2:11 am - Wednesday October 18, 2017

Whistle Blowing Lead To Recovery Of Looted Funds; What Next?

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Pay 5% For Funds Recovered Through Whistle Blowing.

Pay 5% For Funds Recovered Through Whistle Blowing. So a while ago, the federal government of Nigeria through her minister of Finance Mrs Kemi Adeosun announce an initiation of a policy by the federal government that allowed any person with useful information on looted funds by politicians to get a 5% cut from the loots should their information lead to a successful recovery of the funds.

This she said was done in conjunction with the Attorney general of the federation and the minister of justice

According to the federal government, this was aimed at encouraging people to come forward with credible information on how to recover back as much as possible the nations funds that were stashed away in undisclosed locations and or fake accounts while the nation struggled in a recession.

But more than anything else, the aim also was to help the federal government generate more revenue through these recoveries to help with the running of the country.

Incidentally, even though i personally had my doubts considering the modalities around the policy, barely 2months from its inception and Nigeria has recorded a breakthrough in the application of the policy.

In a recent statement issued by the serving minister of information and culture Alhaji Lai Mohammed, the whistle blowing policy has started yielding fruits as it has so far led to the successful recovery of US $151 million and 8 billion naira in looted funds.

These recoveries according to the honorable minister are outside of another major recovery of over $9million by members of the Economic and Financial Crimes Commission (EFCC) from a former Group Managing Director of The NNPC  Andrew Yakubu which amount also, the minister affirms is a dividend of the whistle blowing policy.

The US $151 million and N8 billion according to Alhaji Lai Mohammed were recovered from 3 different sources and they all came through the whistle blowing policy as information pertaining to the funds reached the attorney general of the federation and minister of justice through an undisclosed source confirmed to be a whistle blower.

However, a part that need not be quickly forgotten about the whistle blowing policy is the fact that from its inception, the federal government clearly promised 5% reward to whistle blowers whose information yielded success in the recovery of funds

First of all, it clearly said 5% and not 2.5-5% as we are now hearing the minister for information and culture Alhaji Lai Mohammed say.

Secondly, in the same manner we all have heard that funds have been recovered through the whistle blowing policy, it is important that the government also ensure without fail the 5% goes to the persons who have helped with the recovery.

Let us not quickly forget that the only promising thing about this policy that can make it work is if the government honors her side of the agreement of the 5% to the whistle blowers without fail. Because the truth is considering what we all know of our political leaders, keeping their word is almost an impossible task.

Unfortunately, on this matter, no one will risk their safety to help the federal government recover funds that even they we can not exactly say we understand how they are spending it only to have the government negate on her promise of rewards.

That reward is the only strong link between this policy and its success with all the risks involved. Therefore it is very important that the federal government of Nigeria takes note and instruct appropriately the release of the 5% to the people who have helped them recover the funds.




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