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
From Campus to Career: Makerere Advancement Office, 91st Guild and the DFCU Foundation Equip Students with Financial and Employability Skills
On 4th December, 2025, over 200 final-year students gathered at the School of Pharmacy Auditorium for the highly engaging Career & Financial Literacy Symposium, hosted by the 91st Students’ Guild, in partnership with the Makerere Advancement Office and the DFCU Foundation.
The symposium centred on student advancement through strategic partnership, convening students, administrators and development partners for a practical conversation on career readiness, financial literacy, employability, and personal development.
Advancement Through Partnerships
Speaking on behalf of the Makerere Advancement Office, Mr Awel Uwihanganye, Chief Advancement Officer, underscored the importance of partnerships such as the one with DFCU Foundation. He highlighted their importance in equipping students with marketplace skills and opportunities vital for individual growth after University.
He reflected on the university journey as a formative period for ideas, innovation, and lifelong relationships, noting that:
“University is where impressions are made, and future networks are born. The friendships, character, and collaborations you develop here become foundations for careers, enterprises and leadership later in life.”
Mr. Uwihanganye encouraged students to embrace entrepreneurship, creativity and innovation, arguing that the emerging workforce is driven by technology, multi-tasking ability and idea generation rather than traditional single-path employment. He challenged students to build businesses, use digital platforms productively, and regard employment as only one income stream, not the only one.
The Student Perspective — Discipline, Skills and Trust
Speaking on student growth and personal development, Dr. Rodney Rugyema, Deputy Dean of Students, highlighted the realities facing new graduates, especially those entering the job market for the first time. With humour and honesty, he urged students to approach growth intentionally and responsibly.
He called for delayed gratification, financial discipline and long-term decision-making, reminding students that wealth is built, not wished for. He emphasised the importance of skills beyond academic papers, stating that students must be equipped to create value, adapt, learn continuously, and gain competence relevant to modern work demands.
Dr. Rugyema underscored that trust, integrity and reliability remain the most non-negotiable pillars of professional advancement.
“Let people trust you enough to lend you an opportunity. Be a person who delivers. Your reputation is currency; it travels to rooms you are not in.” He noted
Financial Literacy for the Next Generation
The keynote training session was delivered by Mr. Simon Omara, Business Advisor representing the DFCU Foundation, who walked students through a highly practical presentation on financial planning, savings culture, credit management, record-keeping, career positioning and entrepreneurship.
With more than 10,000 graduates annually and less than 35% securing employment within the first year, Mr. Omara challenged students to practice financial and career ownership early. His presentation explored:
Key Competencies Students Must Build
- Financial management with a focus on budgeting, saving, and investing early
- Career readiness, CV development, interview skills, and personal branding
- Entrepreneurship and income diversification
- Record keeping and credit management
- Professional conduct and workplace preparation
He reminded students that the future belongs to those who are financially literate, skilled, trusted and entrepreneurial. Through relatable examples and actionable frameworks such as the 70–20–10 rule, the 7-second CV scan, and the 90-day post-graduation growth plan, Mr. Omara equipped participants with practical knowledge they could act upon immediately.
Why This Symposium Matters
This event stands as a testament to the power of partnership-driven student advancement, a core mandate of the Makerere Advancement Office. By convening industry partners like DFCU Foundation, the University continues to ensure that students graduate not only with knowledge, but with tools and readiness for opportunity.
The symposium strengthened linkages between academia and the labour market, expanded students’ perspective on financial independence, and emphasised the value of entrepreneurship, networks and character in shaping future leadership
The Makerere Advancement Office remains committed to facilitating opportunities that empower students to thrive beyond the gates of the University, through partnerships, mentorship, capacity-building, and exposure to real-world skillsets.
“ A degree alone is no longer enough. With partnership, preparation and purpose, our students can build futures anchored in knowledge, opportunity and resilience.” Mr Awel Uwihanganye noted during his remarks.
