A sophisticated cyberattack has resulted in the theft of 62 billion Ugandan shillings (about $16.8 million) from the Bank of Uganda, according to a report by the state-owned New Vision newspaper.

The cyberattack, which occurred earlier this month, was carried out by a hacking group identifying themselves as “Waste,” reportedly from Southeast Asia.

The hackers managed to infiltrate the bank’s IT systems and illicitly transfer a significant sum, part of which was traced to Japan, according to sources within the bank cited by New Vision.

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Despite the magnitude of the breach, the central bank has successfully recovered more than half of the stolen funds.

The Bank of Uganda and the Ugandan police have yet to provide official comments on the incident.

However, President Yoweri Museveni has ordered a thorough investigation into the matter, as revealed by New Vision.

In a separate report, Uganda’s largest independent newspaper, Daily Monitor, suggested that the theft might have involved collusion by insiders, raising further concerns about the bank’s internal security protocols.

Cyberattacks on financial institutions in Uganda are not uncommon, with previous incidents targeting banks and telecom firms.

However, many financial institutions are reluctant to publicly disclose such breaches, fearing potential damage to their reputations and loss of customer trust.

Vice President Kashim Shettima has returned to Nigeria after attending the inaugural International Exhibition of Extractive and Energy Resources (SIREXE Expo) in Abidjan, Côte d’Ivoire.

While no official statement was released regarding his return, sources confirm that Shettima arrived in Abuja on Wednesday night via the Nnamdi Azikiwe International Airport.

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During the event, which gathered leaders and industry experts from across Africa, Shettima emphasized the need for stronger governance and enhanced transparency in the extractive and energy sectors.

He also called for increased collaboration among leaders and industry players to better harness Africa’s resource wealth for sustainable development.

“The Nigerian government is committed to building an inclusive extractive industry anchored on the principles of transparency, regional partnerships, and local capacity development,” Shettima said during his address.

The summit, themed “Policies and Strategies for the Sustainable Development of the Extractive and Energy Industries,” served as a platform for discussions on innovative solutions for energy security and resource management across the continent.

President Bola Ahmed Tinubu of Nigeria arrived in France on Thursday for a historic two-day state visit aimed at strengthening bilateral relations.

This marks the first official state visit by a Nigerian leader to France in over two decades, underscoring the growing importance of Nigeria-France ties.

The Nigerian president was received by French counterpart Emmanuel Macron at the Invalides memorial complex in Paris, where the two leaders participated in a ceremonial inspection of a guard of honor.

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The event was highlighted by the playing of both national anthems, setting the tone for discussions focused on enhancing economic and political collaboration.

In a message shared on his X (formerly Twitter) handle, President Tinubu expressed his gratitude for the warm welcome:
“I would like to extend my heartfelt gratitude to my friend, President Macron @EmmanuelMacron, for the gracious welcome this splendid morning at the start of my state visit to France.

“Nigeria and France have a rich history of collaboration across various sectors. I am eager to engage in our bilateral discussions and explore new avenues for partnership that can benefit both nations.”

Macron has made efforts to renew France’s relationship with Africa since his 2017 election, and Nigeria remains a key player in that vision.

The visit comes at a time when France’s influence in its former African colonies has waned due to political instability and military coups, but its ties with Nigeria have remained strong.

The trip is also crucial for Nigeria, which is battling economic challenges such as inflation, poverty, and food insecurity.

More than half of the country’s population lives below the poverty line, and Tinubu’s government sees this visit as an opportunity to attract investments in key sectors, including agriculture, security, education, energy transition, and innovation.

Macron’s office emphasized that the state visit would provide an opportunity to deepen the “already dynamic relationship” between the two countries, with discussions expected to cover trade, solid minerals, finance, and communication.

As Africa’s largest oil producer and home to the globally influential Nollywood film industry, Nigeria offers significant economic potential.

The country was France’s top trading partner in sub-Saharan Africa in 2023, a position it maintains despite rising competition from China, India, and Turkey.

French economic interests in Nigeria remain strong, and both countries are eager to strengthen these ties further.

Alain Antil, an expert at the French Institute of International Relations (IFRI), noted that while France faces increasing competition on the continent, it remains a key player in trade and investment, especially with Nigeria.

Macron and Tinubu are expected to engage in wide-ranging talks during the visit, including potential collaborations on security, sustainable development, and cultural exchange.

Both leaders have expressed a commitment to building a partnership that can address the shared challenges of both nations and the broader African continent.