Inside the Scandal Shaking the Bank of Uganda
As the year 2025 draws to a close, Uganda is gripped by the unfolding details of what has been dubbed the “Bank of Uganda Heist”—a sophisticated financial scandal involving the alleged “wrongful transfer” of UGX 60 billion (approximately $16.8 million). The case has moved from quiet internal audits to a full-blown public showdown in the halls of Parliament, where the Committee on Commissions, Statutory Authorities, and State Enterprises (COSASE) is currently grilling the nation’s top financial custodians.
A “Digital” Breach or an Insider Job?
The saga began in late 2024 when two massive international debt payments, intended for the World Bank and the African Development Fund (ADF), were diverted to unauthorized private accounts in Japan and the United Kingdom.
Initially, the Ministry of Finance suggested the Integrated Financial Management System (IFMS) had been hacked. However, recent forensic audits and police investigations have painted a more sinister picture: an inside job. Investigators discovered that executable scripts were introduced into the system to bypass security controls, replacing the names of genuine international payees with shell companies like Roadway Company Ltd (Tokyo) and MJS International (London).
COSASE Grills the “Big Fish”
The atmosphere in Parliament this week has been electric as COSASE Chairperson Medard Sseggona led the questioning of high-ranking officials. At the center of the storm is the interdicted Accountant General, Lawrence Ssemakula, and several senior IT and accounting officers.
Key Revelations from the Hot Seat:
- The “4:00 PM Rule”: Bank of Uganda officials defended their role by citing a Service Level Agreement. They claimed that once payment instructions are sent by the Ministry of Finance, the Bank has until 4:00 PM to process them. If the Ministry doesn’t flag an error by then, the Bank assumes the data is correct.
- Missing Documentation: Tensions flared when the Accountant General’s office reportedly failed to provide specific transaction logs. Sseggona reminded the witnesses that Parliament holds powers equivalent to the High Court, demanding full disclosure on who authorized the final “click” that sent billions abroad.
- The Recovery Effort: Deputy Governor Michael Atingi-Ego informed the committee that while the Bank successfully recovered about $8.2 million with the help of UK-based banks, over $391,000 remains lost in transaction fees and unrecoverable transfers to Asian accounts.
The Human Cost and Legal Fallout
The scandal has led to a major shakeup within the Ministry of Finance. Ramathan Ggoobi, the Permanent Secretary and Secretary to the Treasury, recently appointed Godfrey Ssemugooma as the Acting Accountant General after nine senior staff members were interdicted and arraigned in the Anti-Corruption Court.
Lawrence Ssemakula once considered an architect of Uganda’s financial reforms, now faces charges of corruption, causing financial loss, and money laundering. Although currently out on a UGX 30 million cash bail, his career hangs in the balance as the trial has been adjourned to March 2026.
Why This Matters for 2026
This “heist” has become a potent political tool. With the 2026 general elections approaching, opposition leaders like Joel Ssenyonyi have pointed to the scandal as evidence of “systemic rot.” For the average Ugandan, the loss of UGX 60 billion—money meant to settle national debts—is a bitter pill to swallow amidst rising costs of living.
As COSASE continues its “grilling” sessions, the public demand for accountability has never been higher. The question remains: Was this a failure of technology, or a failure of the men and women trusted to guard the national purse?
Key Figures in the Investigation
| Name | Role | Status |
| Lawrence Ssemakula | Interdicted Accountant General | On trial; currently on bail. |
| Michael Atingi-Ego | Deputy Governor, BoU | Leading the Bank’s defense at COSASE. |
| Godfrey Ssemugooma | Acting Accountant General | Appointed to ensure “business continuity.” |
| Tony Yawe | Senior IT Officer | Accused of manipulating payment files. |
