Bank of Uganda heist proceedings have escalated after nine officials from the Ministry of Finance, Planning and Economic Development were committed to the High Court for trial over the alleged loss of more than Shs60 billion.
The Anti-Corruption Court in Kampala ordered the committal following additional charges approved by the Director of Public Prosecutions. The accused include former Accountant General Lawrence Ssemakula and senior treasury officials suspected of manipulating government payment systems.
Prosecutors argue that the group played a role in altering electronic payment instructions between the Finance Ministry and the Bank of Uganda, allowing funds intended for international lenders to be diverted to foreign companies.
Bank of Uganda heist charges expanded
The Bank of Uganda heist case has grown significantly since the initial charges were filed in 2024.
The accused were originally facing 11 counts related to corruption, abuse of office and causing financial loss to the government. Prosecutors have now added eight more charges, including electronic fraud and money laundering.
The nine officials committed to trial include Lawrence Ssemakula, acting director of treasury services and asset management, and Jennifer Muhuruzi, commissioner of treasury services.
Others include Paul Nkalubo Lumala, Deborah Dorothy Kusiima, Judith Ashaba, Bettina Nayebare, Mark Kasiiku, Tonny Yawe and Pedison Twesigomwe.
Prosecutors told the court that investigations have been completed and that the suspects should stand trial before the High Court.
Bank of Uganda heist linked to altered payment systems
Investigators say the Bank of Uganda heist involved manipulation of the Integrated Financial Management System used by government departments to process payments.
According to court documents, electronic payment files were altered before being encrypted and transmitted to the central bank.
Prosecutors allege that Linux-based executable scripts were inserted into the system to modify beneficiary details. Payments intended for international lenders were redirected to foreign companies instead.
The alleged fraudulent transfers occurred in September 2024.
Funds originally meant for loan repayments to the International Development Association of the World Bank and the African Development Fund were diverted to companies abroad.
One of the recipient entities was Roadway Company Limited in Tokyo, Japan. Another was MJS International in London, United Kingdom.
Bank of Uganda heist investigation details
The Bank of Uganda heist investigation also uncovered attempts to conceal the fraudulent transactions.
Prosecutors claim that reconciliation emails sent by the Bank of Uganda were intercepted and altered before reaching finance officials.
Investigators also allege that email server logs were deleted to hide traces of the altered payment instructions.
In addition, false reconciliation reports were prepared to show that payments had reached the intended international lenders.
Forensic investigations reportedly found evidence that administrator-level system access had been used to manipulate payment data within the finance ministry systems.
Bank of Uganda heist recovery efforts
Authorities say some of the funds involved in the Bank of Uganda heist were recovered through international cooperation.
More than $8.2 million was reportedly retrieved from one of the transactions involving MJS International.
However, prosecutors claim that over $6.1 million transferred to the Tokyo-based company remains missing. Another $391,720 has not yet been recovered.
Investigators are also exploring whether some of the funds transferred abroad may have been withdrawn and secretly returned to beneficiaries in Uganda.
Bank of Uganda heist probe expands
The Bank of Uganda heist was initially believed to have been caused by an external cyberattack.
However, investigations by the Criminal Investigations Directorate later ruled out hacking as the cause.
Authorities concluded that the incident involved a coordinated fraudulent payment scheme rather than an outside intrusion.
Following the findings, President Yoweri Museveni directed Defence Intelligence and Security to join the investigation alongside the police.
By the end of 2024, at least 21 staff members from the Bank of Uganda, the Ministry of Finance and the Accountant General’s Office had been questioned.
Their laptops, mobile phones and other electronic devices were seized for forensic examination.
Bank of Uganda heist case moves to High Court
The Anti-Corruption Court has now formally committed the suspects to the High Court, where the trial will determine their criminal responsibility.
Prosecutors argue that the accused failed to implement safeguards that could have prevented the diversion of public funds.
The High Court proceedings are expected to examine technical evidence including IT audit reports, forensic system analysis and financial records.
The outcome of the heist trial could have major implications for financial oversight and cybersecurity within Uganda’s public financial management systems.