Caroline Kainomugisha is the Communications Officer, Makerere Advancement Office
Makerere University on 3rd December, 2025 hosted the Tumusiime Mutebile Annual Lecture, a tradition established to honour the life and legacy of the late Prof. Emmanuel Tumusiime-Mutebile, an outstanding alumnus and former Governor of the Bank of Uganda who passed away in 2022. The lecture not only reflects on his remarkable contribution to Uganda’s economic leadership, but also highlights how innovation, resilience, and intergenerational vision can shape Africa’s future.
This year’s edition was anchored on three key pillars—intergenerational leadership, economic resilience, and the power of innovation—themes that defined Prof. Mutebile’s career and continue to influence national development. Through this annual series, the University upholds his memory while also celebrating other African leaders whose work has left a lasting mark on the continent, using their legacies to inspire thoughtful dialogue, policy reflection, and the next generation of transformative thinkers.
Celebrating an Enduring Legacy
In her remarks, the Acting Vice Chancellor, Prof. Sarah Ssali, reflected on Prof. Mutebile’s lifelong commitment to excellence, integrity, and the transformative power of education. She highlighted his journey from a student leader at Makerere to one of the country’s most influential economic thinkers, noting how his leadership in monetary policy, fiscal reform, and economic stabilization reshaped Uganda’s economic trajectory.
Prof. Ssali emphasized that this public lecture series not only honours Mutebile’s legacy but also bridges academia and practice—challenging students, scholars, and national leaders to pursue knowledge that serves the public good. She expressed gratitude to the Bank of Uganda under Dr. Michael Atingi-Ego, dfcu Bank, the GRO Foundation, the Mutebile family, and the Advancement Office for their continued support in sustaining a platform that nurtures economic thought leadership and inspires future generations.
Rt. Hon. Emeritus Amama Mbabazi, a lifelong friend and contemporary of the late Prof. Emmanuel Tumusiime-Mutebile, delivered a deeply personal reflection during the lecture. He recalled their shared beginnings as young student leaders at Makerere, their early political activism, and the historical moments that shaped both their lives and the nation. Speaking as both confidant and colleague, he emphasized Mutebile’s disciplined approach to economic policy, his unwavering belief in strong, accountable institutions, and his commitment to evidence-based, long-term decision making. Mbabazi outlined three pillars of Mutebile’s legacy—policy integrity, institutional strength, and leadership that prepares the next generation—values he affirmed are central to the work of the Tumusiime Foundation, which he now chairs.
He underscored the critical role of the private sector in Africa’s transformation, stressing the need for productivity-driven economies, skilled young people, and policy ecosystems that encourage innovation. He further called for intergenerational leadership that deliberately transfers knowledge, builds enduring institutions, and creates real opportunities for young Africans to lead. In closing, he urged academia, policymakers, and industry to work in partnership, noting that Africa’s progress depends on disciplined leadership, investment in human capital, and a shared commitment to building a future stronger than the present.
Fiscal Policies that have stood the test of time
The Governor of the Bank of Uganda, Dr. Michael Atingi-Ego, honored the late Prof. Emmanuel Tumusiime-Mutebile with a heartfelt tribute, praising him as “a great tree whose roots ran deep beneath the soil of this nation, nourishing all who followed.” He noted that Uganda continues to benefit from the “shade” of the policies Mutebile planted during his 21-year tenure—policies that stabilized the economy, strengthened institutions, and protected the financial system through multiple crises. He highlighted Mutebile’s role in restoring price stability through cash budgeting, bringing inflation down from triple digits to single digits, guiding the country through the 2008 global financial crisis with disciplined monetary policy, and maintaining public trust during the 2011 inflation spike through clear and transparent communication.
Dr. Atingi-Ego also credited him for steering Uganda safely through the COVID-19 pandemic by introducing liquidity support for banks, credit relief for borrowers, and targeted foreign exchange interventions. Reflecting on Mutebile’s long-term impact, the Governor remarked, “These are the ideas he planted—he never lived to enjoy the shade of the tree, but today, the country rests under it.” He further celebrated Mutebile’s commitment to innovation, citing the 2016 amendments to the Financial Institutions Act that unlocked agency banking, bancassurance, and Islamic banking—reforms that today anchor Uganda’s impressive financial inclusion gains.
