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.
By Moses Lutaaya
The Directorate of Graduate Training (DGT) has in collaboration with Centre for Teaching and Learning completed the training of the first cohort of Graduate Supervisors.
Participants were academic staff from two colleges namely, College of Engineering, Art and Design (CEDAT) and the College of Agricultural and Environmental Sciences (CAES).
The three-day training that took place at the Telepresence Centre, Senate Building ended on Friday 20thJune 2025.
In his closing remarks to the participants, the Director of Graduate Training Prof. Julius Kikooma said, “This is the first cohort we are working together with the Center for Teaching and Learning to put together continuous professional development Program so that we are able to enforce the new teaching and learning policy.”
He said that before lecturers are allocated students for supervision, they must first go through this form of formal teaching and learning training to equip them thoroughly with certification required of supervision of graduate students.
“We are coming up with process to ensure that the certificates earned by participants allow you to supervise graduate students. This is the direction of the university and we must ensure that such trainings are concluded and completed successfully by all participants”, Prof. Kikooma.
“We can only have you certified upon completing all the exercises in the training process. This is when you will be eligible to receive the work load for supervision”, He added.
“This training of Supervisors is going to be continuous so that all academic staff in colleges and schools are equipped. This first cohort is going to be our building block to the future trainings in the colleges.”
With such capacity building trainings, Prof. Kikooma said that the university is on the right path to achieving its targets in the new strategic plan of increasing the number of graduate students while progressively reducing the under graduate students.
He further hinted that, “We are in the process of writing a curriculum on this, which will be presented for approval before it is rolled out.”
He echoed all participants to share the knowledge they have acquired adding, “Share all you have learnt, do not keep it. Be open minded, have proper communication channels and the sky will be the limit for you.”
Dr. Robinah N. Kulabako, The Head of Department of Civil and Environmental Engineering at CEDAT welcomed the training adding, “This training is very pertinent. I have had the opportunity to supervise Masters and PhD students for over 15 years and I must say that the need to be subjected to this training cannot be over emphasized because there is need to learn, unlearn and relearn many aspects involved in the supervision process.”
She added, “We are moving towards knowledge-based supervision rather than experience-based supervision. This means we must be informed and equipped to be able to advise, guide and mentor to be able to lead a successful supervision journey for both supervisor and supervisee.”
Dr. Andrew Gilbert Were – a lecturer at CEDAT and a participant said, “It is important that all supervisors of graduate students receive this certification from Makerere University through a systematic training process that enables them to attain diverse skills to facilitate learning of graduate students from diverse cultures and with unique set of circumstances.”
“This training is long overdue. In fact, it was an oversight that we could be allowed to supervise students without undergoing supervisors’ training.”
Dr. Dorothy Ssebowa, The Director Centre for Teaching and Learning support- CEES said, “The training this time round has had a mix of early career professionals including Lecturers, Supervisors and Professors share experiences. We have learnt a lot more from experienced supervisors who have shared practices on how they have done supervision over the years.”
“The knowledge and experience-based approaches have made this collaboration very active, interactive and learner centered which has resulted into a collaborative learning from the interdisciplinarity of staff from CEDAT and CAES. The issue now is to continue with professional development across all levels.” She added.
The Makerere University Directorate of Graduate Training (DGT) in collaboration with the Centre for Teaching and Learning completed the training of the first cohort of Graduate Supervisors. This activity was supported by the iCARTA – Institutionalization of Advanced Research Training in Africa, a NORHED II Project at Makerere University.
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