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.
The grounds of Makerere University came alive with energy and ambition as students, graduates, and industry leaders gathered for the 2026 Makerere Careers Fair, an engagement that continues to cement the University’s role as a bridge between academic training and the realities of the modern workplace.
Held in partnership with the National Social Security Fund (NSSF) as part of the wider NSSF Career Expo, and the US-Mission Uganda, the three-day event created a vibrant space where conversations about careers moved beyond theory into lived, practical experience. The Yusuf Lule, Central Teaching Facility, Auditorium, the Freedom Square and exhibition spaces transformed into arenas of exchange, where students interacted directly with employers, asked difficult questions about their futures, and began to map out their professional journeys with greater clarity.
At the heart of this year’s engagement on day one, 11th March, 2026, was a theme that resonated deeply with a generation stepping into uncertainty: “Man or Machine: Exploring AI’s Impact on Careers.” Across panel discussions and keynote sessions, speakers challenged students to confront the realities of a rapidly shifting job market. The message was consistent: technology is not simply displacing jobs; it is reshaping them, demanding a workforce that is adaptable, digitally fluent, and grounded in distinctly human skills such as creativity, critical thinking, and emotional intelligence.
Day Two, 12th March, 2026, led by the United States Mission to Uganda, shifted the focus to global opportunities, equipping students with practical guidance on U.S. university applications, scholarships, and visa processes, as well as fully funded fellowships they can apply for. Through direct engagement with credible experts, students gained clarity on navigating international academic pathways and positioning themselves competitively beyond national borders, expanding the Careers Fair’s scope from local employability to global mobility.
The final day, 13th March 2026, under the theme “Connecting potential to purpose: Partnerships for sustainable impact,” brought together Makerere University and key partners, including Stanbic Bank, Absa Bank Uganda, TotalEnergies Uganda, the Uganda Police, Pslams Food Industries, among others, to emphasise collaboration as the cornerstone of career readiness. The conversations underscored a shared commitment to aligning education with industry needs, demonstrating that sustainable career pathways are built through strong partnerships that connect talent to opportunity in a rapidly evolving world.
What stood out most was not just the content of these conversations, but the way students engaged with them. There was a palpable sense of curiosity and urgency, as young people sought to understand where they fit in a future increasingly defined by automation and innovation. For many, the Careers Fair became more than an event; it was a bridge to internship and graduate trainee opportunities, and to careers whose balls were set rolling. It was a moment of reckoning and possibility.
This transformation was made possible through a strong network of partners whose presence underscored the importance of collaboration in shaping career pathways. NSSF Uganda anchored the engagement with insights into financial planning and long-term security, reframing how young professionals think about work beyond immediate income. Stanbic Bank Uganda brought industry perspective, offering students a clearer understanding of the competencies required to thrive in the financial sector. The United States Mission to Uganda contributed to broadening horizons through knowledge exchange and exposure to global opportunities, while TotalEnergies Uganda highlighted the evolving energy sector landscape and the role of innovation in driving sustainability, among other players.
Together, these partners did more than exhibit; they participated in shaping a narrative about the future of work that is inclusive, dynamic, and grounded in real-world demands.
For Makerere University, the Careers Fair represents more than an annual engagement; it is a reflection of its enduring commitment to preparing students for life beyond the lecture room. By convening diverse actors from academia, industry, and development spaces, the University continues to position itself as a national hub for talent development and thought leadership. It is within these spaces that education becomes truly transformative, where knowledge meets opportunity, and where ambition is matched with access.
Advancing Partnerships for Sustainable Impact
The Careers Fair also speaks directly to Makerere University’s Advancement agenda, which is increasingly focused on building purposeful, long-term partnerships that extend the University’s impact beyond its campus.
Through such engagements, Makerere is intentionally cultivating relationships that create shared value. The presence of industry leaders and development partners is not incidental; it is part of a deliberate strategy to align academic training with market realities while opening up pathways for mentorship, internships, and employment. These collaborations are gradually shaping an ecosystem in which students are not only educated but also actively supported in their transition into the workforce.
What emerges is a model of engagement that moves beyond transactional interactions to something far more meaningful. Partners are not just sponsors or participants; they are co-creators in preparing the next generation of professionals. In turn, Makerere strengthens its position as a trusted partner, one capable of convening, connecting, and contributing to national and global development priorities.
As conversations from the Careers Fair continue to echo across campus, one thing remains clear: the future of work will belong to those prepared to evolve with it. Makerere University, through platforms such as this, is ensuring that its students are not merely observers of change but active participants in shaping it.
