Nine officials from Uganda’s Ministry of Finance have been arrested in connection with the mysterious disappearance of Shs60 billion from the Bank of Uganda. The arrests followed an intensive interrogation process conducted by the Criminal Investigation Department (CID) at its headquarters in Kibuli, Kampala.
Sources close to the investigation revealed that these officials may have crucial information regarding the disappearance of the funds, which were mistakenly transferred to incorrect accounts in Japan and the United Kingdom last year. The arrested individuals include the Accountant General, Lawrence Ssemakula, along with Paul Lumala, Jennifer Muhulizi, Mubarak Nsamba, and Mark Kasuku. The remaining detainees are Tony Yawe, Deborah Kusiima, Betinah Nayebare, and Judith Ashaba. They are currently being held at Kira and Nateete Police Stations in Kampala as investigations continue.
The scandal first came to light when it was discovered that the Bank of Uganda had mistakenly transferred Shs60 billion, intended for debt repayments to the World Bank and the African Development Fund, into accounts in Japan and the UK. In November 2024, reports indicated that the disappearance was being treated as an inside job, prompting a full-scale investigation by security agencies.
Bank of Uganda’s deputy governor, Michael Atingi-Ego, confirmed the fraud, stating that the diverted funds were meant to service debt, including a payment of $6.134 million to the World Bank, which was instead paid to a Japanese company, Road Way Company, into MFUFG Bank in Japan. Another payment of $8.569 million, which was destined for the African Development Fund, was instead paid to NJS International in London.
While Atingi-Ego assured the public that the central bank’s systems had not been hacked, he confirmed that the fraud was initiated outside of Bank of Uganda. This clarification has not quelled concerns over internal controls within the Ministry of Finance.
As the investigation intensifies, police vehicles were seen moving between CID headquarters and the local police stations where the suspects are being held. Police spokesperson Kituuma Rusoke confirmed the arrests, stating that further details would be disclosed as the inquiry progresses.
The scandal has raised alarms over the management and accountability of public funds, with calls for stricter oversight in government transactions. At this stage, neither the police nor the Ministry of Finance has issued an official statement on the ongoing case.
