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.
Today 8th October 2026, Makerere University has hosted the EU Uganda Research and Study Fair 2026, bringing together government officials, European Union representatives, researchers, academics, students, and young professionals to explore opportunities in education, research, innovation, and international collaboration.
The fair also marked 50 years of partnership between Uganda and the European Union, providing a platform for participants to learn about scholarships, research funding, exchange programmes, fellowships and opportunities for collaboration with European institutions.
Officially opening the fair, Acting Minister of Education and Sports Hon. Dr. John Chrysostom Muyingo commended the European Union, its member states, Makerere University and other partners for organising the event, describing international cooperation as important to Uganda’s education and research agenda.
The Minister said Uganda’s young population presents a significant opportunity for national development if supported with the right investments in education, skills, creativity, research, innovation and entrepreneurship.
He encouraged universities and research institutions to strengthen links between education, research, innovation and the world of work, noting that research should not only generate academic knowledge but also contribute to policies, technologies and practical solutions to national challenges.
Dr. Muyingo also encouraged students and young professionals to engage with the European Union, its member states and alumni to understand the opportunities available and prepare themselves for future applications.
Makerere highlights value of partnership
Prof. Sarah Ssali, Deputy Vice Chancellor (Academic Affairs), Makerere University, who represented the University at the event, said the fair provided an important platform for bringing education, research, innovation and international cooperation together.
She noted that the event was particularly significant as Uganda and the European Union celebrate five decades of partnership, with Makerere’s relationships with some European institutions extending even beyond 50 years.
Prof. Ssali said the partnerships have supported education, research, skills development, innovation, institutional strengthening and human capital development, creating opportunities for Ugandans to acquire knowledge and skills, conduct research and establish international networks.
She called for the next chapter of the partnership to place knowledge, research, innovation, technology and young people at the centre.
“Research needs to move beyond publication of research, to influence policy, improve practice, create products and services, strengthen communities and contribute to the economic development of our country,” she said.
Prof. Ssali also encouraged participants to explore opportunities for scholarships, research, exchange programmes, doctoral studies, joint research and fellowships available through European partnerships.
She said the ultimate value of international education and research partnerships lies in how knowledge, skills, networks and technologies acquired through such opportunities contribute to Uganda’s development.
Human Response programme strengthens partnerships
The fair also showcased Makerere’s partnerships through programmes such as the Human Response, Health and Displacement Erasmus Mundus Joint Master Programme.
Dr. Justus Twesigye, Dean of Students, School of Social Sciences, Makerere University and Co Principal of the Human Response Programme, explained that the programme has created partnerships between Makerere and universities in Europe and Africa.
These include the University Institute of Lisbon in Portugal, Norwegian University of Science and Technology, University of Athens in Greece, University of Cape Verde and University of Rovuma in Mozambique, alongside associate partners including the Uganda Red Cross Society, Allied Uganda, Refugee Led Organisation Network and the Ministry of Water and Environment.
Twesigye said the partnerships have introduced new approaches to teaching and learning by involving practitioners directly in training and giving students opportunities for concurrent field practice.
He noted that organisations such as the Uganda Red Cross Society have participated in delivering classes, while students also gain practical experience in the field before returning to class for reflective learning.
The programme is also promoting joint research between academics and practitioners, moving away from approaches where researchers and practitioners work separately.
CEES project supports competence based education
The College of Education and External Studies (CEES) also presented an EU supported project aimed at helping higher education institutions and regulators transition to competence based education.
Assoc. Prof. Josephine Esaete, Senior Lecturer in the Department of Science, Technology and Vocational Education, said the project brings together nine partners from Uganda, West Africa and Europe.
She explained that the project seeks to strengthen the capacity of universities and higher education regulators in designing competence based curricula, teaching, assessment, monitoring and evaluation.
Makerere University is coordinating the four year project, with Mountains of the Moon University among the Ugandan partners.
Assoc. Prof. Esaete said the project is timely as universities work towards transitioning their programmes and curricula to competence-based education.
The project also seeks to strengthen collaboration between higher education institutions and industry so that students can acquire skills relevant to the world of work.
Fair creates opportunities for students and researchers
The exhibition brought together different EU supported research projects, academic programmes and institutional partnerships, allowing students, researchers and other participants to interact directly with project teams and representatives of European institutions.
The fair also provided opportunities for participants to learn from Makerere alumni who have benefited from international study and research opportunities.
Prof. Ssali urged participants to use the opportunity to “engage, explore, connect, and discover” new possibilities while encouraging young people to dream boldly, seek knowledge, build networks and use what they learn to contribute to Uganda’s transformation.
The fair reaffirmed Makerere University’s commitment to strengthening international partnerships that support research, innovation, human capital development and national transformation.
