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.
Makerere University, through the College of Business and Management Sciences (CoBAMS) and the Economic Policy Research Centre (EPRC), has signed an open Memorandum of Understanding (MoU) with the London School of Economics and Political Science (LSE). This MoU is one of several initiatives aimed at strengthening the university’s global collaborations and research partnerships.
In his remarks, Vice Chancellor Prof. Barnabas Nawangwe highlighted Makerere’s recent centenary celebrations as a testament to its long and influential history in Africa. He reaffirmed the university’s commitment to serious, research-driven collaboration, noting Makerere’s aspiration to become a leading student-centered research university that develops solutions to regional challenges.
Prof. Nawangwe emphasized that Makerere’s research addresses critical issues such as widespread poverty, high youth unemployment, the devastating effects of climate change on agriculture, rapid population growth, and political interference in production. These challenges, he explained, call for climate-resilient agriculture, stronger health systems to address emerging diseases, and more inclusive governance. He further observed that Africa’s ambitious goal of producing one million PhDs in the next decade remains constrained by inadequate supervision capacity across the continent, stressing that collaborations like this MoU are key to bridging that gap.
EPRC Executive Director, Dr. Sarah Sewanyana, described the signing as particularly significant for EPRC and its Board of Directors as they embark on a new five-year strategic plan (2025/26–2029/30). She explained that the plan strongly emphasizes strategic collaborations, with this partnership serving as a prime example of leveraging collective strengths to deepen impact. She underscored EPRC’s role in advancing evidence-based policymaking for national development, aligning with Uganda’s National Development Plan IV.
Prof. James Wokadala, Acting Principal of CoBAMS, emphasized that the collaboration seeks to preserve and expand vital human knowledge while strengthening partnerships between academic institutions and global research networks. He noted that these networks are instrumental in advising legal and policy professionals, as well as aligning research agendas with both national and corporate priorities. He expressed pride in the extensive efforts of the School of Economics that have expanded these activities in recent years. He pointed to significant accomplishments that have been achieved in collaboration with IGC, including hosting a 2025 high-level international conference on mobile money payment systems, which positioned Makerere University as a thought leader on critical African economic issues. He also celebrated the successful bid by the School of Economics to host the ‘Africa Meeting of the Econometric Society’ in 2027, further demonstrating its contribution to impactful scholarship and policy influence.
The Acting Principal further emphasized that the new partnership with LSE will build on these achievements, offering immense benefits such as expanding capacity-building opportunities for faculty and students, especially in research and Public Infrastructure Management (PIM). The collaboration will also provide platforms for knowledge dissemination and policy dialogue, while addressing pressing socio-economic and health challenges. Ultimately, he said, formalisation of the partnership amplifies CoBAMS’ commitment to excellence in teaching, research, and innovation.
Speaking on behalf of LSE’s International Growth Centre (IGC), Executive Director Dr. Jonathan Leape expressed delight at formalizing the long-standing collaboration with Makerere and EPRC. He highlighted current joint projects, including research on the impact of the 2020 gender-based vaccine program on women’s skills and learning, studies on reforms in STEM education, and investigations into barriers limiting business growth for entrepreneurs. He stressed that the core mission is to bring researchers and policymakers together to address pressing policy challenges with robust, reliable evidence and innovative solutions.
The event, held on 27th August 2025, was attended by several dignitaries including Dr. Richard Newfarmer, Country Director for Uganda and Rwanda (IGC); Dr. Nhial Kuch, Senior Country Economist (IGC); and Mary Teddy Nakyejwe, IGC Programme Officer. Also present were the Director of Research, Dr. Ibrahim Kasirye and other members of EPRC leadership.
Makerere University has hosted a delegation from the Ghent University Association, led by Prof. Mieke Van Herreweghe, Vice Rector of Ghent University. The delegation included representatives from Howest University and Hogent University of Applied Sciences.
Vice Chancellor Prof. Barnabas Nawangwe welcomed the team and highlighted Makerere University’s commitment to addressing the pressing challenges in the region. These include climate change, which continues to hinder investment, and Uganda’s rapidly growing population that has surged from 5 million in the late 1940s to nearly 50 million currently, creating socio-economic challenges such as high youth unemployment.
He emphasized that Makerere’s research agenda focuses on understanding the fast-growing population, tackling health challenges, advancing governance and human rights, and fostering peace through initiatives such as the Rotary Peace Center—the only one of its kind on the African continent. Research at Makerere also seeks to provide solutions to youth unemployment in one of the world’s youngest nations.
The Vice Chancellor further noted that Makerere University teaches and conducts research across a wide spectrum of disciplines, organized into colleges including Agriculture, Business and Management, Computing, Education and External Studies, Engineering and Technology, Health Sciences, Humanities and Social Sciences, Natural Sciences, and Veterinary Medicine. The university also hosts over 60 specialized research centers, among them Centers of Excellence such as the Regional Centre for Crop Improvement, which works to enhance food security, manage pests and diseases, and improve agricultural productivity. Another key institution is the Infectious Diseases Institute, which leads research on HIV/AIDS. With these initiatives, he added, Makerere continues to expand its research footprint while strengthening global partnerships.
Prof. Van Herreweghe provided an overview of Ghent University, founded in 1817 and ranked among the top 100 universities globally for decades. With its motto “Dare to think,” Ghent University has built a strong international reputation. It also holds the distinction of being the only Belgian, and currently the only European, university with a campus in South Korea. Established in 2014, the campus offers bachelor’s programs in applied biotechnology.
She highlighted Ghent’s joint PhD programs, which are structured as sandwich programs to support African universities. Under this arrangement, PhD candidates spend two years funded at Ghent University and another two years at their home university (such as Makerere), with joint supervision from both institutions. These programs, she noted, are a strategic way of fostering international collaboration.
During the visit, Ghent University signed a Student Exchange Agreement with Makerere University to complement the existing Memorandum of Understanding. The agreement will pave the way for more joint initiatives and strengthen collaboration in the years ahead.
The delegation also included Mr. Lieven Theys, International Coordinator for Business Management at Howest University, who explained that Howest clusters its programs into three key domains: Design and Technology, Human Well-being and Health, and Business and Organization. Dr. Robin Stevens represented Hogent University of Applied Sciences, which runs programs across nine schools including Business and Management, Computer Sciences, Biosciences, Industrial Technology, Teacher Training, and Healthcare.
The visit, held on 27th August 2025, was attended by Makerere University officials and members of various colleges, among them Prof. Winston Tumps Ireeta, the Acting Deputy Vice Chancellor (Finance and Administration) and Principal of the College of Natural Sciences (CoNAS), Prof. Tonny Oyana-Principal College of Computing and Information Sciences (CoCIS), Prof. Moses Musinguzi-Principal College of Engineering, Design, Art and Technology (CEDAT), Prof. Julius Kikooma-Director Graduate Training, Assoc. Prof. Yazidhi Bamutaze-Deputy Principal College of Agricultural and Environmental Sciences (CAES), Assoc. Prof. James Wokadala-Deputy Principal College of Business and Management Sciences (CoBAMS), Assoc. Prof. Richard Idro-Deputy Principal College of Health Sciences, and Dr. Cathy Mbidde, Manager of the Makerere University Innovation Pod (Mak UniPod).
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