Q: Please share a brief introduction on your relationship with Makerere University and the history of its Endowment Fund.
A: Thank you Karane. Having grown up in and around Makerere, and eventually studying my degree from the same university, I am delighted to be giving back to an institution that raised me. The highlights from being in Makerere are still fresh, like bull roasting while I was at Livingstone Hall. I was heavily involved in the Games Union where I served as a returning officer for the union election in my first year and subsequently, I was nominated the sports minister of the year in my third year. I was particularly very involved in rugby.
I have been privileged to be a member of the Board of Trustees of the Makerere University Endowment Fund since 2014. The Fund started in the 1930s as an initiative where people that wished to give back to the university put aside contributions and these contributions were eventually amalgamated to form the fund. In 2014, the University Council came together to set up infrastructure that is independent of Makerere so that it would run the fund without interference from the university, and that birthed the Board of Trustees, whose mandate is to raise money for the functional needs of the university such as scholarships, research, infrastructural development among others.
The Hon. Dr. Martin Aliker chaired the first Board from 2014-2021 and the current Board of Trustees led by Dr. Maggie Kigozi, took over in 2021.
Mr. Martin Owiny, member of the Makerere University Endowment Fund Board of Trustees
Q: Please share some insights into the financial history and growth of the fund. How has it evolved since its inception?
A: Since the 1930s, Makerere University has been fortunate to receive financial support from generous donors. In the 1990s, these contributions were consolidated and entrusted to Crown Agents, a reputable fund management firm based in the United Kingdom. The money held by Crown Agents, amounting to £1,000,000 was the initial seed, which was handed over to the board in 2014.
Under the leadership of the Aliker-led board, the Makerere University Endowment Fund saw significant growth, reaching Shs8.6 billion by the end of 2021. The subsequent board, led by Dr. Maggie Kigozi, has not only sustained this momentum but has further increased the fund's value to Shs10.4 billion as of September 2023.
The primary responsibility of the board is to foster the expansion of this endowment fund by actively engaging with individuals and groups who share a commitment to advancing the university's progress and development.
Q: What are the key investment strategies that have contributed to this growth?
A: There is money that was handed over to the Makerere University Board of Trustees whose initial investments were in government securities in the U.K. The board took a decision in 2015 to invest in shares since the securities offshore were not bringing in much interest.
Therefore, the offshore Endowment Funds are invested in mainly equities in the United Kingdom with up to 95 percent of the funds in large, medium, and small equities. Endowment Funds in Uganda are invested in mainly government securities with up to 80% invested in government bonds and treasury bills. These government securities have an interest rate of 10-18% per annum which have further grown the fund. An additional 20% of the onshore fund has also been invested in unit trusts.
Martin Owiny reprsenting Livingstone in the Inter Hall Cross country games in his Makerere days.
Q: In what ways has the fund impacted Makerere University since its establishment? Are there any notable projects or initiatives that the fund has supported?
A: The current Board of Trustees has taken a conservative outlook in terms of withdrawals and therefore most of the withdrawals from the fund were carried out prior to the reign of the current Board.
Nevertheless, the fund has played a crucial role in supporting various academic and infrastructural needs of the university over the years. In 2001, a withdrawal of £200,000 facilitated the equipping of science laboratories, including those for physics, chemistry, soil science, and veterinary sciences. Subsequently, in 2005, the fund contributed £300,000 towards the expansion of Makerere University's main library. In 2008, £250,000 was withdrawn to construct the Makerere University Rugby Grounds, aiding the university's preparations for the All-Africa University Games.
Reflecting on my personal connection as a rugby player and former captain of the 1989 university team, witnessing the construction of the rugby grounds through the endowment fund was a realization of a long-held dream. I have fond memories passing on the captainship to Nicholas Charita in 1990, which coincided with the formation of the Impis Rugby Club.
Q: How does the fund engage with alumni, donors, and other stakeholders to raise funds and support its mission?
