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Bank of Uganda Deputy Governor, Micheal Atingi-Ego has exclusively revealed that it has recovered USD 8.2 million (UGX 30 billion) of the UGX 52 billion that was lost in a debt servicing transaction to the World Bank and the African Development Fund.
Mr Atingi-Ego was responding to questions concerning the recent claims of a hack into BoU’s payment systems at the reading of the Monetary Policy Statement for December 2024.
The payment transactions in question included a payment to the World Bank of US$6,1 (UGX 22 billion), which was instead paid to Roadway Co. Limited through MUFG Bank of Japan on 12th September 2024.
Additionally, a payment to the African Development Fund of $8.6(UGX 31 billion) was mistakenly paid to MJS International, London, UK on 28th September 2024.
“We have since recovered USD 8.2 million of the funds sent to MJS International, London, UK, which has been credited to the Consolidated Fund. We are also pursuing the balance of US$391,660 through our Correspondent Bank,” he said.
Upon discovering that the payments had not reached the intended beneficiaries (World Bank and African Development Fund), BoU immediately commenced internal investigations and reported the matter to relevant government agencies, including the Uganda Police, and Financial Intelligence Authority.
“We are also cooperating with the Office of the Auditor General. BoU also took necessary steps to recover the funds, instructing our Correspondent Bank, Citibank N.A., and the banks where the funds had been sent to freeze the said funds due to suspected fraud,” Mr Atingi said.
However, BoU has not yet recovered the amount paid to Roadway Co. Ltd through MUFG Bank of Japan.
The Deputy Governor said, while MUFG Bank has not been very cooperative, the Bank is working with its domestic and international partners to pursue the recovery of these funds.
“We also expect ongoing investigations to support our recovery efforts and help us understand the full extent of these fraudulent transactions,” he said.
Claims on Hacking
The Deputy Governor also clarified that the fraud incidents were initiated outside the BOU IT systems and instructions were received by BOU to pay wrong beneficiaries leading to the subsequent diversion of funds.
“It is not correct to say that the BOU IT systems were hacked because hacking is the act of gaining unauthorized access to computer systems or networks, and to date, there is no evidence of unauthorized access to the BOU IT systems to divert funds,” he said
“Where the diversion took place, how, and who were involved, is the subject matter of the ongoing investigation. Be rest assured the Bank’s IT systems remain fully operational, secure, and uncompromised,” he added.
The Deputy Governor also said, no staff from Bank of Uganda had been implicated in the missing UGX 60 billion. No details however were provided on how the money was recovered.
“We ask the public to remain patient and allow the relevant government agencies to conclude their investigations. BoU will issue a comprehensive report on the incident once the investigations are complete. For now, we recommend sourcing any information related to ongoing investigations from the relevant government investigative agencies to avoid misinformation,” he concluded.