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MURBS has declared 13.40% interest on members’ balances for the financial year that ended on 30th June 2024.

Published

1 year ago

October 30, 2024

MURBS Board of Trustees at the 14th Annual General Meeting held on 24th October 2024.

By: Ritah Namisango

Dr. Elizabeth Patricia Nansubuga, Chairperson of the Makerere University Retirement Benefits Scheme (MURBS) Board of Trustees, announced this milestone during the 14th Annual General Meeting (AGM) for the year 2023/24 held on Thursday, 24th October 2024, at Makerere University Main Campus, School of Public Health Auditorium.

The AGM attracted various stakeholders, including trustees, Audit Committee Chairperson CPA David Ssenoga, Board Evaluation Consultant Vincent Kaheeru, URBRA Representative Mark Lotukei, Audit Committee members, co-opted members, and university administrators.

Presenting the performance report, on behalf of the Board of Trustees, Dr. Nansubuga highlighted that this is the highest interest declared by the scheme in the past five years, and she anticipates continued improvements. She noted that for the previous financial year, which ended in June 2023, the Board of Trustees declared an interest an interest of 12.34%.

Dr Nansubuga also announced that the scheme has achieved a Net Investment Income of UGX 44.6 billion, far higher than the UGX34.4 billion collected in Contributions during the year.

The Chairperson of the Board also revealed that the fund value had grown from UGX352.4 billion recorded at the end of the last financial year to UGX409.2 billion, indicating an increase of 16.1%.

“By 30^th June 2023, MURBS had a fund value of UGX 352.4 billion. The Board of 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 30^th June 2024 is UGX 409.2 billion, which is an increase of 16.1%. 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 reported.

Dr. Elizabeth Patricia Nansubuga(Centre) responding to questions from members.

She attributed the positive growth to factors such as improved debt recovery, operational efficiency, timely remittance of contributions by the sponsor (Makerere University), an increase in project and contract contributions, and the recovery of UGX8.85 billion in debts.

Dr. Nansubuga also expressed gratitude to Makerere University, the scheme’s sponsor, for consistently remitting contributions, a key factor that has significantly contributed to MURBS’ smooth operation. “I am happy to announce that the sponsor-Makerere University remitted your retirement benefits for the financial year 2023/24,” she said.

In the same development, Dr. Nansubuga reported that MURBS registered a legal victory against Uganda Revenue Authority (URA) over a real estate investment in Sonde undertaken in 2019, and which URA sought to tax heavily. She notified the AGM that MURBS won the case and was awarded costs which also set a precedent.

Consultant Mr. Vincent Kaheeru and CEO of Profiles International

“On behalf of the Board of Trustees, I am pleased to inform you that during the financial year, we received a favorable outcome on a key court case. How did we end up with this case? In 2019, MURBS invested in real estate, we bought land in Sonde,” Dr Nansubuga explained.

“Uganda Revenue Authority (URA) then charged us with a tax assessment worth UGX600 million. It has been four (4) years in the tax appeals tribunal. Since then, the lawyers, the former and current trustees, have been appearing before the appeals tribunal, but in December 2023, MURBS won the case. We challenged URA, and this case was awarded with costs. URA has to pay MURBS. We therefore saved UGX600 million,” she added.

In terms of governance, Dr Nansubuga said that the scheme made changes in the board. Initially, the trustees were six and they needed a seventh member, and following a competitive race, they recruited another trustee; CPA Edina Rugumayo who has over thirty years in accounting.

Part of the MURBS members who physically attended the Annual General Meeting

“In terms of governance, we continue to uphold good governance practices and we align with international standards. Last year during the presentation, I said we were six and we needed to have the seventh trustee because the Board composition is supposed to be seven,” she explained.

“So, following a competitive process, we recruited an independent trustee. It was a very competitive position. You must have served on board which has over UGX50 billion. So, from that process, we were able to recruit CPA Edna Rugumayo Simbwa. She is a certified public accountant with over thirty years of experience in accounting, taxation, and corporate governance,” she mentioned.

She also thanked other stakeholders for making sure that MURBS activities run smoothly. These entities include Makerere University, KPMG, Gen Africa, Arcadia Advocates, Zamara, URBRA, and Stanbic Bank among others.

