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.
Emmanuel Akandwanaho, a Bachelor of Science in Land Economics (BSLE) graduate from Makerere University’s Class of 2022, has been selected to join the Schwarzman Scholars Class of 2026. He will pursue a fully funded, one-year Master’s degree in Global Affairs at Schwarzman College, Tsinghua University, in Beijing, China.
Emmanuel makes history as the first undergraduate alumnus from Makerere University and the second Ugandan to be awarded the Schwarzman Scholarship, one of the world’s most competitive and globally renowned graduate fellowships. The Schwarzman Scholars Program was founded in 2015 by Stephen A. Schwarzman, Co-founder and CEO of Blackstone, to equip the next generation of leaders with a deep understanding of China’s role in global trends. Each year, 150 exceptional young leaders from across the world are selected for their academic excellence, leadership potential, and commitment to building a better future.
About Emmanuel Akandwanaho
Emmanuel studied Land Economics from 2017 to 2022 and graduated with Second Class Upper Honours. Throughout his time at Makerere, he was deeply involved in student leadership and campus initiatives that shaped his personal and professional growth. He served as Class Representative for five consecutive years, Speaker of the Makerere Association of Surveying Students, Chairperson of the Electoral Commission at the College of Engineering, Design, Art, and Technology (CEDAT), and Student Representative on the 31st Governing Council of the Institution of Surveyors of Uganda.
Recognizing a gap in communication and personal development on campus, Emmanuel founded the Makerere Gavel Club in 2019, an affiliate of Toastmasters International to improve student’s public speaking skills. The club has since helped students build confidence, become effective communicators, and develop leadership skills. The club continues to thrive as a leading platform for personal and professional development, nurturing confident communicators and emerging leaders. Today, the club is one of the most active student-led platforms on campus, having trained over 200 students since its inception.
Outside leadership, Emmanuel’s curiosity led him into entrepreneurship. He co-founded a startup aimed at improving student access to accommodation by helping them search and book hostels online. The project won Best Student Project at the 2019 International Engineering Students’ Conference at the University of Nairobi, and later received regional recognition, winning Best East African PropTech Startup at the 2021 Africa PropTech Competition.
Reflecting on his journey, Emmanuel shares:
“I saw my time at Makerere as more than just academics—it was an opportunity to grow, lead, and solve real-world problems. From my first year, I threw myself into leadership roles that stretched me and helped me discover what I was capable of. These experiences laid the foundation for my Schwarzman Scholarship journey.”
After graduating, Emmanuel explored a range of professional interests. He worked with a microfinance institution, volunteered with the International Institute of Rural Reconstruction on land governance projects, and served as Partnerships and Community Lead at Hindsight Ventures, supporting African tech startups. He also authored a policy paper on the role of public venture funds in financing startups.
“I’ve never seen myself as just one thing. My education in Land Economics was foundational, but I’ve always asked myself: what problems do I want to solve? That question has guided me into new spaces—policy, entrepreneurship, technology—all connected by a deep desire to contribute meaningfully to Africa’s future.”
Now preparing for Schwarzman College, Emmanuel is eager to explore China-Africa policy relations, understand China’s urbanization and infrastructure development, and experience Mandarin language immersion and cultural exchange. He is especially interested in exploring how China has managed its rapid urbanization and lifted hundreds of millions out of poverty—areas that resonate with Uganda’s own developmental challenges.
“What excites me most about Schwarzman is its holistic approach. You don’t just study; you engage. You travel across China, study Mandarin, explore cities, and collaborate with some of the most brilliant minds from over 40 countries. It’s the perfect place for someone like me—curious, ambitious, and eager to make sense of the world.”
He also sees this experience as an opportunity to build a truly global network.
“You live and study with 149 other scholars; engineers, doctors, entrepreneurs, diplomats, all passionate about changing the world in different ways. These are the people I’ll learn from, collaborate with, and build lifelong friendships with. That, to me, is priceless.”
Emmanuel encourages other Makerere students to consider applying:
“If you’re a final-year student or recent graduate and you’re curious about the world, the Schwarzman Scholars program is worth exploring. My leadership experience at Makerere played a crucial role in my application. Applications for the next cohort are already open, and I would love to see more Ugandans and Makerereans apply. We need more African voices in global conversations.”
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