The State Minister for Youth, Hon Balaam Barugahara, demonstrated his knack for disrupting events by posting comments on the Bank of Uganda’s Twitter X page. The bank had shared their enthusiasm after being recognized with an award.
The Bank of Uganda was honored as the leading regulatory agency by the 2024 Kampala City Traders Association (KACITA) during the KACITA Quality Awards.
“Another proud achievement for BoU! We have been awarded Best Regulatory Agency 2024 by the Kampala City Traders Association (KACITA) at their KACITA Quality Awards.
The award was presented to the BoU team by KACITA Chairman Dr. Musoke Nagenda, in recognition of our dedication to promoting stability, transparency, and innovation in Uganda’s financial sector,” the bank announced.
Balaam, who is known for his active presence on social media, questioned the bank regarding the missing billions. He called for the bank to be forthright with the nation and clarify matters.
“When will you officially update the country about the missing 60 billion? A bank should be transparent and accountable to the public,” Balaam inquired.
It should be noted that alarming reports emerged this week about how the National Bank had succumbed to cyber-attacks that resulted in the loss of approximately Shs 62 billion, equivalent to 17 million dollars. The State Minister of Finance, Henry Musasizi, acknowledged the attack but denied the reported amount.
Sources suggest that the Central Bank had acquired a flawed system riddled with vulnerabilities that facilitated the attackers’ access and the theft of funds. A cybercrime group, identifying themselves as ‘Waste’ and operating from Southeast Asia, transferred a portion of the funds to Japan.
Moreover, it has been reported that half of the missing money has already been retrieved, with ongoing efforts focused on recovering the remainder. These recovery operations are being conducted by investigators from Interpol, Japan, the USA, and the Uganda Police.
