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

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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.

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 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.

Dr. Godwin Kakuba (L) and Asad Ssenoga

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.

Ritah Namisango
Ritah Namisango

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Uhuru Kenyatta, African Leaders Inspire Youth at Guild Leaders’ Summit

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Second Annual Guild Leaders’ Summit, organized by the Guild Presidents Leadership Academy, keynote address by Former President of Kenya, H.E. Uhuru Kenyatta, 24th April 2025, Yusuf Lule Central Teaching Facility Auditorium, Makerere University, Kampala Uganda.

In a vibrant celebration of youth leadership and African unity, Makerere University hosted the Second Annual Guild Leaders’ Summit, an event that brought together high-profile dignitaries, student leaders, and international partners for a powerful dialogue on the future of the continent. The summit, organized by the Guild Presidents Leadership Academy, served as a rallying point for East Africa’s young leaders to confront Africa’s most urgent challenges—on their own terms and with their own solutions.

A Warm Welcome and Reflections on Makerere’s Legacy

The Vice Chancellor, Professor Barnabas Nawangwe, welcomed the distinguished guests, who included Former President Uhuru Kenyatta of Kenya, Uganda’s Vice President H.E. Jessica Alupo, former Prime Minister Rt. Hon. Ruhakana Rugunda, Justice Simon Byabakama, Hon. Mathew Rukikaire, and European Union Deputy Ambassador Mr. Guillaume Chartrain, among others.

In his address, Prof. Nawangwe reflected on Makerere’s deep historical ties to East Africa’s liberation and development movements. He reminded the audience that Makerere University has been a crucible for the continent’s leadership, stating:

“Jomo Kenyatta was the first person to receive a degree from Makerere when, in 1963, he was awarded an honorary doctorate by then Chancellor Julius Nyerere. All freedom fighters in East Africa studied at Makerere.”

H.E. Uhuru Kenyatta is received upon arrival at Makerere University by the Vice Chancellor, Prof. Barnabas Nawangwe. Second Annual Guild Leaders’ Summit, organized by the Guild Presidents Leadership Academy, keynote address by Former President of Kenya, H.E. Uhuru Kenyatta, 24th April 2025, Main Building, Makerere University, Kampala Uganda.
H.E. Uhuru Kenyatta is received upon arrival at Makerere University by the Vice Chancellor, Prof. Barnabas Nawangwe.

Building on this rich history, Prof. Nawangwe affirmed the university’s current mission to tackle pressing continental issues. “Today,” he said, “Makerere is committed to addressing Africa’s challenges—climate change, disease, poverty, food security, conflict resolution, and economic development. But we cannot do this alone.”

He echoed sentiments later shared by the keynote speaker, stressing that Africa must no longer depend on external interventions:

“Foreign agencies will not solve all Africa’s problems. It is our young people who must step forward and lead the change.”

Uhuru Kenyatta: “You Are the Last Line of Defence”

In a keynote address that resonated deeply with the students and delegates in attendance, Former President Uhuru Kenyatta issued a bold and urgent call to action for Africa’s youth.

“No one is coming to save us,” Kenyatta declared. “You are the last line of defence in the battle to rescue the heart and soul of Africa.”

H.E. Uhuru Kenyatta (2nd Right) poses for a group photo during the courtesy call on the Vice Chancellor with Left to Right: Prof. Barnabas Nawangwe, Ms. Sarah Kagingo and Guild President-H.E. Churchill James Ssentamu. Second Annual Guild Leaders’ Summit, organized by the Guild Presidents Leadership Academy, keynote address by Former President of Kenya, H.E. Uhuru Kenyatta, 24th April 2025, Main Building, Makerere University, Kampala Uganda.
H.E. Uhuru Kenyatta (2nd Right) poses for a group photo during the courtesy call on the Vice Chancellor with Left to Right: Prof. Barnabas Nawangwe, Ms. Sarah Kagingo and Guild President-H.E. Churchill James Ssentamu.

Positioning today’s youth as the heirs of the continent’s freedom fighters, Kenyatta described the current moment as a new “independence era”—not of political liberation, but of economic and intellectual sovereignty. He urged students to think critically about intra-African trade, which currently accounts for less than 2.5% of global commerce, and to advocate for the removal of internal barriers to trade, innovation, and mobility.

