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The AGM brought together various stakeholders, including trustees, auditors, university officials, and representatives from regulatory bodies. In her report, Dr Nansubuga highlighted the highest interest rate declared by the scheme in five years, with a 12.34% interest rate for the year ending June 2023. She revealed that MURBS had achieved a Net Investment Income of UGX 44.6 billion, significantly surpassing the UGX 34.4 billion in contributions collected.
The fund value increased from UGX 352.4 billion to UGX 409.2 billion by June 2024, a 16.1% growth driven by strategic investments and operational efficiencies. Dr Nansubuga credited this success to improved debt recovery, efficient operations, and timely remittance of contributions by Makerere University. Additionally, UGX 8.85 billion in outstanding debts was recovered.
The AGM also celebrated a legal win against Uganda Revenue Authority (URA) over a UGX 600 million tax assessment related to a real estate investment in Sonde. MURBS won the case, setting a precedent and saving the scheme significant funds.
Dr Nansubuga announced governance improvements, including the recruitment of CPA Edina Rugumayo as an independent trustee, enhancing board oversight. She also acknowledged key partners like Makerere University, KPMG, Gen Africa, and Stanbic Bank for their support.
On investments, she noted that 86% of MURBS’ funds are in government bonds but outlined plans to diversify and reduce risk exposure. Membership increased by 4.4%, from 8,229 to 8,590, thanks to the inclusion of project and contract staff.
Independent auditor Asad Ssenoga commended MURBS’ compliance and accuracy in financial reporting. URBRA’s representative, Mark Lotukei, lauded the board’s commitment to governance, which has driven their achievements.
Member Arthur Kibira urged the board to consider higher-risk investments for potentially greater returns, advocating for a strategic approach to risk management.