FG To Reward Whistleblowers With 5 Percent of Looted Funds

The decision was made during the Federal Executive Council (FEC) which held yesterday.

Finance Minister Kemi Adeosun who disclosed this to State House reporters after the FEC meeting chaired by President Muhammadu Buhari, said that the whistleblower will be rewarded with 5.0 per cent of the total amount of recovered loots,|

“If there is a voluntary return of stolen or concealed public funds or assets on the account of the information provided, the whistleblower may be entitled to anywhere between 2.5 per cent (minimum) and 5.0 per cent (maximum) of the total amount recovered,” Adeosun said.

She said the policy devised by her ministry was aimed at encouraging anyone with information about a violation, misconduct or improper activity that impacts negatively on Nigerians and government to report it.

According to her, the policy’s objective is to increase exposure of financial or financial related crimes; support the fight against financial crimes and corruption; improve the level of public confidence in public entities; enhance transparency and accountability in the management of public funds; improve Nigeria’s Open Government Ranking and Ease of Doing Business Indicators; and recover public funds that can be deployed to finance Nigeria’s infrastructure deficit.

She listed information that could be submitted to include: mismanagement or misappropriation of public funds and assets (e.g. properties and vehicles); financial malpractice or fraud; collecting/ soliciting bribes; corruption; diversion of revenue; fraudulent and unapproved payments; splitting of contracts; procurement fraud (kickbacks and over-invoicing etc.).

She said whistleblowers could submit their information through the online portal by e-mail or by phone.

On whether a whistleblower is entitled to a financial reward, she responded: “It depends, if there is a voluntary return of stolen or concealed public funds or assets on the account of the information provided, the whistleblower may be entitled to anywhere between 2.5 per cent (minimum) and 5.0 per cent (maximum) of the total amount recovered.

“You must have provided the government with information it does not already have and could not otherwise obtain from any other publicly available source to the government.

“A first level review will always be carried out to determine credibility and sufficiency of information received. If you report false or misleading information, it will be referred to the enforcement agents for investigation and possible prosecution.”

Adeosun said whistleblowing in the public spirit and in good faith, would attract protection.

She said: “If you feel that you have been treated badly because of your report, you can file a formal complaint. If you have suffered harassment, intimidation or victimisation for sharing your concerns, restitution will be made for any loss suffered.”