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.
Business & Management
PIM Centre Holds 9th Steering Committee Meeting, Set to Benefit from World Bank Support
The Public Investment Management (PIM) Centre of Excellence at Makerere University today, October 10th, 2025, held its 9th Steering Committee Meeting to review progress made in the first quarter of the financial year and plan for the months ahead.
The meeting was chaired by Ms. Getrude Basiima, who represented Mr. Hannington Ashaba, Director Budget at the Ministry of Finance, Planning and Economic Development (MoFPED). Ms. Basiima commended the Centre for its continued commitment to strengthening public investment management capacity across government institutions.
In her remarks, Ms. Basiima applauded the Centre for successfully hosting the Public Investment Management Conference held in August at Makerere University. The conference attracted key policymakers, development partners, and academics who deliberated on how to enhance the efficiency, sustainability, and impact of public investments in Uganda.
She further shared exciting news that the Government of Uganda has secured funding from the World Bank to support the public investment management function. The PIM Centre, she announced, will be among the key beneficiaries of these funds — receiving support for the construction and acquisition of a permanent home to enhance its institutional sustainability and training capacity.
Reviewing the Centre’s quarterly performance, Ms. Basiima congratulated the team for successfully conducting three specialized trainings in the first quarter, reaching officials from various Ministries, Departments, and Agencies. These trainings continue to strengthen the technical competencies required for effective project preparation, appraisal, and implementation in line with Uganda’s National Development Plan.
She encouraged the Centre to integrate climate change considerations into its future training programmes, noting that sustainable public investment must now account for environmental resilience and climate adaptation.
The centre team presented the proposed structure/ organogram, the financial performance of 2024/2025, research areas for 2025/2026 and the strategic plan for 2025 – 2030.
The Steering Committee reaffirmed its commitment to supporting the PIM Centre’s vision of becoming a regional leader in building capacity for efficient, transparent, and sustainable public investment management.
A significant development unfolded at Makerere University during a strategic, hour-long meeting in the vice chancellor’s boardroom on 7th October 2025, marking a deepening bond with the University of Groningen in the Netherlands. The primary goal was to move beyond existing collaborations and formalize a new Double Doctorate (PhD) program. Prof. Sarah Saali, the Deputy Vice Chancellor for Academic Affairs, set the tone by emphasizing that institutional partnerships are crucial to Makerere University, which she proudly called the leading research and most collaborative university in the world.
The discussion promptly formed the core structure of the program: a four-year PhD (or three if the master’s was research-based), with supervision duties split 50-50% between the two institutions. A key feature is the mobility requirement, stipulating that PhD candidates would spend a total of six months in the Netherlands, potentially divided into two three-month periods. Crucially, the University of Groningen confirmed there would be no teaching requirement during this stay, allowing students full access to focus on their research. A major financial hurdle was overcome with the adoption of a fee-waiver policy; Makerere would waive tuition for incoming Groningen candidates, and Groningen would reciprocate for Makerere‘s students, significantly boosting the program’s financial viability.
However, the critical issue of the stipend remained. Dr. Anita Veltmaat explained that to meet the required living standard of approximately €1,875 per month in Groningen, the incoming candidate must secure a partial external scholarship of around €250 per month. The positive news is that if the candidate secures this minimum scholarship, the University of Groningen is prepared to top up the amount to the full living standard for the six months the student spends in the Netherlands. It was noted that this initial financial hurdle might be simplified for Makerere students, as many are already staff members receiving a salary, which could help cover the required €250.
The path forward was clear: it was to complete the agreement template guided by the setup committee from both institutions. The plan culminated in scheduling an online follow-up meeting for Tuesday, November 11th, to review the first revision of the agreement, capping a highly constructive discussion that solidified the two universities’ shared future in graduate education.
Makerere University was represented by Prof. Sarah Ssali, the Deputy Vice Chancellor in charge of Academics Affairs; Dr. Ruth Nsibirano, Head of the Department of Gender Studies; Dr. Patricia Ndugga, School of Statistics; Dr. Stella Achen and Dr. Joseph Watuleke, School of Distance and Lifelong Learning; Agatha Ainemukama, School of Engineering; Racheal Nuwagaba, School of Psychology; Awel Uwihanganye, Martine Rugamba, and Hawa Ndagire from the Advancement Office; and Muhammad Kiggundu from the Institute of Gender and Development Studies.
