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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.

 â€śI 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.

 â€śThe 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.

 â€śI 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

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Celebrating Women in Science at Makerere University

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A female student conducts an experiement in one of the Science Labs, Makerere University, Kampala Uganda

Today, on the International Day of Women and Girls in Science, we celebrate the incredible women scientists at Makerere University who are driving innovation, advancing research, and shaping the future of science in Uganda and beyond.

Your dedication, resilience, and groundbreaking contributions continue to inspire generations. As you break barriers and push the frontiers of knowledge, remember that your work is not only transforming communities but also paving the way for more young women to embrace science.

We honor your achievements and reaffirm our commitment to fostering an inclusive and supportive environment where women in science can thrive. Keep leading, innovating, and inspiring!

Happy International Day of Women and Girls in Science!

Mak Editor

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91st Electoral Commission Promises a free and fair Electoral Process

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By Nickson Maberi

The swearing-in-ceremony for the 91st Students’ Guild Electoral Commission was held on Friday 31st January 2025.  Mr. Joseph Murungi, a commissioner from the College of Health Sciences (CHS) was unanimously chosen as the chairperson of the commision.

Mr. Murungi thanked the good Lord and students for entrusting him with the position and promised to deliver a free and fair electoral process and head a commission that is impartial.

The Dean of Students, Dr. Winifred Kabumbuli urged the new commission to execute its duties in line with the Guild statute and Constitution.

“You must execute your duties in line with the Guild statute and Constitution, anything outside that is invalid. I wish you the best and I am looking forward to working with you,” she said.

Ms. Ruth Iteu, the Head of the Online voting team, urged the commission to avoid being caught on the wrong side of the law as it will lead to severe consequences.

Rev. Fr. Josephat Ddungu, the Chaplain of Makerere University St. Augustine Chapel said they will continue to pray for the commission to have a peaceful and successful.

“The Electoral Commission is a very important body and the success of the electoral process depends on you. Please concentrate on doing what is right before the Lord. As your spiritual leaders, our duty is to pray. We are therefore praying for you to have a peaceful and successful election,” he said.

Administrator who urged the commission to always do the right at the right time.

Mr.  Nickson Maberi encouraged the new commission to follow the law and avoid tarnishing the image of the university.

Mr. Joseph Murungi, Commissioner from the College of Health Sciences (CHS) swearing in as Chairperson of the Electoral Commission for the 91st Guild Elections.

“Makerere University elections attract national attention. Please follow the law and be people of integrity to avoid tarnishing the image of the university,” he guided.

Mr. Aston Tayebwa from the College of Natural Sciences was elected as the commission’s General Secretary while Ms Sharon Nyonyozi from the College of Humanities and Social Sciences was elected as the commission’s Vice Chairperson.

Other commissioners include: Mr. Ijoot William from the College of Engineering, Design, Art and Technology (CEDAT), Mr. Ntambi Moses from the College of Veterinary Medicine, Animal Resources and Biosecurity (COVAB), Mr. Perez William Mwesigwa from the School of Law (SoL), Alyosius Mutagubya from the College of Computing and Information Science (CoCIS) and Mr. Mugisha Hamidu from the College of Agricultural and Environmental Sciences (CAES).

Mak Editor

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KobWeb: RENU’s Community Magazine – 2024 Edition

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Cover page of KobWeb: RENU's Community Magazine, 2024 Edition. Makerere University, Kampala Uganda, East Africa.

The Research and Education Network for Uganda (RENU) is a community-driven, non-profit organization with a major focus on nurturing collaboration among member institutions (i.e. research and education institutions), and global partners. Founded in 2006, RENU has grown from a small National Research and Education Network (NREN) that focused on just connectivity needs of universities and research organisations, to a fast-growing specialized ICT solutions provider for the entire Research and Education (R&E) community including schools, colleges, other tertiary institutions, hospitals, and their end users. RENU is located at House No. 31, The Edge, Makerere University and on Plot 6B, Mabua Road, Kololo, Kampala.

Highlights from the 2024 Edition featuring Makerere:

  • Universities Launch Global Coalition to Support Refugee Education at Scale
    • 16 universities from across the globe have come together to improve and increase access to higher education for refugees and their communities, where they reside. Universities based in Africa, Europe, and North America formed the Global University Academy (GUA) following a workshop hosted by the University of Oslo in June 2024.
    • The GUA is currently looking into the possibility to pilot the initiative in Uganda. Key partners in this work are Makerere University and Gulu University, who are already actively engaged in providing access to higher education for refugees, and the Norwegian Refugee Council (NRC) Uganda.
  • Advancing Child Welfare The AfriChild Centre’s Inter-University Programme
    • The Inter-University Programme, spearheaded by the Centre of Excellence for the Study of the African Child (AfriChild Centre), is a landmark initiative focused on equipping researchers with the essential skills needed to conduct high-quality child-focused research. The success of the Inter-University Programme is built on the strong partnerships the AfriChild Centre has established with universities including Makerere University.
  • Liberate your Mind from the Present and Dream Big to Provide Meaningful ICT Solutions for Research and Education!
    • At the 2024 RENU ICT Directors Forum, Dr. Francis F. “Tusu” Tusubira, the Chief Guest, delivered an electrifying address urging ICT leaders to dream beyond the present and shape the future of research and education. Reflecting on his time at Makerere University, he shared his philosophy of granting autonomy to team members and supporting them unconditionally. “Allow your team to make decisions and mistakes, especially in the current environment, which presents opportunities for learning. Protect them when they make mistakes. Once you do this, your team will build your dream.”
  • Advancing Open Science and Open Access in Africa, with a Focus on Uganda
    • Open Science and Open Access have emerged as transformative movements in the global academic and research community. Their principles—sharing knowledge freely, fostering collaboration, and driving practical solutions to societal challenges—are especially resonant in Africa, where equitable access to resources and innovative solutions are essential for sustainable development. Institutions like Makerere University are driving Open Science efforts by encouraging researchers to adopt open frameworks.

Visit RENU to download full edition

Mark Wamai

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