$151m, N8b looted funds recovered as FG’s Whistle-Blower Policy yields fruit

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The Federal Government’s Whistle-Blower Policy has started yielding fruit as it has so far led to the recovery of 151 million dollars and N8 billion in looted funds.

Mr Segun Adeyemi, SA to Hon Minister of Information and Culture quotes the information Minister  Alhaji Lai Mohammed as these funds did not include the 9.2 million dollar in cash allegedly owned by a former Group Managing Director of the NNPC.

He, however, acknowledged the one recovered from former GMD was also a dividend of the whistle-blower policy.

According to the minister, funds were recovered from just three sources through whistle-blowers, who gave actionable information to the office of the Minister of Justice and Attorney-General of the Federation.

The biggest amount of 136,676,600.51 dollars was recovered from an account in a commercial bank, where the money was kept under an apparently fake account name.

This was also followed by N7 billion and 15 million dollars from another person and N1 billion from yet another.

“When we told Nigerians that there was a primitive and mindless looting of the national treasury under the last Administration, some people called us liars.

“Well, the whistle-blower policy is barely two months old and Nigerians have started feeling its impact, seeing how a few people squirrelled away public funds.

“It is doubtful if any economy in the world will not feel the impact of such mind-boggling looting of the treasury as was experienced in Nigeria.

“Yet whatever has been recovered so far, including the 9.2 million dollars by the EFCC, is just a tip of the iceberg,” Alhaji Mohammed said.

He appealed to Nigerians with useful information on looted funds to continue to provide the authorities with such information, saying confidentiality would be maintained with regards to the source of the information.

The minister also reminded Nigerians of the financial reward aspect of the policy:

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




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