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.

READ MORE: PICTORIAL: Macron Welcomes Tinubu In Historic State Visit To France

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.

The House of Representatives is currently holding a closed-door session to discuss the Tax Reform Bills submitted by President Bola Tinubu.

On September 3, 2024, the President forwarded four tax reform bills to the National Assembly, based on recommendations from the Taiwo Oyedele-led Tax Reforms Committee.

The proposed bills include the Nigeria Tax Bill 2024, aimed at providing a comprehensive fiscal framework for taxation, and the Tax Administration Bill, designed to establish a clear legal framework for all taxes and minimize disputes.

READ MORE: PICTORIAL: Macron Welcomes Tinubu In Historic State Visit To France

Additionally, the Nigeria Revenue Service Establishment Bill seeks to replace the Federal Inland Revenue Service Act by establishing the Nigeria Revenue Service, while the Joint Revenue Board Establishment Bill proposes the creation of a tax tribunal and a tax ombudsman.

A lawmaker of the All Progressives Congress told our correspondent on condition of anonymity that the meeting is expected to douse tension ahead of the debate.

“Not everyone is convinced yet about the bills but there is a feeling that the intent of the Federal Government is the well-being of the economy. This meeting is to drum support for the bills,”  he stated.

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.