The probe into the 60 billion shillings loss saga in the Bank of Uganda has taken a new twist after the Ministry of Finance has denied having instructed Bank of Uganda to release the said sum of money to Roadway Company in Japan and MJS International in the United Kingdom who turned out to be wrong recipients.

Appearing before the Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE), the Accountant General Lawrence Ssemakula with Bank of Uganda staff clarified that the payment processes initiated at the Ministry indicated the rightful beneficiaries of the 60 billion shillings that eventually went to the wrong entities.

Ssemakula explained that the Ministry of Finance’s payment processes instructed the Bank to pay the International Development Association (IDA) and the African Development Fund.

Whereas Bank of Uganda led by the Deputy Governor Michael Atingi-Ego insists that the instructions from the Ministry of Finance were to pay the two companies, Ssemakula provided documentary evidence indicating the contrary.

However, members of the committee like Kyadondo East Member of Parliament, Muwada Nkunyingi expressed concern over the contradictions by the two institutions and the slow pace exhibited in handling such a huge loss of 60 billion shillings to the Government.

By Francis Lubega

18 Dec 2024

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