By Aggrey Baba
When a bird cries out in the dark, it might be the hand of a hunter nearby. The mystery surrounding the loss of Shs62.4 billion at the Bank of Uganda (BoU) is taking a sharp turn, with investigators now pointing fingers at internal collusion rather than external hacking.
Initial reports blamed hackers, supposedly operating from Southeast Asia, for siphoning $17 million (about Shs62.4 billion) from the central bank. This narrative painted a picture of shadowy figures exploiting Uganda’s financial systems. However, a fresh wave of investigations and audits suggests otherwise.
Security agencies and independent auditors now believe the money was lost through an “inside job,” implicating individuals within the Bank of Uganda, the Ministry of Finance’s Treasury department, and the Accountant General’s office. Sources close to the probe revealed that internal collusion played a key role in the disappearance of funds, undermining earlier claims of an international hacking operation.
Adding to the complexity of the case, new evidence suggests the money may not have been “stolen” in the traditional sense but instead was mistakenly sent to the wrong account. This occurred as Uganda attempted to clear a donor debt worth Shs63 billion. The error, whether accidental or intentional, is now under close scrutiny.
The adage, “When the house leaks, it’s the rats inside that first know,” rings true here. Investigators believe the error or collusion could not have occurred without the knowledge or involvement of insiders. The findings from an independent audit commissioned by BoU’s senior management last week further support this theory.
As the probe deepens, the public’s trust in these financial institutions hangs in the balance. Questions of transparency and accountability loom large. The proverb, “A fish rots from the head,” underscores the need for leadership within these institutions to take responsibility and ensure no stone is left unturned.
The eyes of the nation are now on the investigators as they work to uncover the truth behind one of Uganda’s most high-profile financial scandals in recent years. For now, the tale of the missing billions reminds us that when the lion guards the goat, no one should be surprised if the meat goes missing. (For comments on this story, get back to us on 0705579994 [WhatsApp line], 0779411734 & 041 4674611 or email us at [email protected]).
