Fresh Details Revealed as Bank of Uganda Recovers ‘Stolen’ Shs30bn

No Hacking Involved, No BoU Staff Implicated in Fraud

Bank of Uganda

The Central Bank of Uganda BoU Deputy Governor Michael Atingi-Ego says that part of the money that was recently diverted in fraudulent payments has been recovered.

Up to Shs30bn of the money has been recovered, Atingi-Ego, who has been holding fort at the central bank since the demise of BoU Governor in 2022, said.

The fraud was two-fold: a transaction of $6.134m – about Shs 22.5bn – for the World Bank, which went to Roadway Company Limited in Japan; and $8.596m – about Shs31bn – for the African Development Fund, which went to MJS International London in the United Kingdom (UK).

Of the money that had gone to the UK, up to $8.205m – about Shs 30bn – has been recovered and is already credited to Government of Uganda, according to the deputy BoU governor.

He added that Kampala was “pursuing the balance” of $391,000 that went to London through BoU correspondent bank, Citi Bank.

BoU was yet to recover any coin of the amount that went to Roadway Company Limited through Japan’s MUFG Bank. “This bank has not been very cooperative,” said Atingi-Ego as he presented the Monetary Policy Statement for December 2024.

Police preliminary findings

Atingi-Ego also noted that preliminary findings from police investigations indicate that no BoU staff has been linked to the fraudulent activities.

He also claimed that BoU systems were not hacked as reported. Reports had indicated that ‘Waste’ hackers had gained unauthorized access to the central bank’s IT systems and made transfers of up to Shs62bn. The deputy governor put the figure at about Shs54bn.

He insisted that an entity outside Bank of Uganda had issued instructions for the payment to be made. Normally, it is the Ministry of Finance that initiates the payments. “These fraud incidents were initiated outside the BoU IT systems to divert the funds. BoU is a paying entity: we get instructions to pay and we pay as instructed,” he emphasized.

“So, let me repeat: the fraud incidents were initiated outside the BoU IT systems and instructions were received by BoU to pay the wrong beneficiaries leading to the subsequent diversion of the funds.”

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Samuel Kamugisha

Samuel Kamugisha is a Ugandan journalist, editor, language instructor, poet, fiction and non-fiction writer. A Makerere University graduate of Journalism and Communication with a decade-long experience in news reporting, writing and editing, Kamugisha is Editor at The Pearl Times. Most of his previous work was published by The Observer. When he is not doing journalism work -- which is rare -- Kamugisha will be reading or writing a short story or a poem, or caught up in the writer's block.