Shocking: Ugandan Bankers are likely to Lose Billions of Money this Year

According to information linked from from the central bank, Panic and worries increase in commercial banks as hackers developing new cyber security systems day by day.

TV10 ganomazima News desk received the information that the Bank of Uganda (BOU) is at the heart of a significant financial scandal following a cyber attack that led to the theft of billions of Ugandan shillings.

Reports indicate that a hacking group named “Waste,” operating out of Southeast Asia, gained access to the bank’s systems and stole 62 billion Ugandan shillings.

Part of this sum was transferred to accounts in Japan and the United Kingdom with some funds reportedly recovered.

Finance Minister Henry Musasizi confirmed the breach in parliament but attempted to reassure the public. “Yes, our accounts were compromised, but not to the extent that has been reported,” he said. He emphasised that investigations are underway, with results expected within a month. 

The government is collaborating with the Auditor General and the Criminal Investigations Department (CID) to uncover the full scope of the incident.

President Yoweri Museveni has also called for a thorough investigation, highlighting the seriousness of the situation.

However, concerns persist about the safety of Uganda’s financial institutions and the credibility of government assurances. Bugabula South MP Maurice Kibalya voiced his frustration, questioning the effectiveness of security measures at the Central Bank.

“There is no Ugandan who can be convinced that money disappeared from the Central Bank, which is supposed to have all the safety measures in place,” Kibalya said.

He suggested that the theft could not have occurred without the involvement of high-ranking officials. “Money didn’t disappear; it was taken officially and directly. 

They are just hiding the theft,” he asserted.

Kibalya also raised alarms about the security of Uganda’s foreign reserves. “If Ugandan currency can vanish, what about the foreign reserves we are supposed to hold in the Central Bank? If what we see can disappear, what about what we don’t see?” he questioned.