Before becoming an optometrist, researcher, programmer, and eye health entrepreneur, Timothy Khabusi walked barefoot to school along rough roads in Manafwa District, Eastern Uganda. For most of his primary school years, Timothy walked more than nine kilometres each day from his home to Bubulo Mixed Primary School in Manafwa District.
He would leave home at about 6:00 a.m., walk to the highway, and join other children on their way to school. On the murram road, sharp stones pressed into his feet. When the rains came, he sometimes arrived at school completely drenched. Occasionally, a truck carrying market vendors would stop and offer them a lift. “Those were few lucky days,” Timothy recalls.
At the time, however, Timothy did not see his life as unusual. It was simply how life was for many children in his village. What he did not yet know was that those long walks were helping shape a determination that would eventually take him from rural Manafwa to Makerere University and, later, the University of Edinburgh in Scotland.
Timothy Khabusi is the sixth of eight children (5 boys and 3 girls). His father, 68, a retired primary school teacher, and his mother, 60, a small retail shop owner, had limited resources but were determined to give their eight children opportunities they had not enjoyed themselves.
The family tried several ways to make ends meet. His mother ran a small local brew joint, selling malwa, a traditional fermented cereal drink. When Timothy was about ten, the family closed the malwa joint and moved on, first trying farming and later, in 2009, opening a small retail kiosk with money earned from selling a small coffee harvest.
The family kiosk changed things. Timothy started taking snacks to school and also began developing an interest in business. He sold sugarcane and later teamed up with his younger brother, Mark, to make mandazi, a popular delicacy among schoolchildren.
Behind these modest ventures were sacrifices his parents made for their children’s education and health. His father took loans to support the family through school, while both parents repeatedly emphasised the importance of education.
Timothy’s own academic journey was far from perfect.
At rural Bubulo Primary School, Timothy performed very well and earned a place at one of the best secondary schools in Eastern Uganda, Mbale Senior Secondary School, in Mbale city.
At Mbale Secondary School, he became a strong academic performer and earned a renewable merit-based bursary that covered most of his school fees. Mr Mabaku, his Mathematics teacher, taught him to connect classroom concepts to real-life problems—a way of thinking that would later shape his interest in technology and programming.
Then came a setback.
Timothy’s A-level results (15 points in Physics, Chemistry, and Mathematics) were far lower than he had expected. For someone who had always seen himself as a top student, the outcome was deeply disappointing, and he missed out on the much-coveted government scholarship. He even wondered whether university was still possible. He considered repeating his A-levels but instead applied to Makerere University on private sponsorship. He was admitted to study Optometry, although he had initially wanted to pursue Medicine and Surgery.
Then came the opportunity that changed everything.
In 2017, Timothy became a Mastercard Foundation Scholar at Makerere University, receiving support that enabled him to continue his university education. The financial uncertainty that had threatened his university education was resolved. What initially felt like failure became an opportunity that redirected him towards a field he had not planned to enter. Through optometry, he discovered a profession that linked clinical care with science, technology, research and public health.
His career journey after graduation.
After graduating from Makerere University in January 2022, Timothy set out to fulfil his ambitious mission to improve eye health in Uganda. His career began far from his village home in Manafwa: he started at a private clinic in Arua town, West Nile, hundreds of kilometres from Manafwa in Eastern Uganda. Asked why he didn’t find a job in Kampala, as most of his peers did, Timothy quickly explained that his mission is to provide the best eye health care to communities with limited access to these services.
After working for one year in Arua, he returned to Kampala. He first worked at Dr. Agarwal’s Eye Hospital from 2023 to 2025, then moved to Med-Optics, another popular eye clinic in Kampala. In February 2026, he opened his own eye clinic, Khabusi Vision Care Centre, a modern optometry centre dedicated to providing eye care services at subsidised rates to individuals and families who may face financial barriers to accessing these services.
His leadership journey
For Timothy, leadership is not about collecting titles. At Mbale Senior Secondary School, he led the Science Club, organising seminars and holiday revision programmes. At Makerere, he served as a minister at the College of Health Sciences and as a leader in the Optometry Students’ Association. Those experiences shaped a simple philosophy: leadership means seeing what needs improvement, taking responsibility, and bringing others along.
That philosophy now drives his ambitions for Khabusi Vision Care. In the coming years, he aims to strengthen the organisation’s clinical, public health, digital and research work. His longer-term vision is to build a major Ugandan eye health organisation with branches across the country, comprehensive services, research programmes and locally developed diagnostic and ophthalmic technologies.
Impact in the community
Asked about his impact in the community, Timothy quickly pointed to the number of patients whose sight he has helped restore at a modest cost they otherwise couldn’t have afforded.