A: Under the guidance of the current Board of Trustees, the fund has introduced the MAK Advance System, a software platform crafted to establish a dynamic and interactive alumni database. This innovative system empowers Makerere's alumni and friends to create accounts, update their personal information, and seamlessly contribute funds towards various university initiatives.
Furthermore, the MAK Advance System provides real-time updates on university events and serves as the host for The Legacy newsletter, effectively bridging the gap between stakeholders and the university community. The fund also oversees the university souvenir and gifts shop, with proceeds directly benefiting the fund.
As part of its initiatives, the fund annually organizes the MAK Run in Kampala, the proceeds of which are earmarked for the construction of a comprehensive university student center. This center, upon completion, will significantly enhance student life through the provision of services such as an innovation hub, co-workspace, disability support center, and business/trade center. Preparations for the upcoming MAK Run in 2024 are already underway, and we invite everyone to lend their support to this worthy cause when we reach out.
In a bid to expand its reach, the fund is also actively encouraging different colleges to establish their own endowment funds, collectively managed by the Makerere University Endowment Fund. Notably, accounts have been opened for the College of Computing and Information Science and the College of Business and Management Sciences, with their endowments exceeding Shs450 million.
These initiatives underscore our commitment to mobilize stakeholders in giving back to Makerere, and we persistently encourage everyone to contribute to the fund as we collectively shape a better future for the university.
Q: What challenges has the fund encountered in its journey, and how have they been addressed?
A: One of the challenges we have faced as the fund is having a limited number of willing donors to donate and grow it. We have, however, gladly noted a realization from Ugandans that the fund is meant for them and they have started contributing to the fund through the MAK Advance System. Therefore, one of the challenges has been receiving these donations and secondly, the investment strategy, which was more tailored to government securities offshores. We have now changed our strategy offshore to invest in equities.
The other challenge has been the ability to reach every alumnus across the world, which the MAK Advance System is partly solving. We want to be in spaces like the European Union, the World Bank, the United Nations, the Church of England and everyone who has been impacted by Makerere University. Many of these spaces have Makerere alumni serving in varying capacities, and we would love to have them give back to their alma mater.
Mr. Owiny gets a certficate of recognition from the then Vice-Chancellor, Prof George Barnabas Kirya
Q: Given the prevalent reports of corruption in the media, could you elaborate on the measures the Board of Trustees has implemented to guarantee transparency and accountability in the financial management of the fund?
A: To begin with, the Makerere University Council demonstrated a commendable commitment to due diligence when selecting members for the Board of Trustees. Each board member boasts an impeccable record of service in previous public positions, leaving without any tarnish. The university council, therefore, prioritized individuals with established integrity, including our Chair, Dr. Maggie Kigozi, Barnabas Tumusingize, Dr. Kenneth Mugambe, Prof. Umar Kakumba, among others.
Furthermore, the board operates as a self-accounting entity, maintaining independence from university management. It exclusively reports to the university council regarding the fund's performance, safeguarding the fund's autonomy and preventing interference in its day-to-day operations.
As an additional layer of accountability, the endowment fund undergoes thorough annual audits conducted by reputable firms. These audits serve to ensure transparency in the mobilization, investment, and expenditure of funds. We want to reassure the public that these measures are in place to safeguard and grow the fund consistently year after year.
Q: In what ways can the students, alumni, and the wider community get involved to contribute to the fund's success?
A: I want to encourage students, alumni and the wider Makerere community to register with the MAK Advance System and contribute to the endowment fund. By donating to the Makerere University Endowment Fund, you can help ensure that the university can continue to attract and retain the best faculty, provide scholarships to deserving students, and invest in cutting-edge research and technology.
Livingstone Hall 1989 Sports Committee with their Warden, Mr Omara.
Q: Any final message to every Makererian out there?
A: Makerere impacted us, and this is evident because when you walk to any of the international agencies, or any university worldwide today, you will probably find someone who has been at Makerere. In addition, this all started in Makerere, let us all contribute to make an impact for the future generations to come.
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Please join hands with the Makerere University Endowment Fund as it works towards attracting & retaining the best faculty, providing scholarships, and investing in cutting-edge research and technology.