Summary:
- Minister Musasizi, however, declined to provide specifics about the heist, requesting patience until the audit and investigation are concluded.
KAMPALA: The government has confirmed that accounts of the Bank of Uganda (BoU) were hacked and money siphoned, though it refutes media claims that the amount lost in the heist was Shs62 billion.
The admission was on Thursday made by Henry Musasizi, Minister of State for Finance, while responding to a concern raised by Joel Ssenyonyi, the Leader of the Opposition, in Parliament.
Ssenyonyi had sought clarity on the growing vulnerability of Uganda’s banking sector to fraud, citing similar incidents reported in other commercial banks over the past two months.
“I am aware of the reports from various media houses,” Minister Musasizi stated. “I wish to clarify that our accounts were indeed hacked, but not to the extent being reported. Upon discovering this, we initiated an audit and a concurrent investigation. The Auditor General is conducting the audit, while the Criminal Investigations Department (CID) is handling the investigation.”
Minister Musasizi, however, declined to provide specifics about the heist, requesting patience until the audit and investigation are concluded.
“To avoid misrepresentation, I request this House to be patient. Once the audit, now in its final stages, and the CID investigation are complete, I will present a detailed report. At this stage, disclosing any information risks distorting the facts,” Musasizi said.
Opposition Questions the Government’s Silence:
Ssenyonyi expressed dissatisfaction with Musasizi’s response, pressing him to disclose the exact amount stolen, particularly if the widely reported Shs62 billion figure is inaccurate.
“There are reports, including those from government-owned media houses, about a heist at the Bank of Uganda. Some claim it involved US$17 million, roughly Shs62 billion. Allegations suggest it was either an external hacking incident linked to South Asia or an inside job,” Ssenyonyi said.
He also called for clarity on when the audit and investigations would be finalized, emphasizing the need for transparency.
“I appreciate Minister Musasizi for admitting the heist, which rarely happens. However, if the reported figures are wrong, what are the correct figures? The Central Bank’s breach is more alarming than incidents in privately owned commercial banks. Since the Ministry of Finance oversees the Central Bank, even though it operates autonomously, it is crucial to understand what is happening,” Ssenyonyi added.
Parliament Demands Timelines and Interim Reports:
Ssenyonyi further questioned the prolonged duration of the audit and investigation. “How long will this audit take? When will Parliament receive a report? A breach of the Central Bank’s network firewall is a matter of national concern and requires urgent clarification,” he said.
Ibrahim Ssemujju Nganda, MP for Kira Municipality, criticized the government’s handling of the situation, arguing that a responsible administration should issue interim updates to reassure the public.
“What a responsible government does is issue an interim statement that reassures the public without jeopardizing investigations. You cannot stand in Parliament and say, ‘We are investigating but won’t tell you anything.’ The public deserves to know what has been discovered so far,” Ssemujju said.
The government has yet to specify when the audit and investigations will be completed, leaving Parliament and the public anxious for answers about the security of the Central Bank and the integrity of the financial system.
