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.
General
Are We Giving Enough Attention to the People Around Us Who Quietly Influence Lives Every Day?
By Marion Apio
On March 21, 2026, I felt a strong urge to reconnect with a close colleague and passionate leader, Owekitinisa Sylas Ruhweza Atwooki. We had not spoken since I moved to the United States to pursue my dream of becoming a journalist. The following day, I learned that he had been quietly undergoing treatment in and out of the hospital. True to his character, he had chosen to keep his condition private. I was shocked and saddened, wishing I had known earlier so I could offer support.
At first, reports from family and friends were encouraging. He had been diagnosed with malaria and low blood platelet counts and was receiving treatment. Respecting his wish for confidentiality, members of the Mastercard Foundation Scholars and Alumni community at Makerere University rallied discreetly around him.
However, on April 29, his condition worsened. He was transferred between medical facilities and underwent extensive tests, including a biopsy, as doctors searched for answers. Sadly, on May 29, Sylas passed away.
His death sparked an extraordinary outpouring of love and solidarity. Friends, colleagues, and former scholars mobilised to support his family, settle medical expenses, organise virtual vigils, and plan a dignified farewell. Hundreds gathered at St. Augustine Chapel to pay their respects. Within three days, the Mastercard Foundation Scholars and Alumni community raised approximately UGX 11 million, a testament to Sylas’ impact on countless lives.
In the days that followed, I found myself wrestling with difficult questions. In a world where we spend so much time following people online, are we paying enough attention to those quietly transforming lives around us? Why do we invest so much emotional energy in distant personalities while overlooking the people God has placed right in front of us?
Sylas lived with humility and served with grace. His death left more than 1,500 Mastercard Foundation scholars and alumni grieving, alongside many others around the world who knew him. Yet his passing also exposed a contradiction in modern life.
We live in an age of unprecedented connectivity. Uganda has millions of internet users and WhatsApp subscribers, while globally, people spend hours each day on social media. We have more tools than ever to stay connected, yet many of us are becoming increasingly disconnected from the people who matter most.
Sylas resisted this trend. Through mentorship, service, and community-building, he remained deeply present in others’ lives. While many people retreat into individual pursuits, he consistently chose connection.
This challenge is especially relevant for Mastercard Foundation scholars and alumni. Every year, young Africans leave home to pursue education and professional opportunities abroad. Distance, time zones, visa restrictions, and rising travel costs make it difficult to maintain relationships and remain actively involved in the communities that helped shape us.
For Sylas, the answer was simple: show up. Celebrate others. Offer support. Stay connected.
He never allowed geographical or personal barriers to become excuses for disengagement. Even while facing his own struggles, he invested in others. He embodied the values the Mastercard Foundation seeks to cultivate—ethical leadership, service, and community empowerment.
Sylas did not wait for a perfect platform to create change. He simply served where he was. He helped build bridges between education, culture, and professional development while remaining grounded in his values. He dreamed of creating a stronger alumni ecosystem and brought both passion and compassion to every initiative he touched.
Since his passing, social media has been filled with memories of his infectious smile and unwavering commitment to others. Those tributes reveal an important truth: people gave generously because Sylas had first given himself generously to them. People from different backgrounds, generations, and communities showed up because he had spent his life showing up for them. His legacy now challenges all of us.
The greatest tribute we can offer is not simply to mourn his loss but to continue his work. That means supporting the causes he cared about, helping the children whose education he championed, strengthening alumni networks, and pursuing the dreams we discussed with him.
The tragedy of modern life is not that we follow people online. It is that too often our attention to distant lives comes at the expense of meaningful relationships nearby. Yet strong relationships are as essential to our well-being as physical health.
As Ugandans, we take pride in our faith, culture, and sense of community. We contribute to fundraisers, attend ceremonies, and support family members in times of need. But increasingly, genuine connection is being replaced by passive digital interaction. Families and communities cannot thrive on likes, retweets, and emojis alone.
They require presence—phone calls, visits, conversations, and the willingness to notice when someone is struggling.
Before spending another hour immersed in the lives of strangers online, look around. Call the friend you have not spoken to in years. Check on a family member. Reach out to a colleague who seems withdrawn. Communities are not built by algorithms or celebrities. They are built by ordinary people who choose, day after day, to care for those within their reach.
Uganda needs more people like Sylas. At just 32 years old, he achieved what many spend a lifetime striving for. He served as Minister of Information in the Toro Kingdom and as President of the Mastercard Foundation Scholars Alumni Association in Uganda. More importantly, he dedicated himself to serving others.
While his death is deeply painful, his life remains a powerful example of how we should live. My prayers and condolences go to his family, friends, and the entire Mastercard Foundation Scholars and Alumni community.
Rest in perfect peace, Owek. Sylas Ruhweza Atwooki.
The author is a Mastercard Foundation Alumna from Makerere University and the University of California, Berkeley. She is a journalist based in Southern California and the CEO of the Debunk Media Initiative.
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