While discussing investments, Dr. Nansubuga mentioned that 86% of MURBS’ funds are currently invested in government bonds, but added that the Board is exploring diversification to reduce risks.

“86% percent of our money is invested in government bonds, and sometimes, you do not have to put all your eggs in one basket, there is a high concentration of risk. so that is one of the key material risks that we want to address to reduce the amount we have in government securities. We want to diversify our portfolio and avoid investing heavily in government securities. The Board will venture into other fields in order to earn money or return on investment from the diverse undertakings,” she said.

Mr. Mark Lotukei, represented the CEO of Uganda Retirement Benefits Regulatory Authority

In terms of membership, Dr. Nansubuga reported a 4.4% increase, with the number of members rising from 8,229 to 8,590. She attributed this growth to the reinstatement of in-house beneficiaries and an increase in project and contract staff.

Dr. Kakuba also thanked the sponsor-Makerere University for remitting the membership contributions timely which has helped the scheme to grow.

Dr. Godwin Kakuba -Secretary, MURBS Board of Trustees, who presented the record of the 13^th Annual General Meeting stressed that the AGM climaxes a financial year and the Board of Trustee has been vigilant on this and has not missed any AGM for 14 years now.

“We applaud the sponsor because many of these positives in the chairperson’s report can only be attributed to the support by the sponsor through fulfilling the obligation of remitting members’ contributions to the scheme,” he added.

Partner Asad Ssenoga, an independent auditor who audited the scheme said that he was impressed with the level of compliance that the scheme exhibited in all aspects. He said they focused on ensuring that the member contributions are supported with statements and allocated to members appropriately.

“Overall we were satisfied with the work we did on the audit, the numbers that were presented by the Chairperson are the correct numbers that we audited. We were comfortable with those numbers, due process was followed during the audit,” he said.

Mr. Mark Lotukei who represented the CEO of Uganda Retirement Benefits Regulatory Authority (URBRA) thanked the Trustees for always prioritizing governance, which has helped them to reach several milestones.

Members of the MURBS Secretariat led by Ms Susan Khaitsa(Centre)

“As URBRA, we look at governance as the biggest component of our compliance. MURBS Trustees from the former to the current, have taken governance as the most important aspect. We really encourage them to continue with this good practice because governance informs all the other aspects,” he said.

Mr. Arthur Kibira, a member in attendance, expressed his appreciation for the Board’s efforts. He urged them to explore higher-risk investments for potentially greater returns. He expressed concern over the scheme’s heavy reliance on government bonds.

“Dr Elizabeth Nansubuga, I want to congratulate you, and your team and also congratulate ourselves. But, I want to believe that there is room for improvement. I am one of those who do not believe that the sky is the limit, we are limited by our own thinking. I am thinking that high risks give high returns. Is there a way of managing those risks, so that we could push this 13.40% interest to a figure much higher? If we do so, we shall say we have learnt how to manage risks,”, he guided.

General

Call for Applications: Admission to Postgraduate Programmes 2026/2027

Published

21 hours ago

February 4, 2026

Mak Editor

SoL Graduands celebrate after being conferred upon their awards. 75th Graduation Ceremony, Day 1, CoCIS, CEES, CoVAB and School of Law. 13th January 2025, Freedom Square, Makerere University, Kampala Uganda, East Africa.

The Academic Registrar, Makerere University invites applications for admission to Graduate Programmes (Postgraduate Diplomas, Masters and Doctoral Degree Programmes) for the 2026/2027 Academic Year. Applicants should have obtained at least a first or second class degree (or its equivalent) from a Chartered University at the time of completion. Applicants should also possess a Uganda Certificate of Education (or its equivalent) and a Uganda Advanced Certificate of Education (or its equivalent).

Sponsorship:

All Graduate Programmes are PRIVATELY-SPONSORED. Therefore, applicants seeking sponsorship should have their applications endorsed by their respective sponsors where applicable. Applicants should note that the various fees payable to the University indicated for the various programmes EXCLUDE functional fees, accommodation, books, research and other expenses.

