Bank of Uganda Breaks Silence on Missing Billions.

Kampala, Uganda – The Bank of Uganda (BoU) has addressed growing concerns over the disappearance of billions of shillings in fraudulent transactions, revealing shocking details during a press briefing held on December 5, 2024.

Deputy Governor Michael Atingi-Ego confirmed that two major fraudulent incidents had occurred, involving funds provided by the World Bank and the African Development Fund. These revelations contradict earlier reports that the money had been stolen directly from the bank’s accounts.

“The fraudulent transactions diverted funds that had been received from external donors and were meant for development programs,” Atingi-Ego stated. He assured the public that investigations were underway to determine the full extent of the fraud and identify those responsible.

As part of the ongoing probe, detectives have confiscated the laptop of a key suspect believed to have facilitated the transactions. According to investigators, the suspect was in Nairobi at the time the fraudulent activities occurred. The confiscated laptop is now being analyzed by an audit firm to trace the credentials and systems used to execute the diversions.

The scandal has raised questions about internal controls within BoU, particularly regarding how such a significant diversion of funds could go undetected. Authorities have pledged to tighten oversight measures and hold accountable any individuals or entities found complicit in the scheme

Invest or Donate towards HICGI New Agency Global Media Establishment – Watch video here