Intergenerational Leadership blends agility and emotional intelligence
Eng. Dr. F. F. Tusubira delivered a compelling and deeply reflective keynote, grounding the theme “Intergenerational Leadership, Economic Resilience and the Power of Innovation” in both history and lived institutional experience. He expressed serious concern that although Africa is the world’s youngest continent—with over 65% of its population below 35—its systems continue to sideline young people from leadership and national decision-making, even as they are repeatedly called “leaders of tomorrow.” He argued that this generational exclusion is not merely unfair but dangerous, warning that nations cannot secure economic resilience while locking out the very demographic best equipped to navigate a rapidly evolving, technology-driven world.
Drawing on African proverbs, global case studies, and personal anecdotes from Makerere and national institutions, he demonstrated how younger generations bring idealism, agility, innovation, and risk-taking—qualities essential for competitiveness—while older generations contribute emotional intelligence, institutional memory and a heightened sense of danger. He emphasized that progress requires blending these strengths through deliberate structures: fair representation of youth in boards and executive spaces, shared decision-making, reverse mentorship, and an institutional culture that values every generational perspective.
Dr. Tusubira also highlighted the urgent need for education reform, criticizing the continent’s entrenched “learning to pass exams” culture and calling for systems that cultivate creativity, problem-solving, and technical capability. He cautioned that without investing in human capital, digital literacy, and inclusive innovation ecosystems, Africa risks losing the very foundation of future competitiveness. His message was clear and powerful: intergenerational leadership is not optional—it is a survival strategy for institutions, businesses, and nations, especially in an era where, as he quoted, “it is not the strongest who survive, but those most responsive to change.”
The lecture was further enriched by an engaging panel discussion, which was moderated by Prof. Edward Bbaale, the Principal, College of Business and Management Sciences. He opened the discussion by deliberately centering today’s students and emerging leaders, framing the session as an intellectual reflection on the life, values and legacy of the late Prof. Emmanuel Tumusiime-Mutebile. He positioned the lecture’s theme — Shaping Africa’s Future: Intergenerational Leadership, Economic Resilience and the Power of Innovation — as urgent and practical, and introduced a cross-disciplinary panel whose expertise mirrors that urgency: Eng. Dr. F. F. Tusubira, Mr. Charles Mudiwa the Managing Director Dfcu Bank, and Prof. Faisal Buyinza the Ag. Dean, School of Economics.
Prof. Bbaale’s moderation enabled panelists to offer guidance on structural and cultural barriers to youth inclusion, the role of institutions in building resilience, and how academia, industry and policy can work together to turn innovation into jobs and scalable solutions — all the while reserving time for direct audience engagement and practical policy takeaways. Collectively, the panelists urged dismantling age-biased barriers and credential rigidities, creating new entry points and “tables” for youth leadership, scaling finance and training for startups and agribusiness, reforming pedagogy to prioritise skills and creativity, and deepening public-private-academic partnerships so innovation becomes inclusive growth rather than isolated experimentation.
The Family’s heartfelt appreciation
Mrs. Betty Tumusiime-Mutebile delivered heartfelt closing remarks, offering gratitude on behalf of the family and the Tumusiime-Mutebile Foundation. Speaking with deep emotion, she reflected on the late Professor’s character—his honesty, humility, hard work, and unwavering commitment to service above self. She thanked Makerere University, the Bank of Uganda, the Foundation’s leadership, and the many friends and colleagues who have continued to uphold his legacy, noting that although nearly four years have passed since his departure, his memory remains vivid and powerful for the family.
She recalled his devotion to both his public duty and his home, sharing personal stories of his leadership within the family and his steadfast faith that shaped their daily lives. Mrs. Tumusiime-Mutebile also highlighted the Foundation’s ongoing work in youth skilling, ethical governance, and private-sector development—initiatives rooted in his own vision. She concluded by inviting continued partnership to sustain the legacy he built, and led the gathering in singing his favourite chorus, a tender tribute to a man whose influence, she said, endures through the lives he touched.
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