Deputy Governor of the Bank of Uganda, Michael Atingi-Ego, has dismissed allegations that the Central Bank’s financial systems were hacked in connection with the recent Shs60 billion money heist.
He assured the public and international stakeholders that a thorough investigation found no evidence of hacking.
Atingi-Ego made the remarks today while appearing before Parliament’s Committee on Commissions, Statutory Authorities, and State Enterprises (COSASE) where he was summoned to explain the suspicious transactions involving misdirected payments to the tune of $14.73 million.
“At the Central Bank, we were so concerned. There was a lot of negativity in the media that the Bank of Uganda had been hacked. For a Central Bank to be hacked, this is a very serious matter,” Atingi-Ego said.
He noted that the allegations caused ripples internationally prompting inquiries from correspondent banks.
“Some of our corresponding banks started contacting us, asking how sure they could be that they were dealing with the right people,” he added.
Atingi-Ego explained that the money involved two debt servicing payments one to the World Bank to a tune of US$6.134 Million which was instead paid to Road Way Company limited through a Bank in Japan on 12th September 2024, while the payment of US$8.596M meant for the African Development Fund was paid in Japan on 20th September 2024, only for Bank of Uganda to receive an inquiry from the Ministry of Finance on 8th September 2024 about the payment to World Bank.
Following the discovery, the Central Bank convened a meeting with the Ministry of Finance and its Chief Internal Auditor to investigate the matter. Atingi-Ego revealed that the Bank and the Ministry of Finance agreed to hire an independent forensic audit firm and informed the police about the incident.
“We wanted to make sure that our systems weren’t hacked, so we did a thorough investigation of our systems. There was nothing whatsoever to show that our systems were hacked,” Atingi-Ego affirmed.
He also disclosed that recovery efforts are underway, with the Bank taking steps to trace and retrieve the misdirected funds.
The hacking allegations and the dubious transactions have raised concerns about the integrity of the Central Bank’s operations. However, Atingi-Ego emphasized that the Bank of Uganda’s international credibility remains a priority, as it works to reassure its global partners.
