critical issues such as widespread poverty, high youth unemployment, the devastating effects of climate change on agriculture, rapid population growth, and political interference in production. These challenges, he explained, call for climate-resilient agriculture, stronger health systems to address emerging diseases, and more inclusive governance. He further observed that Africa’s ambitious goal of producing one million PhDs in the next decade remains constrained by inadequate supervision capacity across the continent, stressing that collaborations like this MoU are key to bridging that gap.

EPRC Executive Director, Dr. Sarah Sewanyana, described the signing as particularly significant for EPRC and its Board of Directors as they embark on a new five-year strategic plan (2025/26–2029/30). She explained that the plan strongly emphasizes strategic collaborations, with this partnership serving as a prime example of leveraging collective strengths to deepen impact. She underscored EPRC’s role in advancing evidence-based policymaking for national development, aligning with Uganda’s National Development Plan IV.

The partners show off the signed MoU. Makerere University, through the College of Business and Management Sciences (CoBAMS) and the Economic Policy Research Centre (EPRC), has signed an open Memorandum of Understanding (MoU) with the London School of Economics and Political Science (LSE), 27th August 2025, Kampala Uganda, East Africa.
The partners show off the signed MoU.

Prof. James Wokadala, Acting Principal of CoBAMS, emphasized that the collaboration seeks to preserve and expand vital human knowledge while strengthening partnerships between academic institutions and global research networks. He noted that these networks are instrumental in advising legal and policy professionals, as well as aligning research agendas with both national and corporate priorities. He expressed pride in the extensive efforts of the School of Economics that have expanded these activities in recent years. He pointed to significant accomplishments that have been achieved in collaboration with IGC, including hosting a 2025 high-level international conference on mobile money payment systems, which positioned Makerere University as a thought leader on critical African economic issues. He also celebrated the successful bid by the School of Economics to host the ‘Africa Meeting of the Econometric Society’ in 2027, further demonstrating its contribution to impactful scholarship and policy influence.

The Acting Principal further emphasized that the new partnership with LSE will build on these achievements, offering immense benefits such as expanding capacity-building opportunities for faculty and students, especially in research and Public Infrastructure Management (PIM). The collaboration will also provide platforms for knowledge dissemination and policy dialogue, while addressing pressing socio-economic and health challenges. Ultimately, he said, formalisation of the partnership amplifies CoBAMS’ commitment to excellence in teaching, research, and innovation.

Speaking on behalf of LSE’s International Growth Centre (IGC), Executive Director Dr. Jonathan Leape expressed delight at formalizing the long-standing collaboration with Makerere and EPRC. He highlighted current joint projects, including research on the impact of the 2020 gender-based vaccine program on women’s skills and learning, studies on reforms in STEM education, and investigations into barriers limiting business growth for entrepreneurs. He stressed that the core mission is to bring researchers and policymakers together to address pressing policy challenges with robust, reliable evidence and innovative solutions.

Prof. Nawangwe presents a souvenir Mak Necktie to Dr. Jonathan Leape. Makerere University, through the College of Business and Management Sciences (CoBAMS) and the Economic Policy Research Centre (EPRC), has signed an open Memorandum of Understanding (MoU) with the London School of Economics and Political Science (LSE), 27th August 2025, Kampala Uganda, East Africa.
Prof. Nawangwe presents a souvenir Mak Necktie to Dr. Jonathan Leape.

The event, held on 27th August 2025, was attended by several dignitaries including Dr. Richard Newfarmer, Country Director for Uganda and Rwanda (IGC); Dr. Nhial Kuch, Senior Country Economist (IGC); and Mary Teddy Nakyejwe, IGC Programme Officer. Also present were the Director of Research, Dr. Ibrahim Kasirye and other members of EPRC leadership.

Eve Nakyanzi
Eve Nakyanzi

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