Business Hilights
Tracking Nigeria's Headline Business News Online

2,251 ‘whistles’ blown on looted funds, assets, contracts inflation in few months—Adeosun

The Minister of Finance, Mrs. Kemi Adeosun has made shocking revelation, saying the Ministry’s whistle blowing portal has so far received 2,251 tips from whistleblowers on embezzlement of government funds, looting of assets and contract inflation, among others in few months of the policy.

The Federal Government through the office of the Ministry of Finance had set up the Whistleblower programme to make it easy for the public to give information bordering on violation of financial regulations, mismanagement of public funds and assets and other financial malpractice.

Details of the Federal Government support to any whistleblower whose information leads to the recovery of up to N1 billion Naira, showed that five per cent of the amount while any amount between N1 billion and N5 billion, the whistleblower stands to get 4 per cent commission. Any amount over N5 billion, will attract 2.5 per cent reward.

A statement issued by the Special Adviser on Media to the Minister, Mr Festus Akanbi, said the tips came via text messages, calls, email and forms filled on the ministry’s website.

Details released by the Ministry show that whistle blower update as at 24th March, 2017 has the following statistics; Website ( – 95; Calls – (09098067946) – 1,550; SMS – 412; Emails ( – 194

Total number tips received is 282 made up of through Calls – 49; through SMS – 87; through Website – 95; and tip received through E-mail – 51

Actionable tips received as at March 24 stood at 154.

Additional tip types include: i. Contract Inflation and Conversion of Government Assets to Personal use; ii. Ghost workers; iii. Payment of unapproved funds; iv. Embezzlement of salaries of terminated personnel; v. Improper reduction of financial penalties; vi. Diversion of Funds meant for distribution to a particular group of people (farmers); vii. Diversion of funds to personal commercial Bank Accounts to earn interest; viii. Non-Remittance of Pension & NHIS Deductions; ix. Failure to Implement projects for which funds have been provided; x. Embezzlement of funds received from Donor agencies; xi. Embezzlement of funds meant for payment of Personnel emoluments; xii. Violation of TSA regulations by keeping funds in Commercial banks; xiii. Violation of FIRS (VAT) regulation by adjusting Value Added Tax payment; xiv. Non-procurement of equipment required for Aviation Safety; xv. Money laundering and Diversion of funds meant for approved projects; xvi. Illegal Sale of Government Assets; xvii. Diversion of Revenue (IGR); xviii. Financial misappropriations (embezzlement); xix. Concealed bailout funds; xx. Mismanagement of Microfinance banks; xxi. Illegal Recruitments; xxii. Violation of procurement Act.

The statement averred that the Minister’s agenda, as the Chairman of the Whistleblower programme was to investigate illegal sale of government assets, diversion of revenue (IGR), concealed bailout funds, Illegal recruitment and violation of procurement Act.