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BoU deputy governor pins heist on computer
BoU deputy governor pins heist on computer
The central bank deputy governor has told a House committee that a breach on the computer automated systems of his office and that of officials in the Finance ministry saw Uganda’s lender of last resort lose Shs50 billion.
Dr Michael Atingi-Ego yesterday told the Committee on Commissions, Statutory Authorities, and State Enterprises (Cosase) that the money was only released by an automated computer system after the process was initiated and okayed by unnamed officials at the Finance ministry.
The Deputy Governor, Bank of Uganda, Michael Atingi-Ego has assured Parliament that the financial system of the Central Bank wasn’t hacked as was reported by the media, noting that there is no evidence to back up this claim following a thorough investigation carried out on the money heist.
He made the remarks while appearing before Parliament’s Committee of Commissions, Statutory Authorities and State Enterprises (COSASE) that had summoned the team from the Central Bank to respond to the queries raised in the 2023/24 Auditor General’s report.“Some of our corresponding banks begun contacting us because they were saying that how sure are we that we are dealing with the right people, so we wanted to make sure that our systems weren’t hacked, so we did thorough investigation of our systems, there was nothing whatsoever to show that our systems were hacked and that is why we came out to tell the public that the Bank of Uganda was never hacked. There is no evidence whatsoever that the system was hacked,” said Atingi-Ego.
This is after Medard Sseggona (Busiro East) tasked the Deputy Governor to explain circumstances under which the Central Bank is suspected to have lost money through some dubious transactions.
“That you lost some of our money to Japan, some in the United States, how much money did we lose? And where is it? Ugandans want to know, where is our money? I actually thought you had come with some of it so that we can appropriate it in the subsequent financial year,” noted Sseggona.
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.
He further explained that the Central Bank held a meeting with the Ministry of Finance and the Chief Internal Auditor of Bank of Uganda, established the mistake, prompting the Bank and Ministry of Finance to agree to hire an independent forensic audit firm and further alerted Police about the happenings, and later on, Bank of Uganda begun the process of trying to recover the money.
However, the meeting initially turned dramatic when the Deputy Governor expressed hesitation towards responding to questions about the money heist noting, “I think you are all aware that this is a matter that is still under investigation, by the Police Criminal Investigation Directorate and the Auditor General, is also undertaking independent investigation. And my response to you shouldn’t in anyway interfere with their investigations.”
Muwada Nkunyingi (Kyadondo East) wondered if Atingi-Ego was proceeding well by hiding behind investigations being carried out by both the Police and Auditor General not to discuss the matter.“Is it procedurally right for the Deputy Governor to hide under the cover of other investigation bodies well knowing he was invited for investigations to the Committee with powers of the High Court to answer the same questions and we have seen some of his answers loitering in some of the media?” asked Muwada.
