The theft of 62 billion Ugandan shillings (approximately $17 million) from the Bank of Uganda has ignited widespread concern and intense scrutiny over the breach of the country’s financial security systems.
Reports indicate that a Southeast Asian hacker group known as “Waste” allegedly infiltrated the central bank’s systems, transferring the stolen funds to accounts in Japan and the United Kingdom in September. However, conflicting figures have emerged, with some sources, including the Daily Monitor, reporting a lower amount of 47.8 billion shillings stolen.
Speculation about an internal conspiracy has also surfaced, with employees from the central bank and the Ministry of Finance reportedly under investigation. An internal audit by the Bank of Uganda has further supported suspicions of an inside job.
While the central bank has announced the recovery of 37 billion shillings, efforts are ongoing to identify those involved and retrieve the remaining funds. The incident has heightened concerns over the robustness of Uganda’s financial infrastructure and the safeguards protecting its institutions.
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