Bank of Uganda (BoU) is under intense scrutiny following revelations of massive loss of billions in a mobile money application switch tender.
Initially, the tender was won by Moroccan frim but money hangs-on instead conniving with procurement and rescinded the tender to one of the Arab countries which has taken over.
However, as they could execute the assignment of installing the Mobile Money Application switch, it is reported that they wired the money back to the Arab country in connivance with some Bank of Uganda top staff.
The above revelation has pushed President Yoweri Museveni to institute an investigation in the Bank of Uganda.
In the wake of yesterday, a probe was raised after counterfeit currency worth approximately Shs500 million was discovered in the vault of Government-owned bank- PostBank in Mbale branch. BoU is mandated with regulating and disbursing money and one wonders how commercial bank can distribute counterfeit notes without BoU knowledge.
The investigation, led by police in the Elgon Sub-region and PostBank, resulted in the arrest of several bank and security officials.
Elgon police spokesperson Rogers Taitika confirmed that the case is before the courts of law.
Preliminary investigations suggest that a syndicate involving several bank personnel was behind the counterfeit money, according to a police detective.
“Each bundle had genuine notes covering the fake notes. There is a loss of money worth Shs500 million or more,” the detective said.
Early this month, another scandal erupted at BoU as its official stole old currency notes meant for destruction.
Charles Kasede Ochieng, former Head of Verification at the Bank of Uganda (BoU), was sentenced to three years in prison by Grade One Magistrate Esther Asiimwe for abuse of office and acquitted him on the embezzlement charge due to lack of evidence.
In CCTV footage, was seen placing bundles of money into his pocket meant for destruction and discreetly walking away. The court determined that these actions violated his role, classifying it as an arbitrary abuse of his official position.
From November 2018 to August 2019, while working as Head of the Verification Unit at the BoU’s Mbale branch, Ochieng engaged in actions that led to his conviction.
State Attorney Nicholas Kawooya, representing the Office of the Director of Public Prosecutions (ODPP), called for a sentence of three and a half years, citing a breach of trust by Ochieng. Kawooya emphasized the seriousness of the crime, noting that as a verification officer, Ochieng held a role of integrity in a crucial institution that upholds the country’s monetary system. Kawooya argued that Ochieng’s act of taking old notes designated for destruction demonstrated corrupt intent and damaged BoU’s trust in its employees.
