A wave of uncertainty has engulfed the Bank of Uganda (BoU) following the launch of an intensive investigation into the disappearance of Shs62 billion from one of its central accounts. A joint security team, including experts from the Criminal Investigations Department (CID), the Directorate of Interpol and Security (DIS), and the National Information Technology Authority (NITA-U), is questioning 18 senior staff members in connection with the suspected breach.
The money is believed to have been siphoned through a cyberattack that compromised the bank’s internal systems, allowing hackers to transfer funds to foreign accounts in the United Kingdom and Japan. The incident reportedly occurred in September 2024, but details have only recently come to light as investigators trace the funds and freeze affected accounts.
Hon. Henry Musasizi, the Minister of State for Finance, Planning, and Economic Development, acknowledged the breach while addressing Parliament on Thursday, 28 November 2024. He urged caution in discussing the matter publicly to prevent misinformation.
“Yes, there was unauthorized access to our accounts, but the reported figures might not be accurate. We are conducting an audit and working closely with CID to determine the full extent of the breach. I will provide a comprehensive report once investigations are concluded,” Musasizi stated.
Opposition leaders, including Hon. Joel Ssenyonyi, have demanded transparency from the government, emphasizing the Central Bank’s critical role in maintaining economic stability. “This is a deeply concerning matter. As custodians of our monetary policy, the Bank of Uganda must be held to the highest standards of accountability,” Ssenyonyi said.
Preliminary investigations suggest the hackers exploited weaknesses in the bank’s cyber security systems. The joint task force has reportedly uncovered evidence pointing to potential collusion within the institution, raising questions about internal oversight and staff involvement.
Hon. Ibrahim Ssemujju Nganda criticized the government for failing to promptly inform the public. “A responsible government provides timely updates to mitigate panic. Remaining silent only fuels speculation,” he said during the parliamentary session.
In response, a Joint Operations Committee has been formed to oversee the investigation and implement safeguards against future breaches. The committee is expected to provide regular updates on the progress of the probe.
As the investigations deepen, the Bank of Uganda faces mounting pressure to restore public confidence. With the Auditor General and security agencies still piecing together the events leading to the heist, all eyes remain on the Central Bank and its ability to recover the missing funds while safeguarding its systems from further compromise.
Efforts to talk to BOU for a comment were futile as the concerned staff were not willing to answer our repeated calls.