Caroline Kainomugisha is the Communications Officer, Advancement Office, Makerere University.
General
Makerere University and Tumusiime Mutebile Foundation Sign MOU to Advance Centre of Excellence for Private Sector Development
Makerere University and the Tumusiime Mutebile Foundation have signed a Memorandum of Understanding (MoU) to advance the Emmanuel Tumusiime Mutebile Centre of Excellence for Private Sector Development, marking a significant step toward strengthening collaboration between academia, policy actors, and the private sector.
The agreement formalises a strategic partnership aimed at promoting research, policy dialogue, entrepreneurship development, innovation, and knowledge exchange to support Uganda’s economic transformation and the growth of its private sector.
The MoU, which will run for an initial five-year term, brings together Makerere University’s academic and research expertise with the Tumusiime Mutebile Foundation’s commitment to advancing the legacy of the late Governor Emmanuel Tumusiime Mutebile, one of Uganda’s most influential economic reformers and a proud alumnus of the University.
Advancing a Shared Vision for Private Sector Development
Speaking at the signing ceremony, Rt. Hon. Amama Mbabazi, SC, Chairman of the Tumusiime Mutebile Foundation, described the occasion as an important milestone that establishes a purposeful partnership between two institutions committed to knowledge, national development, and the advancement of Uganda’s private sector.
“This is an important occasion because it formalises a partnership between two institutions with a shared commitment to knowledge, to national development, and to the advancement of Uganda’s private sector,” he noted.
Rt. Hon. Mbabazi emphasised that Uganda’s future prosperity will depend on the strength and competitiveness of its private sector and the country’s ability to nurture innovation, entrepreneurship, and sound policy.
According to him, the Centre will provide a practical platform through which research can inform policy, young people can be trained and inspired, partnerships can be built, and innovation can be supported to help enterprise flourish.
“These are not separate concerns,” he said. “They are all part of the same national task: building an economy that creates jobs, expands opportunity, and improves the lives of our people.”
Makerere’s Role in Hosting the Centre
Makerere University will host the Centre of Excellence and support its work through its research capacity, innovation ecosystem, and network of scholars and experts. The University leadership noted that the partnership aligns closely with Makerere’s mission as one of Africa’s leading research universities and its commitment to knowledge-driven development.
In her remarks, Prof. Sarah Ssali noted, “Makerere University is fully committed to hosting, resourcing, and championing the Emmanuel Tumusiime Mutebile Centre of Excellence, and we look forward to working closely with the Foundation to attract additional partnerships that will strengthen its impact.”
The collaboration will bring together academic excellence and practical engagement with the private sector, positioning the Centre as a national resource for policy research, entrepreneurship development, and dialogue on economic transformation.
She also reaffirmed Makerere’s commitment to working closely with the Tumusiime Mutebile Foundation to attract additional partnerships and funding to strengthen the Centre and expand its impact.
Honouring the Legacy of Emmanuel Tumusiime Mutebile
Beyond its institutional significance, the establishment of the Centre represents a tribute to the enduring legacy of Governor Emmanuel Tumusiime Mutebile, who served for many years as Governor of the Bank of Uganda and played a central role in shaping Uganda’s economic policy and institutional development.
Governor Mutebile was widely recognised for his intellectual rigour, commitment to sound economic policy, and dedication to building strong institutions that could support sustainable growth and stability.
Through the Centre of Excellence bearing his name, Makerere University and the Tumusiime Mutebile Foundation seek not only to commemorate his contributions but also to continue advancing the values he championed, including policy discipline, intellectual seriousness, and a commitment to national development.
As Rt. Hon. Mbabazi noted that legacy should be understood not merely as remembrance but as meaningful work that benefits future generations. “It is about creating a platform through which research can inform policy, through which young people can be trained and inspired, and through which innovation can be supported,” he said.
A Platform for Ideas, Innovation, and National Development
The Emmanuel Tumusiime Mutebile Centre of Excellence for Private Sector Development is expected to serve as a hub for research, capacity building, entrepreneurship support, and policy engagement aimed at strengthening Uganda’s private sector and expanding economic opportunity.
By bringing together academia, policymakers, business leaders, and innovators, the Centre will help foster practical solutions to the challenges facing enterprise development while nurturing the next generation of Ugandan entrepreneurs and economic leaders.
Through this partnership, Makerere University and the Tumusiime Mutebile Foundation have taken an important step toward ensuring that Governor Mutebile’s legacy continues to inspire ideas, institutions, and opportunities that contribute to Uganda’s long-term prosperity.
