• Latest
  • Trending
Investigation reveals Bank of Uganda heist is an insider's job

Investigation reveals Bank of Uganda heist is an insider’s job

November 28, 2024
Call of Duty movie: Paramount, Activision strike deal for live-action adaptation

Call of Duty movie: Paramount, Activision strike deal for live-action adaptation

September 5, 2025
Meta Brings Back Facebook Poke with Emojis and Streaks

Meta Brings Back Facebook Poke with Emojis and Streaks

September 5, 2025
Know why they’re calling: Truecaller launches AI-powered insights

Know why they’re calling: Truecaller launches AI-powered insights

September 5, 2025
Visa harnesses local partnerships to launch Visa Pay in DR Congo

Visa harnesses local partnerships to launch Visa Pay in DR Congo

September 5, 2025
Betika denies recent reports of security breach

Betika denies recent reports of security breach

September 5, 2025
10 things you can actually buy with crypto in Africa

10 things you can actually buy with crypto in Africa

September 5, 2025
CBE seals deal with Botim to enhance remittance services for Ethiopians living in UAE

CBE seals deal with Botim to enhance remittance services for Ethiopians living in UAE

September 5, 2025
Nigeria Senate, SIBAN push for crypto regulation to boost digital economy

Nigeria Senate, SIBAN push for crypto regulation to boost digital economy

September 5, 2025
Mamo Mihretu Resigns as Governor of Ethiopia’s Central Bank

Mamo Mihretu Resigns as Governor of Ethiopia’s Central Bank

September 5, 2025
Paratus Group introduces first private mobile network using LTE and 5G in Namibia

Paratus Group introduces first private mobile network using LTE and 5G in Namibia

September 5, 2025
Your one-stop tech hub! Get the latest updates on AI, cybersecurity, fintech, and emerging technologies.
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
Techpression
No Result
View All Result
Home Business Fintech

Investigation reveals Bank of Uganda heist is an insider’s job

Oluwatosin Adeyemi by Oluwatosin Adeyemi
November 28, 2024
149 4
0
Investigation reveals Bank of Uganda heist is an insider's job

Investigation reveals Bank of Uganda heist is an insider's job

475
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

Instead of being an external hacking incident as first reported, the alleged theft of $17 million from the Bank of Uganda (BoU) was likely an insider job involving collusion between officials at BoU, the Ministry of Finance’s Treasury department, and the Accountant General’s office, according to new investigations.

Findings from an independent audit approved by BoU top management, which found that the Central Bank’s Treasury account firewalls had not been compromised in contrast to previous reports, lend credence to the conclusion.

The incident, which involved the creation of fictitious expenditures and the transfer of funds through an asymmetric file channel requiring two keys, led President Museveni to first order CID to conduct an investigation before forwarding the case to Defence Intelligence and Security (DIS).

Read also: Palmpay appoints ex-Opay official to lead its marketing and public relations in Nigeria

RelatedPosts

Rutazaana appointed to Micropay board after BoU approval

Uganda confirms Michael Atingi-Ego as Central Bank governor after three years in acting capacity

Bank of Uganda heist: Officials trade blames over claims of ICT breach, human involvement

Ugandan commercial banks: target of frequent hacking attempts 

Although events are frequently kept under wraps to avoid frightening clients, cybersecurity investigators claim that Ugandan commercial banks have been the target of frequent hacking efforts, with an estimated $3 million (Sh11 billion) taken in the last 12 months.

The death of long-time governor Emmanuel Tumusiime-Mutebile in January 2022 left Uganda without a permanent central bank governor for more than a thousand days.

Michael Ating-Ego, the deputy governor, has been filling in since then, but stakeholders and experts are becoming increasingly concerned about the effects of this protracted vacancy.

Read also: Hurupay offers Virtual USD Accounts with zero monthly fees for freelancers, remote workers outside U.S.

Bank of Uganda Leadership under scrutiny 

The effectiveness of the Central Bank’s decision-making has come under scrutiny due to the lack of a permanent governor.

Critics contend that the Bank lacks the authoritative leadership required to handle difficult economic issues.

A substantive governor is thought to be essential for upholding trust in the Bank’s management, influencing choices about monetary policy, and demonstrating the institution’s independence from political interference.

The Central Bank runs the risk of losing out on the high-level direction required to negotiate intricate financial and economic environments in the absence of a strong leader, which would ultimately impact the course of the nation’s economy.

Tags: Bank of Uganda
Oluwatosin Adeyemi

Oluwatosin Adeyemi

Oluwatosin Adeyemi is a seasoned writer with 5+ years of experience. He holds a degree in Animal Science from Olabisi Onabanjo University. A hardworking and creative individual with a passion for teamwork and self-improvement.

No Result
View All Result

Quick Links

  • Tech News
  • Cryptocurrency
  • Fintech
  • Startups
  • Business

Follow Us:

  • facebook
  • instagram
  • Twitter(X)
  • Linkedin
  • YouTube
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Techpression.com -Techpression Media Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Reviews
    • How To
    • General News
  • Cryptocurrency
  • Business
  • Fintech
  • Startups
  • Featured
  • Ai
  • Tech TV

© 2025 Techpression.com -Techpression Media Limited

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.