Cross‑border money trail hampers probe into Shs60b BoU fraud

Investigations into the alleged embezzlement of Shs 60 billion from the Bank of Uganda (BoU) are still underway, with authorities struggling to account for funds that were quietly funneled through foreign accounts in a meticulously planned internal fraud scheme.

On Monday, the Office of the Director of Public Prosecutions (DPP) told the Anti-Corruption Court that despite months of inquiry, a portion of the money—traced to banks in Asia—remains missing. The complex scandal has implicated top officials from the Ministry of Finance and the BoU, and highlights serious lapses in internal controls that allowed the fraudulent transactions to go undetected for weeks.

Nine individuals, all currently out on bail, have been charged in connection with the case. They include Lawrence Ssemakula, the Accountant General in the Ministry of Finance, and Jennifer Muhuruzi, the Acting Director of Treasury Services and Asset Management. Others are Paul Nkalubo Lumala, an IT Systems Officer; Deborah Dorothy Kusiima, a Senior Accountant; Judith Ashaba, an accountant; Bettina Nayebare, a research assistant; Mark Kasiiku, another IT Systems Officer; Tonny Yawe, a Senior IT Officer accused of altering payment files; and Pedison Twesigomwe, the Assistant Commissioner for Accounts. The prosecution alleges that Ssemakula and Muhuruzi failed to implement sufficient safeguards to protect public funds, leading to a financial loss of USD 652,588.20.

According to the charge sheet, Tonny Yawe is accused of fraudulently modifying payment instruction files originally issued by the International Development Association (IDA) in Washington. These files, which were meant for legitimate development payments, were allegedly altered to reroute funds to Road-Way Company Ltd, a Polish firm, under the false pretense of procuring recycling plant systems and machinery. Pedison Twesigomwe is accused of facilitating the illegal transfers, which are believed to have enriched both the foreign company and its Ugandan collaborators. In total, the accused face eleven charges, including corruption, causing financial loss, electronic fraud, and money laundering.

Investigations indicate that the stolen funds disappeared from BoU accounts in September 2024 and were traced to foreign bank accounts in the United Kingdom and Asia, including Japan. While over half of the money has since been recovered through cooperation with British banks, the funds transferred to Asia remain unaccounted for. Authorities suspect that these funds may have been withdrawn abroad and returned to Uganda either in cash or in the form of imported goods for local beneficiaries.

Following the discovery that the theft was not cyber-related but an inside job, President Yoweri Museveni ordered the Defence Intelligence and Security—formerly the Chieftaincy of Military Intelligence (CMI)—to assist in the investigation. By the end of 2024, at least 21 officials from BoU, the Ministry of Finance, and the Office of the Accountant General had been questioned. Their electronic devices, including mobile phones and laptops, were seized and subjected to forensic analysis.

The case was brought before the Anti-Corruption Court for mention to allow the prosecution to update the court on the progress of investigations. Magistrate Nakyazze adjourned the matter to August 20, 2025, after Birivumbuka assured the court that efforts are underway to conclude the probe. The government’s ability to recover the remaining funds and secure convictions is seen as a critical test of Uganda’s capacity to confront complex financial crimes that span borders and exploit systemic weaknesses.