Caroline Kainomugisha is the Communications Officer, Advancement Office, Makerere University.
General
Career Expo 2026 Concludes as Students Gain Industry Insights, Career Guidance, and Networking Opportunities
The Makerere University Careers Expo 2026 has successfully concluded, offering a wealth of opportunities to students from diverse academic backgrounds. Held from March 11–13, 2026, the three-day event climaxed under the theme “Connecting Potential to Purpose: Partnerships for Sustainable Impact.” It provided a dynamic platform for career guidance, job opportunities, entrepreneurship training, networking, innovation, and insights into evolving workplace dynamics.
Associate Professor Anthony Gidudu, Chairperson of the Organizing Committee, expressed gratitude to sponsors and participants for their support.
“Thank you, Makerere University, for entrusting me with this immense responsibility,” he said, acknowledging the collective effort behind the event’s success.
He encouraged students to fully utilize the opportunities presented at the expo. “Make the most of it,” he urged.
The expo attracted prominent partners, including the Parliament of Uganda and the Uganda Police Force, who offered valuable career insights and opportunities. Gidudu also welcomed Professor Buyinza Mukadasi, the Academic Registrar of Makerere University, recognizing his pivotal role in shaping students’ academic journeys.
On behalf of the University, Professor Buyinza Mukadasi emphasized the significance of the Career Expo 2026.
“This event gives us a chance to support our students in transitioning from the academic world to the world of work,” he noted.
He commended the theme for underscoring the importance of aligning students’ abilities with purpose and societal contribution. Prof. Mukadasi also expressed appreciation to key partners, including the MasterCard Foundation, NSSF, and the Parliament of Uganda, as well as collaborators such as the Makerere University Advancement Office, Stanbic Bank, Old Mutual, DFCU Bank, Uganda Baati, and ABSA.
Reflecting on the role of technology, he noted that artificial intelligence enhances efficiency but does not replace human potential. He urged students to embrace lifelong learning, referencing the well-known assertion that “the illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn.”
In his keynote address, Paul Rumanda Rugambwa, Head of Human Resources at the Infectious Diseases Institute, emphasized the importance of aligning potential with purpose.
“Potential is what you have, while purpose is what the world expects from you tomorrow,” he said.
Rugambwa encouraged students to develop transferable skills, seek mentorship, and uphold integrity. He highlighted agility and digital literacy as essential competencies in today’s job market.
“It doesn’t matter what course you are pursuing, you must be digitally literate,” he emphasized.
He also urged students to view their peers as future collaborators, drawing inspiration from global success stories built on partnerships.
The closing session featured a panel discussion with representatives from various organizations who deliberated on key issues across multiple sectors.
Israel Arinaitwe, Head of Personal Banking at Stanbic Bank Uganda, highlighted the bank’s commitment to supporting youth entrepreneurship through targeted initiatives. He noted the availability of internship opportunities, skills training, and the Stanbic Business Incubator, which equips young people with practical business skills. He encouraged students to build financial discipline and relationships early.
On inclusion, Gorretti Byomire, Director of the Disability Research and Learning Centre at Makerere University Business School, emphasized the need for inclusive employment practices for persons with disabilities. She called for stronger commitments from both government and the private sector, including the adoption of employment quotas and incentives. She also underscored the importance of building confidence and resilience among persons with disabilities.
Addressing technology adoption, Fred Percy Kisa, Senior Manager Transformation at NSSF Uganda, urged students to embrace artificial intelligence as a complementary tool.
“It is not machine versus human; it is human plus machine versus human,” he noted, encouraging a focus on critical thinking and problem-solving.
He highlighted the growing global AI economy and called on Africa to strengthen its contribution to research and innovation.
On employment dynamics, Evelyn Kisakye, Placement Officer at the Federation of Uganda Employers, emphasized the importance of flexibility and adaptability in today’s job market. She highlighted initiatives such as the Work Readiness Project, which connects graduates to opportunities in sectors like agriculture and tourism while equipping them with essential soft skills.
Commissioner of Police Anatoli Muleterwa, Head of Community Policing Department, outlined career opportunities within the Uganda Police Force. He noted that the institution accommodates a wide range of professional qualifications and highlighted four entry pathways, from constable to officer level. He encouraged students to prepare for and consider careers in national service.
The Career Expo 2026 concluded with a strong call to action, urging students to harness their potential, embrace innovation, and pursue purpose-driven careers. Participants, predominantly students, left with renewed clarity and direction, equipped with the knowledge, skills, and networks needed to make meaningful contributions to Uganda’s development.
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