Hackers steal $17 million from Bank of Uganda accounts
In a jaw-dropping scandal, the Bank of Uganda (BoU) has been left reeling after hackers made off with a staggering $17 million (Shs62.4 billion) in a daring cyber heist. The stolen funds were reportedly transferred to foreign accounts in Asia and Europe, in what officials believe to be the work of a notorious Southeast Asian hacker group known as “Waste.”
The heist, which took place two weeks ago, has sparked outrage and calls for accountability. The government has since launched an investigation, with President Yoweri Museveni ordering the Defence Intelligence and Security (DIS) to take charge, sidelining the Criminal Investigations Directorate (CID).
Meanwhile, the central bank has hired a leading audit firm to uncover the full extent of the breach and beef up its cyber defenses.
Critics have pointed to BoU’s leadership structure as a possible weak link. Dr. Michael Atingi-Ego, who currently serves as the governor, deputy governor, and chairperson, has been accused of spreading himself too thin, potentially leaving the bank vulnerable to such high-tech attacks.
Adding fuel to the fire are suspicions of insider collusion. Investigators are now examining potential links between the bank’s employees, the Ministry of Finance, and the Accountant General’s office.
Ministry spokesperson Jim Mugunga has downplayed the scale of the theft, but the public remains skeptical given BoU’s tainted history.
This isn’t BoU’s first brush with controversy. Just earlier this year, former bank official Charles Kasede Ochieng was convicted of embezzling old currency notes and sentenced to three years in prison.
The institution has also been rocked by repeated allegations of corruption and financial mismanagement, tarnishing its reputation as Uganda’s financial watchdog.
Despite recent efforts to bolster cybersecurity, including workshops by the Macroeconomic & Financial Management Institute of Eastern and Southern Africa (MEFMI), this breach is a stark reminder of the escalating threats facing financial institutions worldwide.
For now, all eyes are on the BoU as it scrambles to regain public trust and tighten its systems. But one thing is clear: Uganda’s central bank has a lot of explaining to do.
