The Anti-Corruption Court in Kampala has remanded nine high-ranking officials from the Ministry of Finance and the Bank of Uganda (BoU) over allegations of orchestrating a Shs60 billion financial fraud. The accused face multiple charges, including money laundering, electronic fraud, abuse of office, and causing financial loss.
Among those charged are Accountant General Lawrence Ssemakula, along with Paul Lumala, Jennifer Muhulizi, Mubarak Nsamba, Mark Kasuku, Tony Yawe, Deborah Kusiima, Betinah Nayebare, and Judith Ashaba. They appeared before Chief Magistrate Racheal Nakyazze on Thursday, where the prosecution detailed how government funds meant for debt repayments were illegally redirected to private accounts abroad.
Court documents reveal that a $6.134 million payment intended for the World Bank was instead deposited into an account held by Road Way Company in Japan on November 12, 2024. Similarly, $8.569 million, meant for the African Development Bank, was allegedly transferred to NJS International in London on September 28, 2024.
Prosecutors accused Ssemakula and Muhulizi of failing in their duty to safeguard public funds, while Yawe was singled out for manipulating financial systems to facilitate the unauthorized transactions. Kusiima and Nkalubo were also implicated for allegedly attempting to cover up the fraudulent dealings.
However, the defense team, led by Peter Kabatsi and Bruce Musinguzi, objected to the charges, arguing that their clients had not received a charge summary before plea-taking. They also challenged the court’s jurisdiction over the money laundering charges, stating that such cases fall under the High Court’s mandate.
Magistrate Nakyazze ruled that the case could not proceed until the High Court took over the money laundering charges, remanding all accused individuals until February 18, 2025, when the case will return for mention.
Authorities have assured the public that investigations are still ongoing, with further arrests likely as evidence continues to emerge. The scandal has sparked national outrage, with calls for stricter oversight on government financial transactions to prevent future fraud cases.
Meanwhile, the Ministry of Finance has pledged full cooperation with law enforcement agencies to ensure that those responsible for the scandal are held accountable. The Bank of Uganda has also initiated an internal audit to assess vulnerabilities in its financial systems.
As the case unfolds, Ugandans are watching closely, demanding transparency and justice in one of the country’s biggest financial fraud cases in recent years.