Henry Musasizi, Minister of State for Finance
Government has admitted that accounts of Bank of Uganda were hacked and money siphoned, although it denied the Shs62Bn (US$17m) being reported by the media as the amount lost in the Central Bank’s heist.
The admission was made by Henry Musasizi, Minister of State for Finance, while responding to a concern raised by Joel Ssenyonyi, Leader of Opposition, who sought an explanation on why Uganda’s Banking sector has become prone to fraud, arguing that other commercial banks have also reported these fraud incidences in the past two months.
“…The Fourth Estate has reported, including Government media houses, a heist at Bank of Uganda. Some reports have indicated US$17 Million, that is about Shs62Bn. Some narratives were that there was some hacking by some people in South Asia and this money was swiped to accounts in Asia. Other reports indicate that this was an inside job inside Bank of Uganda,” said Ssenyonyi.
“In the past couple of mouths, you would hear of a heist at a commercial bank, commercial banks, those are privately owned but when it comes to the Central Bank, it is more problematic. I thought Government through the Ministry of Finance should help us understand because you supervise the operations of the Central Bank, yes it is autonomous but you are the overseers. It is important we know, what exactly is happening at our Central Bank. Monies are being siphoned whether it be by hackers, whether it be by staff. So Government shouldn’t continue being quiet about this matter, we want to know what exactly is happening,” added Ssenyonyi.
In response, Minister Musasizi, said: “I am alive to what several media houses have been reporting. I wish to state that our accounts were hacked into but not to the extent of what is being reported. When this happened, we instituted as audit and at the same time, an investigation. The Auditor General is doing the audit and the Criminal Investigation Department at the same time is doing an investigation.”
The Minister however declined to divulge details of the Central Bank heist, calling for patience pending final results from the audit and investigation.
“To avoid misrepresentation of facts, I wish to seek indulgence of this House that we be patient, when the audit is finalized, which is now at the tail end, and also CID finalise investigation, I come to this House and report. Otherwise, as of now, any matter I disclose on this issue, I risk misrepresentation of facts,” he said.
However, the Leader of Opposition wasn’t satisfied with the response given by Minister Musasizi, tasking him to disclose the actual amount of money stolen from Bank of Uganda heist, if he insists that the Shs62Bn within the public domain is false.
Ssenyonyi also asked the Minister to clarify on the time frame within which the audit and investigations will be completed, before reporting back to Parliament.
“I want to appreciate the Minister, rarely do they concede to some of these things, but Government through the Ministry of Finance has conceded, of course now, he has thrown things off balance and he is saying it might not be entirely factual through there was a heist, that clarity should have come because if he is saying these figures are wrong, what are the correct figures?” asked Ssenyonyi, adding: “…he is talking about an ongoing audit, how long is it going to happen? When are we going to get a report as Parliament on this matter? The reason we are insisting on this matter is because, when the network firewall of the central Bank are penetrated, it is something that gets to worry all of us.”
Ibrahim Ssemujju (Kira Municipality) said a responsible Government would issue an interim statement, reassuring the public without disclosing what wouldn’t prejudice investigations.
“A responsible Government doesn’t stand in Parliament and say, we are investigating, we will not tell you anything. You share with the public, on whose behalf you transact Government business what so far you know and what you think isn’t a danger,” said Ssemujju.
