General
MURBS has declared 13.40% interest on members’ balances for the financial year that ended on 30th June 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 30th 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 30th 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.
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.
“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.
“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.
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 13th 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.
“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
Announcing the 3rd Sarah Ntiro Memorial Lecture with Allen Kagina as the 2025 Distinguished Speaker
Makerere University will host the 3rd edition of the Sara Nyendwoha Ntiro Memorial Lecture in honor of a gallant alumna whose groundbreaking legacy as Uganda’s first female graduate continues to inspire generations of women in higher education across Africa and beyond.
The Inaugural Edition was held on 1st December 2022 as part of Makerere University‘s centennial celebrations. The lecture was delivered by another distinguished alumna and passionate advocate for women’s rights, the Late Hon. Joyce Mpanga. Her moving lecture unpacked the topic Bold Ideas Need System Support to Thrive; The Case of Sarah Nyendwoha Ntiro, highlighting how Ntiro’s determination to pursue education required institutional backing to achieve lasting impact.
The Second Edition was held on 31st August 2023 and graced by Her Royal Highness, Nnabagereka Sylvia Nagginda, Queen of Buganda, as the distinguished keynote speaker.
The Nnabagereka’s lecture was based on the theme Catalyzing Change: Women as Pillars of Society. Therein, she appropriately stated that “An empowered woman is a better person, mother, worker, and citizen capable of taking advantage of opportunities to contribute, lead, make change, have her voice heard and skills employed.”
This year’s edition of the Lecture will be held on the eve of International Women’s Day, Friday 7th March 2025, in the Makerere University School of Public Health Auditorium starting at 2:00PM. The Third Edition will focus on the theme Pioneering Change and Transforming Institutions, aptly reflecting Sarah Ntiro’s legacy as a transformative figure who broke institutional barriers and pioneered change in Uganda’s educational landscape.
Sarah Ntiro’s own life embodied this year’s theme profoundly. As Uganda’s first female graduate who earned her degree from Oxford University in 1951, she returned home to transform educational institutions by advocating for girls’ education and challenging exclusionary systems.
Her work as an educator, politician, and advocate exemplifies how pioneering individuals can reshape institutions to become more inclusive and equitable. This year’s theme honors her approach to institutional transformation—creating sustainable change through strategic leadership, advocacy, and persistence.
To set the tone for the day’s discussion will be a distinguished speaker who, like Ntiro, pioneered change and transformation as the first female Commissioner General of the Uganda Revenue Authority (URA) and the first female Executive Director of the Uganda National Roads Authority (UNRA).
“Sarah Ntiro’s legacy reminds us that true transformation requires both pioneering individuals and responsive institutions. In Ms. Allen Kagina, we see this dual impact—a leader who not only broke barriers but reshaped organizational cultures. Our discussion will explore how women leaders like Ntiro and Kagina don’t merely occupy positions but fundamentally transform the institutions they serve, creating pathways for generations to follow.” Professor Sarah Ssali
Ms. Allen Kagina, an eminent alumna of Makerere, will in her keynote address explore how Ntiro’s trailblazing spirit has influenced her journey of institutional leadership and transformation, unpacking practical strategies for women leaders to effect meaningful change in traditionally male-dominated spaces.
“Transforming institutions isn’t just about being the first woman to enter the room—it’s about ensuring you’re not the last. Like Sarah Ntiro, who understood that true leadership means creating pathways that others can follow, I’ve learned that our greatest legacy lies not in the barriers we break, but in the sustainable systems we build that outlast our tenure. When women lead with both courage and vision, we don’t just change organizations—we redefine what leadership itself can accomplish.” Ms Allen Kagina
The panel discussion will be moderated by Professor Sarah Ssali, Dean of the School of Women and Gender Studies. She will be joined by another expert on a panel to examine how Ntiro’s educational philosophy and public service ethos continue to offer valuable lessons for today’s institutional leaders seeking to create more inclusive organizations.
“Makerere University is privileged to welcome home one of our most accomplished alumnae whose career exemplifies the institutional impact Sarah Ntiro envisioned when she championed education as a vehicle for national development. Just like Sarah Ntiro, Allen Kagina has consistently demonstrated how visionary leadership can transform our national institutions. Her groundbreaking work at both URA and UNRA embodies the very essence of this year’s theme—pioneering change that outlasts individual tenure.” Professor Barnabas Nawangwe, Vice Chancellor
We look forward to hosting you all on this platform that will promote the exchange of ideas and best practices among stakeholders to enhance strategies for greater gender equality in institutional change and transformation—continuing Sarah Ntiro’s vision of education as a pathway to societal transformation.
For updates, follow #SarahNtiroLecture25 on our social media platforms, or email us at advancement@mak.ac.ug
General
10 years on: ‘My story as one of the first cohort Mastercard Foundation Scholars at Makerere University’
By the Program Communication Team
Seven years after graduating in 2018, Alex still exudes a warm and approachable demeanor. Despite his esteemed position, he carries no air of superiority. He is an accommodating and attentive listener, and our conversation about his journey flowed effortlessly.
“I don’t think I would have pursued a Bachelor of Science in Computer Engineering if it had not been for the Mastercard Foundation Scholars Program at Makerere University,” Alex Mirugwe recalls.
Alex’s journey was one of purely humble beginnings, began 30 years ago in Kyotera District, where he was the third of six children born to the late Charles Kalimirwa and Margaret Nampija.
His academic path led him to Broadway High School for both O’ and A’ levels, where he studied Physics, Economics, Mathematics, and ICT.
Alex recounts that when his Senior Six results were released, he had scored 17 points, but was uncertain of the following steps since his family could not afford his university tuition.
“If it hadn’t been for the Mastercard Foundation Scholars Program at Makerere University, my family would have struggled to raise my tuition,” he notes.
Faced with his results, Alex sought all possible opportunities to further his education. As luck would have it, while reading the New Vision Newspaper one day, he saw an advertisement for the Mastercard Foundation Scholars Program.
“I applied, got shortlisted, attended interviews, and I succeeded. That is how I gained the opportunity to join Makerere University,” he remarks.
The Program offers scholarships to bright but underprivileged children who have demonstrated a commitment to improving the lives of others.
He graduated with a Bachelor of Science Degree in Computer Engineering.
Upon completing his first degree, he received another opportunity from the Mastercard Foundation Scholars Program at the University of Cape Town to pursue his Master of Science (M.Sc.) in Data Science.
After attaining his M.Sc. from the University of Cape Town, he returned to Uganda and began applying for jobs.
“When I returned, I relaxed for only three months, and in the fourth month, when I decided to send out my applications, I secured a job at Makerere University School of Public Health (MakSPH) Monitoring and Evaluation Technical Support (METS) project as a data scientist,” Alex pointed out.
When Alex landed his dream job, it was the perfect opportunity to continue researching something he has always loved; supporting the analysis of HIV data. His dream job exposed him to data from more than 1,600 health facilities across the country.
“It has been an intriguing journey; I am pursuing what I studied. I would advise people to seize postgraduate opportunities because, when I completed my Master’s, I encountered no obstacles in securing a job.”
For now, he is focused on raising his young family.
His story is a powerful reminder of the significance of education for all. His journey from a humble village upbringing to a national role has been driven by a profound sense of purpose and a commitment to creating a better world for everyone.
Alex’s parting words, “Take your studies seriously, and learning never ceases.
“Continue to enhance your academic qualifications. You will transform your story.”
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