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Moses Aleper, Vice Chairperson of the Finance Committee and Member of Parliament for Chekwii County
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KAMPALA - The Parliament of Uganda’s Finance Committee has announced plans to summon the Ministry of Finance and the Financial Intelligence Authority (FIA) to explain the circumstances under which Bank of Uganda accounts were allegedly hacked, resulting in the siphoning of UGX 62 billion.
Moses Aleper, Vice Chairperson of the Finance Committee and Member of Parliament for Chekwii County, made the revelation during a training session for MPs organized by the Uganda Parliamentary Network on Illicit Financial Flow. The event, held at Onomo Hotel in Kampala, was facilitated by SEATINI Uganda and the Tax Justice Network Africa.
Moses Aleper, Vice Chairperson of the Finance Committe
The hacking scandal has raised serious concerns among legislators, with Bugabula South MP Maurice Kibalya expressing doubts about the explanations provided so far. He pointed out that such financial scandals have predominantly been recorded in government institutions, suggesting a potential insider scheme.
“There is no Ugandan who can be convinced that money disappeared from the Central Bank, which has all the safety valves and mechanisms for controlling and protecting money. This points to a syndicate involving government officials,” Kibalya stated.
Kibalya further accused the government of deceiving taxpayers, arguing that such incidents could not occur without the involvement of high-ranking officials. “If the Ugandan currency can disappear from the Central Bank, what of the foreign reserves we are supposed to keep there? This is an orchestrated racket, and no Ugandan can believe otherwise,” he added. The scandal, combined with other financial irregularities such as the circulation of UGX 500 million in counterfeit notes, has sparked fears about the stability of Uganda’s financial system.
Bugabula South MP Maurice Kibalya expressed doubts about the explanations provided so far
Senior Economist Joseph Ahaisibwe warned of potential economic repercussions, noting that public mistrust could lead to large-scale cash withdrawals from commercial banks. “If people withdraw their deposits, banks will have fewer funds to lend, driving up lending rates due to increased demand for limited resources,” Ahaisibwe explained.
Senior Economist Joseph Ahaisibwe warned of potential economic repercussions
The Finance Committee's upcoming probe is expected to shed light on the hacking incident and its implications for Uganda’s financial system, amid growing calls for accountability and improved oversight in managing public funds.
Torch Media Africa