“I am proud to have treated more than 10,000 patients and enabled them to see better since I began my optometry practice in 2022. Among the patients, I vividly remember a police woman who was on the verge of going completely blind due to a misdiagnosis she had received at different facilities she had visited in Kampala, until she came to Khabusi Vision Care Centre in Kyanja, where I was able to help correct the optical issue she was grappling with.” Timothy proudly states.
Timothy further enumerates the number of young people he has mentored and continues to mentor in optometry. He also offers graduate internships at his clinic and employs five young people as permanent staff. He also conducts regular community outreach activities, offering free eye check-ups in the community and subsidised treatment for those who need it.
A word to the Mastercard Foundation Scholars Community
Timothy expressed his gratitude to the Mastercard Foundation Scholars Program and Makerere University for giving him the opportunity to pursue a quality university education at a time when he had lost hope of attending university after failing to secure a government scholarship.
“I am forever grateful to Mastercard Foundation and Makerere University for giving me a scholarship that changed my whole life; without the scholarship, I would not have been able to afford the university fees; therefore, I wouldn’t have become what I am today,” Timothy points out.
Asked what advice he would give to current Mastercard Foundation Scholars, Timothy urges them to take advantage of the additional skilling and development programmes the Mastercard Foundation Scholars Program offers.
“I urge my young brothers and sisters on the Mastercard Foundation Scholars Program currently to take the capacity-building training the Mastercard Foundation Scholars Program offers; it is what will give you an advantage over others in the job market,” Timothy advises.
Looking ahead
Beyond healthcare, Timothy is a writer, programmer, and researcher. He has published “From the Slopes of Mount Elgon”, a novel about a young girl who confronts poverty and betrayal while pursuing education and dignity. Timothy’s story is not a straightforward journey from challenge to success. It is about unexpected turns: the barefoot walks, the disappointing A-level results, the unexpected scholarship, and the career he never originally intended to pursue. His advice to young people comes from that experience: one disappointing result or difficult season need not decide the rest of your life. Sometimes, you have to keep walking.
“Keep learning, keep improving, and when opportunity comes, use it—not only to change your own life, but to create opportunities for others,” Timothy advises.
Timothy is now pursuing a Master’s degree in Patient Safety and Clinical Human Factors at the University of Edinburgh. The programme has reshaped his approach to healthcare. Rather than focusing solely on individual mistakes, he examines the systems that allow failures to occur and how to redesign them to improve patient safety.
On October 5, 2026, Makerere University welcomed Mrs. Anne Twinomugisha Muhairwe, the Deputy Inspector General of Government (DIGG) and her delegation for a courtesy visit ahead of the International Ombuds Day 2026 commemoration under the theme “Ombuds: Office of Options”.
The delegation was received by Professor Barnabas Nawangwe the Vice Chancellor of Makerere University in his office where they discussed the Ombuds Day theme, the university’s successful reconciliation-based conflict resolution, ongoing infrastructure projects, and a renewed commitment to institutional partnership.
Mrs. Twinomugisha Muhairwe, who also spoke as the President of the African Ombudsman and Mediators Association (AOMA), emphasised that her office aims to be a partner in building and strengthening public institutions rather than merely a critic. Therefore, this visit marked a big step in the evolving relationship between public institutions and the Office of the Ombudsman at the Inspectorate of Government, where it is headed by Director Kakooza Savio Ntensibe, who was also part of the delegation.
The DIGG shared that the office provides essential options for resolving grievances such as administrative injustice, where people feel victimised, and unheard.
Reconciliation Underscored
While addressing the delegation, Professor Nawangwe, framed the visit as a turning point in the institution’s relationship with oversight bodies. He welcomed the DIGG, an alumna of Makerere, and commended the Ombuds methodology that prioritizes reconciliation as initiated by neutral persons or bodies to resolve disputes.
“The style of reconciliation has worked very well for us as well, ever since we started talking to the students, it has kept peace in the university,” the Vice Chancellor remarked.
“We started talking to the students and… eventually, they started to understand. Today, if you come and begin talking of strike, fellow students will tell you, ‘We came here to study’”, added the Vice Chancellor.
The engagement also discussed the practical realities of student welfare. Mrs. Twinomugisha Muhairwe, with specific interest, probed the Vice Chancellor on the status of hall renovations. In response, the Vice Chancellor explained the phased approach to renovations, noting that the university is systematically upgrading facilities to improve the living conditions.
The Vice Chancellor thereafter invited Mrs. Twinomugisha Muhairwe and her team to visit the university museum, as a gesture to underscore the spirit of the day where the Ombudsman and the university stand together.
About Ombuds Day
Ombuds Day is an international observance held annually on the second Thursday of October to raise public awareness of the ombuds profession.
According to the International Ombuds Association, an ombuds is an independent, neutral, and confidential professional who helps resolve disputes, investigate complaints, and address systemic issues within an organization, government agency, or institution.
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