Bank of Uganda Recovers Shs30bn of Missing Billions, Dismisses Hacking Narrative

Bank of Uganda Deputy Governor, Michael Atingi-Ego, has clarified that the Central Bank was not involved in initiating the payment of over Shs51bn to fraudsters in the United Kingdom and Japan.

According to Atingi-Ego, the money meant for debt repayments to the Word Bank and African Development Fund was diverted from its intended destinations to two banks in London, UK, and Japan.

“Our systems are uncompromised and secure. The BoU systems were never hacked. Two incidents of fraud were initiated outside the BoU IT systems,” he told the press at the Bank of Uganda’s head office in Kampala, on Thursday, December 5, 2024.

“Instructions were received by BoU to pay the wrong beneficiaries, leading to the diversion of funds,” added Atingi-Ego, noting that the bank has so far recovered Shs30bn.

“We have since recovered $8.205m (Shs30bn) of these funds though and we are pursuing the balance,” he noted.

The Deputy Governor said the bank is devising means to recover the remaining $6.2m (Shs21bn). “The ongoing investigation will support recovery efforts.”

According to him, a debt servicing repayment of $6.134m to the World Bank was diverted to Road Way Company in Japan and paid into an account in MFUFG Bank on November 12, while another payment of $8.569m to African Development Fund was diverted to NJS International, a bank in London, UK on September 28.

“There were two transactions, which were relating to debt servicing payments. The payments transactions in question included a payment to the World Bank of $6.134m, which was instead paid to Road Way Company in Japan. The second payment was meant to be a payment to the African Development Fund of $8.569m, it was instead paid to NJS International, London, UK on September 28,” he is quoted telling the press.

He said the Uganda police force, criminal investigations directorate, and the Financial Intelligence Authority are currently investigating the matter.