Nine individuals, including the Accountant General Lawrence Semakula, have been arrested in connection with a massive $17 million (approximately Shs 60 billion) fraud at the Bank of Uganda (BOU). The money mysteriously disappeared from the central bank in September 2024 and was subsequently transferred to foreign accounts in the United Kingdom and various Asian countries.
The Criminal Investigations Directorate (CID), working closely with Defence Intelligence and Security (DIS), formerly known as the Chieftaincy of Military Intelligence (CMI), has been investigating the case. The probe has narrowed down to a group of nine suspects who are believed to have orchestrated the fraudulent payment of a contractor, instructing BOU to disburse the substantial sum of money.
The arrested suspects include Jennifer Muhurizi, Mubarak Nansamba, Paul Lumala, Mark Kasuku, Judith Asaba, Deborah Kusiima, Tonny Yawe, and Priscilla Nayebare. While the precise role of each individual in the theft is still unclear, the heist was initially suspected to be the result of a hacking incident. However, the CID’s findings have disproved this theory, revealing that the money was stolen through a carefully planned fraudulent payment scheme. Following these discoveries, President Yoweri Museveni directed DIS to join the investigation.
By the end of 2024, at least 21 individuals from BOU, the Ministry of Finance, and the Accountant General’s office had been interrogated. Authorities confiscated their electronic devices, including mobile phones and laptops, for further analysis. Through their investigations, it was discovered that BOU managed to recover over half of the stolen funds from UK banks. However, attempts to reclaim the funds transferred to Asian countries were unsuccessful.
There are suspicions that the money sent to Asian countries was withdrawn and covertly returned to Uganda, possibly as cash or through items procured for beneficiaries. The true nature of these transactions will be revealed through the evidence presented during the trial of the accused individuals.
This high-profile case continues to unfold as investigators piece together the details of one of the largest financial scandals in Uganda’s history.
