President Buhari and his cabinet have approved a whistleblowing policy to expose fraud in both the public and the private sectors.
Finance Minister Kemi Adeosun disclosed this to State House reporters after the FEC meeting chaired by the President.
According to Kemi, “If there is a voluntary return of stolen funds or assets, the whistleblower will get anywhere between 2.5% and 5.0% of the total amount recovered.”
According to Kemi, the policy will encourage anyone with useful information on stolen funds to return it.
Kemi said the policy’s objective is to increase exposure of financial or financial-related crimes.
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It will also support the fight against financial crimes and corruption and improve public confidence in public entities.
She listed information that could be submitted to for probing.
They include mismanagement or misappropriation of public funds and assets like properties and vehicles.
Financial malpractice or fraud; collecting/soliciting bribes; corruption; diversion of revenue.
Others are fraudulent and unapproved payments; splitting of contracts; procurement fraud (kickbacks and over-invoicing etc.
The ministry defines a whistleblower as any person who voluntarily discloses information in good faith about a possible fraud.
The minister also noted that the FG has provided a secure online portal where information could be submitted.
She added that: “If you have already submitted your information, you can also check the status of your report on the portal.”
She, however, said that the policy would not apply to personal matters concerning private contracts or agreements.
She said whistleblowers could submit their information through the online portal by e-mail or by phone.
“The whistleblower must have provided the government with information it does not already have.
“And the government could not otherwise be obtained from any other publicly available sources.
“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.”