Makerere-Advert-for-Graduate-Programmes-2026-2027 Download

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Simon Mungudit: Mak’s Best Performing Male Science Student & Rising Star in Petroleum Geoscience

Published

2 days ago

February 3, 2026

Hasifa Kabejja

Simon Mungudit emerged the best performing male science student this year. He is set to graduate from Makerere University, Kampala Uganda, East Africa on 24th February 2026 in the Freedom Square.

At just 24 years old, Simon Mungudit from the College of Natural Sciences (CoNAS) has etched his name in the academic history of Makerere University, having emerged as the overall best male student in the Sciences, an achievement earned through perseverance, discipline, and an unrelenting pursuit of excellence.

Mungudit is set to graduate during 76th graduation ceremony scheduled for 24^th to 27th February 2026, having attained a CGPA of 4.76 in the Bachelor of Science in Petroleum Geoscience and Production. His academic interests-Reservoir Engineering, Petrophysics, and Drilling-reflect a deep understanding of the subsurface sciences that power modern energy systems.

Early Life and Journey to Academic Excellence

Born to Mr. Owor Thomas, a Game Ranger with the Uganda Wildlife Authority at Murchison Falls National Park, and Ms. Lilly Obewun Grace of Akuru Bridge Village, Nyaravur Sub-County in Nebbi District, Mungudit’s journey to academic excellence began far from the lecture halls of Makerere. At Karuma Primary School, Mungudit scored 12 aggregates in the Primary Leaving Examinations (PLE), setting the pace for his future success. He proceeded to St. Daniel Comboni College, Nebbi, where he attained 14 aggregates in 8 subjects at O’ Level. He then joined Namilyango College, one of the best secondary schools in Uganda, where he studied Physics, Chemistry, and Mathematics (PCM) and scored 19 points, results that secured him government sponsorship to pursue a Bachelor of Science in Petroleum Geoscience and Production at Makerere University.

Gratitude to his mentors and sponsors

Behind these milestones lies a story of humility, gratitude and opportunity. Mungudit credits his parents for supporting his primary and O’ Level education and expresses gratitude to TotalEnergies, which provided a full bursary for his A’ Level studies, covering tuition, upkeep, and medical care. He also acknowledges the Government of Uganda for sponsoring his university education, a factor he says motivated him to excel.

At Makerere, Mungudit thrived in an environment that blended rigorous academics with mentorship. He pays tribute to his lecturers, particularly Dr. Arthur Batte, Head, Department of Geology and Petroleum Studies, for their unwavering commitment to nurturing students and pushing them to excel.

“I always aimed to excel,” Mungudit says. “Together with a few colleagues, we formed a group and held discussions on a daily. This, coupled with a conducive study environment, prayer, and discipline, enabled us to attain excellent grades.”

Dr Arthur Batte describes Mungidit as a humble yet very intelligent student.

Achievements and Professional Experience

Beyond academics, Mungudit consistently demonstrated expertise in petroleum engineering. In 2024, he led a team that won the Reservoir Modelling Challenge, organized by the American Association of Petroleum Geologists (AAPG) Makerere University Chapter, earning prize money and a sponsored field trip to the Tilenga Project courtesy of COSL. He was First Runner-Up in the Petro Bowl competitions of 2023 and 2025, a highly competitive petroleum knowledge quiz organized by the Society of Petroleum Engineers (SPE) Uganda Section. He served as a Student Officer for the SPE Makerere University Chapter in 2023, and in 2024, he chaired the Organizing Committee of the SPE Annual Students’ Technical Conference and Exhibition, helping bridge the gap between academia and industry.

His learning extended beyond the classroom. During his internship, he worked with TotalEnergies, where he applied petrophysics skills to analyze gas-while-drilling data for formation evaluation, hands-on exposure that sharpened his professional competence. At Makerere University, he mastered PetroMod 2018, a critical software tool in oil and gas exploration. After completing his studies in June 2025, Mungudit trained with the Uganda National Oil Company (UNOC), participating in the 2D seismic acquisition in the Kasurubani Block in Buliisa and Hoima districts.

Mungudit currently works as the Special Projects Coordinator for the Society of Petroleum Engineers (SPE) Uganda Section Student Liaison Committee.

