BoU Under Criminal Investigation Over Shs 60 Billion

(Kampala) – The Auditor General’s forensic audit report on the alleged loss of Shs60 billion from the Bank of Uganda (BoU) has been forwarded to the Directorate of Criminal Investigations (CID) for further inquiry.

Speaker of Parliament Anita Among announced this decision after Government Chief Whip Denis Hamison Obua presented the report to Parliament on Thursday, 9 January 2025.

Speaker Among stated that, following consultations with President Yoweri Museveni, it was determined that the report’s findings warranted criminal investigation.

“Upon reviewing the findings, it is clear that the issues raised in the report are criminal in nature. Therefore, we are directing the report to the CID for appropriate handling,” she said.

Requests from MPs Wilfred Niwagaba and Geofrey Ekanya to have the report scrutinized by parliamentary committees before involving the CID were declined.

The forensic audit was commissioned by Parliament on 28 November 2024, following concerns raised by Leader of the Opposition Joel Ssenyonyi regarding the reported loss of funds from BoU.

In November 2024, media reports alleged that over Shs60 billion had been lost when hackers accessed the treasury system of the Central Bank.

State Minister for Finance Henry Musasizi later acknowledged the hacking incident in Parliament but stated that the stolen amount was less than reported.

During a 17 December 2024 appearance before the Committee on Commissions, Statutory Authorities, and State Enterprises (COSASE), BoU Deputy Governor Michael Atingi-Ego revealed that the fraudulent transactions stemmed from a faulty order issued by the Ministry of Finance, Planning, and Economic Development.

The error led to two debt servicing payments being mistakenly sent to unauthorized beneficiaries in Japan.

Atingi-Ego also confirmed that BoU managed to recover US$8.2 million of the stolen funds.