The Bank of Uganda has confirmed significant progress in recovering funds that were wrongly paid to a beneficiary.

According to the Deputy Governor Michael Atingi-Ego, USD 8.205 million out of the total USD 8.59 million has been recovered to date. 

This clarification came after he was questioned by the Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) chaired by Medard Lubega Sseggona about the disappearance of the sum totaling over 60 billion shillings from the Bank of Uganda.

Atingi-Ego emphasized that the money was not stolen per se but was rather a payment error made to the wrong beneficiary. 

He adds that the funds were intended to service debt loans at the African Development Bank, not a bank in London. 

He noted that the error was not caused by the Bank of Uganda but rather by approvals made by the Ministry of Finance, Planning and Economic Development.

Atingi-Ego noted that the current investigation is focused on determining who approved the erroneous payments to the wrong beneficiaries.

By Francis Lubega

17 Dec 2024

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