Staff at the Bank of Uganda (BoU) are on edge after President Yoweri Kaguta Museveni ordered further investigations and potential arrests over the misappropriation of Shs60 billion. The directive follows a forensic audit report by the Auditor General that uncovered significant irregularities in the central bank’s treasury operations.

The report was presented to Parliament on January 9, 2025, by Government Chief Whip Hon. Denis Hamison Obua. Speaker Anita Annet Among confirmed that she had consulted with President Museveni, who directed the matter be handed over to the Directorate of Criminal Investigations (CID) for thorough scrutiny.

“This report points to serious criminal acts that cannot be overlooked. The President has instructed us to ensure that those responsible are held accountable,” Speaker Among stated during the session.

The decision to involve the CID sparked debate among Members of Parliament. Hon. Wilfred Niwagaba (Ndorwa East) and Hon. Geofrey Ekanya (Tororo North) argued that Parliament’s committees should first scrutinize the report before referring it to external agencies.

“Given the gravity of these findings, it is essential for Parliamentary committees to handle this matter before escalating it to CID,” Niwagaba suggested.

However, Speaker Among defended the decision, stating that the criminal nature of the findings required immediate intervention by the CID.

The forensic audit was initiated on November 28, 2024, after Hon. Joel Ssenyonyi, Leader of the Opposition, raised concerns over the disappearance of Shs60 billion. Initial reports claimed hackers had breached BoU’s treasury system, causing massive financial losses.

State Minister for Finance Hon. Henry Musasizi confirmed the breach but dismissed claims that Shs60 billion was lost, labeling the figure exaggerated.

In his December 17, 2024, testimony to COSASE, BoU Deputy Governor Michael Atingi-Ego revealed that two debt payments were mistakenly sent to unauthorized beneficiaries in Japan.

“Fortunately, we managed to recover US$8.2 million, but this incident exposed significant weaknesses in our processes,” Atingi-Ego explained.

The CID will now lead a comprehensive investigation to identify the perpetrators behind the breach and determine whether there was internal collusion.

Speaker Among reassured the public of Parliament’s commitment to transparency. “This Parliament will not waver in its responsibility to protect public funds and hold those responsible accountable,” she said.

As the CID delves deeper into the scandal, the nation awaits its findings, which could pave the way for criminal prosecution and significant reforms within the central bank.