The University of Groningen was represented by Dr. Dinie Bouwman, Senior Policy Advisor, Internationalization and Quality Assurance; Dr. Anita Veltmaat, Faculty of Social Behavior and Social Sciences, Department of International Studies, involved in mentorship programs for women; and Dr. Alette Arendshorst, Faculty of Behavioral and Social Sciences, working on graduation/collaboration for students/staff.
Makerere University on Tuesday, 7th October 2025 hosted a delegation from Nelson Mandela University (NMU), South Africa in the Vice Chancellor’s Boardroom in a bid to strengthen academic partnerships and operationalize their existing Memorandum of Understanding (MoU).
The delegation, led by Prof. Azwinndini Muronga, Deputy Vice Chancellor: Research, Innovation and Internationalisation, NMU, aimed to turn earlier agreements into actionable collaborations and build sustainable partnerships with various colleges.
The Acting (Ag.) Deputy Vice Chancellor; Finance and Administration, Prof. Winston Tumps Ireeta, provided an overview of the institution’s structure—nine colleges, two schools, and two institutes—while acknowledging the challenges of maintaining excellence amid resource limitations and post-pandemic recovery. He emphasized that collaboration must serve the broader goal of research-driven development, calling for teamwork and resilience among African universities. “We have to work together to sustain high academic standards and contribute to the continent’s progress,” he noted.
Prof. Muronga spoke passionately about the NMU’s “African footprint agenda.” He urged both institutions to start with small, practical projects that can build confidence and momentum for larger initiatives. “We must grow partnerships within Africa first,” he stated, “before we expand globally. True collaboration begins when both sides contribute equally, share capacity, and build self-reliance.”
Prof. Muronga also expressed interest in joint research projects, doctoral supervision, and shared grant applications, noting that NMU and Makerere are strategically positioned to lead regional academic innovation.
In her remarks, Prof. Judy Peter, Senior Director in the International Office at NMU emphasized the University’s commitment to African-centered collaboration and the importance of internationalizing the curriculum and expanding research capacity.
Prof. Peter underscored the importance of student mobility, joint supervision of postgraduate students, and the recruitment of talented African scholars, noting that such exchanges enrich both institutions’ academic communities. She also emphasized the need to internationalize the curriculum, particularly through virtual learning platforms and co-teaching models, to ensure broader accessibility and shared expertise.
Contributions also came from Prof. James Wokadala, Deputy Principal, College of Business and Management Sciences (CoBAMS), further amplified the need to “start small and build on existing collaborations.” He proposed developing a clear roadmap that defines short-term goals and identifies areas for mutual growth.
From the College of Health Sciences, Dr. Richard Idro, the Deputy Principal highlighted opportunities for fellowship, training and collaboration in clinical subjects, emphasizing the need for practical exchanges that benefit students and staff alike. He also addressed logistical challenges such as transportation and coordination, urging for targeted partnerships that can yield tangible results.
The meeting reaffirmed the universities’ commitment to collaboration in areas including faculty exchange for guest lectures, seminars, and sabbaticals; joint research and grant applications for regional and international funding; co-supervision of postgraduate students; virtual classroom exchanges; curriculum internationalization and exchange of academic materials; and capacity development for academic and administrative staff.
The teams also identified “quick-win” projects that could be implemented in the short term and agreed to establish a joint implementation team to monitor progress. Further discussions will explore funding mechanisms, including the possibility of leveraging programs like Erasmus+, to support student exchange and joint research initiatives.
In his closing remarks, Prof. Muronga reaffirmed Nelson Mandela University’s commitment to ensuring that the partnership yields visible outcomes. Both universities agreed that future engagements will be structured around mutual respect, accountability, and measurable results.
The meeting concluded on a note of optimism, with both institutions expressing confidence that their partnership will not only advance academic excellence but also contribute to Africa’s broader vision of educational and research self-reliance.
The meeting was attended by several officials from Makerere including; Prof. Eric Awich Ochen-Deputy Principal, College of Humanities and Social Sciences (CHUSS), Prof. Yazidhi Bamutaze-Deputy Principal, College of Agricultural and Environmental Sciences (CAES), Prof. Godfrey Akileng-Dean School of Business, Dr. Geoffrey Nuwagaba-CoBAMS, Mr. Martine Rugamba-Ag. Chief Advancement Office, and Ms. Hawa Kajumba-Advancement Office.
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