“You are the freedom fighters of this generation,” he said. “Universities must be incubators of change, and students must be the trustees of tomorrow’s Africa.”

Pan-Africanism, Leadership, and Action

Uganda’s Vice President H.E. Jessica Alupo encouraged students to take up the mantle of Pan-Africanism with unwavering commitment. She acknowledged that while the rhetoric of African unity is inspiring, real progress demands more than words:

Left to Right: The Vice President-H.E. Jessica Alupo, Prime Minister Emeritus-Hon. Dr. Ruhakana Rugunda, Hon. Matthew Rukikaire and other dignitaries follow proceedings. Second Annual Guild Leaders’ Summit, organized by the Guild Presidents Leadership Academy, keynote address by Former President of Kenya, H.E. Uhuru Kenyatta, 24th April 2025, Yusuf Lule Central Teaching Facility Auditorium, Makerere University, Kampala Uganda.
Left to Right: The Vice President-H.E. Jessica Alupo, Prime Minister Emeritus-Hon. Dr. Ruhakana Rugunda, Hon. Matthew Rukikaire and other dignitaries follow proceedings.

“You must embrace the spirit of Pan-Africanism. But it is easy to say these words—the challenge lies in collective implementation.”

She emphasized the importance of action-oriented leadership and urged the youth to harness their creativity, energy, and education for the benefit of the continent.

European Union’s Message: Leadership with Integrity

Representing Team Europe, the EU Deputy Ambassador to Uganda, Mr. Guillaume Chartrain, gave a passionate speech on the values of authentic leadership, integrity, and inclusive development. He praised Makerere University as a space where “intellectual ambition meets civic responsibility” and emphasized that leadership is not about prestige, but purpose:

“Be a leader because of what you want to be—not because of what you want to have,” he said.

Citing former Makerere alumni such as Julius Nyerere and Wangari Maathai, Chartrain called on students to model courage, resilience, and humility:

“True leadership emerges in moments of loss—when resilience, not triumph, becomes the measure of one’s character.”

The EU, he said, remains committed to supporting youth through programs like Erasmus+, the EU Youth Sounding Board, and partnerships with organizations like Faraja Africa Foundation and Restless Development. These initiatives empower youth not as symbols, but as active participants in shaping policy and governance.

The Legacy Continues

Throughout the summit, speakers highlighted the importance of legacy and long-term impact. They challenged young leaders to think not just about the present, but about the systems and institutions they will leave behind. In the words of Former President Kenyatta:

“Leadership is not about the next election. It’s about the next generation.”

The summit ended on a high note, with students invigorated and inspired to lead with purpose. As global support grows less predictable and Africa stands at a crossroads, the message from Makerere was clear: the future of the continent is in the hands of its youth. And as the Guild Leaders’ Summit demonstrated, they are ready.

Betty Kyakuwa
Betty Kyakuwa

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Admission Lists for Diploma Holders under Government Sponsorship for 2025/2026 AY

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One of the First Class Graduands Shafik Senkubuge (2nd Right) in a group photo with part of the BEHS Class of 2024. 74th Graduation Ceremony, Day 1, School of Public Health, College of Health Sciences (CHS), 29th January 2024, Freedom Square, Makerere University, Kampala Uganda, East Africa.

The Office of Academic Registrar, Makerere University has released lists of Diploma holders admitted under the Government Sponsorship Scheme for the Academic Year 2025/2026.

Under the Diploma Holders Government Sponsorship Scheme admission does not exceed 5% of the intake capacity to the respective Degree Programme.

The list can be accessed by following the link below:

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Call For Applications: AlphaFold Workshop Uganda 2025

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Are you a researcher or student working in protein-related research, structural biology, or bioinformatics?

The African Center of Excellence in Bioinformatics and Data Intensive Sciences (ACE) Uganda with support from Google DeepMind, invites researchers and students seeking to integrate AlphaFold into their work to apply for the AlphaFold Workshop to be held at the Infectious Diseases Institute, Makerere University-Kampala, Uganda from 16th to 20th June 2025.

Deadline: 30th April 2025

Apply here: AlphaFold Workshop – Uganda 2025

Mak Editor

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