Future Plans

Mungudit hopes to work in the oil and gas industry in the upstream sector as a geoscientist. He also plans to pursue further studies in petroleum engineering.

From a village in Nebbi to the forefront of petroleum geoscience, Mungudit’s story is one of an opportunity seized and potential realized. It is a testament to what is possible when talent meets support, and when determination is guided by faith, mentorship, and service. As Uganda’s oil and gas sector continues to evolve, Mungudit stands as a symbol of the skilled, principled professionals poised to shape its future.

The CoNAS fraternity congratulates Mungudit on this noble achievement.

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General

Press Statement: Makerere 76th Graduation Ceremony

Published

1 week ago

January 28, 2026

Mak Editor

Prof. Barnabas Nawangwe (Centre) presents one of the printed batches of transcripts the Registrar College of Computing and Information Sciences (CoCIS)-Ms. Ruth Iteu Eyoku (2nd Right) as Right to Left: DVCAA-Prof. Sarah Ssali, AR-Prof. Buyinza Mukadasi and Ms. Prossy Nakayiki witness on 28th January 2026. Vice Chancellor's Press Briefing on the 76th Graduation due to be held 24th-27th February 2026 at Makerere University, Kampala Uganda, East Africa.

Makerere University’s 76^th graduation ceremony will be held from February 24^th – 27^th, 2026, at the Makerere University Freedom Square, starting at 8.30am. During the 76^th graduation ceremony, we shall confer degrees and award certificates to 185 PhDs, 2034 Masters, 6,043 bachelors, 137 postgraduate diplomas and 33 diplomas.

I am proud to announce that in comparison to the 75^th graduation, we have registered a 30% growth in graduate student output. This is a result of our strategic decision to prioritize graduate education per our research-led agenda.

I also wish to announce that the transcripts have been finalized and are ready for pick up. Today, I am handing over the ready transcripts to the College principals and can be picked up from respective Colleges even before the graduation ceremony.

Important to Note:

In preparation for the graduation ceremony, the University wishes to note the following:

Pre-graduation clearances
Graduands are reminded to clear all necessary payments such as tuition and all graduation
fees. It is also important to check with your College to ensure your name is on the graduation
list and all mandatory clearances with university officials have been finalized. Note and
internalize the graduation schedule (attached) to know which day you are graduating.
Securing the graduation gowns
Graduation gowns will be issued starting from 2^nd February 2026 from the University Hall (Dinning Hall), Monday to Friday, from 9am to 4pm. To collect your gown, check and ensure your name appears on the Senate Graduation list, present your student number or National ID, and proof of payment for the gown.
Security requirements
- Attendance: For each day of graduation, entrance to the graduation ground will be by invitation only. Graduands will be issued with invitation cards which permits two guests per graduand. Do not come with more than two people or they will not be allowed access to the graduation venue. Graduands are encouraged to arrive to settle at the Freedom Square by 7am on graduation day to for a seamless flow of planned activities including the necessary security checks.
- Prohibited items: Prohibited items include firearms, sharp instruments like mirrors and knives, alcohol, cell or batteries and chemicals, canned food and drinks, laptops, flashes and hard disks, radios including pocket radios, bottled drinks, cameras, large bags or any other heavy items.
- Media: All media and journalists who wish to cover the ceremony must be pre-accredited by the Makerere University Public Relations office or they will not be allowed to access the ceremony venue. The access point for accredited media personnel will be the Senate Building.
- Parking: There will be two designated parking areas; Rugby Grounds for those coming through the Eastern and Main Gate; and the second one is the Makerere University Main Grounds at Makerere College School. For VVIPs, VIPs and procession parking will be at CTF1, Directorate of Legal parking, St Francis and St Augustine parking, JICA and Senate Building.
- Access Control: To ease traffic flow and management, the University has planned three access points to the graduation venue: the School of Social Sciences, Senate Building and the University Swimming Pool.
For help and inquiries
- Starting February 2, 2026, the Academic Registrar ’s Office and Graduation Committee will set up an information tent outside the Senate Building to provide guidance and handle all inquiries pertaining to graduation.