KAMPALA – Nine high-ranking officials, including the Accountant General, Lawrence Semakula, have been arrested in connection with the disappearance of UGX 60 billion from the Bank of Uganda account in 2024. The money was meant for debt repayments to the World Bank and African Development Fund but was diverted to two banks in London, UK, and Japan.
According to Bank of Uganda Deputy Governor Michael Atingi-Ego, two “fraudulent incidents” diverted money destined for the World Bank and African Development Fund. A debt servicing repayment of $6.134m to the World Bank was diverted to Road Way Company in Japan and paid into an account in MFUFG Bank on November 12. Another payment of $8.569m to African Development Fund was diverted to NJS International, a bank in London, UK on September 28.
The Bank of Uganda immediately commenced internal investigations and reported the matter to relevant government authorities after discovering that the payments had not reached the intended beneficiaries. The Central Bank took necessary steps to recover the money, instructing its correspondent bank, Citibank, and the banks where the funds had been credited to freeze the said funds due to suspected fraud.
The Central Bank has since recovered $8.205 million (about Shs30 billion) of the funds sent to NJS International and credited back to the Consolidated Fund account. However, the Bank of Uganda is yet to recover the $6.134m diverted to Road Way Company and paid into an account in MFUFG Bank in Japan.
The investigation is ongoing, and the CID has promised to leave no stone unturned in uncovering the truth behind the disappearance of the UGX 60 billion. The arrests of the nine high-ranking officials, including the Accountant General, Lawrence Semakula, have sent shockwaves through the government and financial sectors.
The Accountant General, Lawrence Semakula, is the chief government accountant responsible for managing the country’s finances. His arrest, along with other top officials, has raised concerns about corruption and mismanagement of public funds in Uganda.
The government has pledged to take action against those responsible and to ensure that such incidents do not happen again in the future. The case is expected to be taken to court, where the accused will face charges related to corruption, embezzlement, and mismanagement of public funds.
The outcome of the case will be closely watched by the public and will have significant implications for the government’s efforts to combat corruption and ensure accountability. The incident has also raised questions about the security of Uganda’s financial systems and the need for stronger measures to prevent such incidents in the future.