Yakubu Galadima, the lawyer for the
whistle-blower, who informed the Economic and Financial Crimes
Commission of the $43m, N23.2m and £27,800 (N13bn) recovered from an
Ikoyi apartment, says his client will not accept anything below five per
cent commission.
whistle-blower, who informed the Economic and Financial Crimes
Commission of the $43m, N23.2m and £27,800 (N13bn) recovered from an
Ikoyi apartment, says his client will not accept anything below five per
cent commission.
Galadima said this during a chat with one of our correspondents on Saturday.
The Secretary of the Presidential
Advisory Committee Against Corruption, Prof. Bolaji Owasanoye, at an
event on Thursday titled, ‘Tracking Noxious Funds’, which was organised
by Kent University Law School and Human and Environmental Development
Agency, had explained that any whistle-blower, who helped the government
to recover anything above N1bn would receive less than five per cent
commission.
Owasanoye, who was part of the team that
drafted the whistle-blower policy had said, “If you blow the whistle
and the government recovers cash, you are entitled to between 2.5 per
cent and five per cent. The maximum limit is five per cent.
drafted the whistle-blower policy had said, “If you blow the whistle
and the government recovers cash, you are entitled to between 2.5 per
cent and five per cent. The maximum limit is five per cent.
“According to the policy, if you blow
the whistle and it is below N500m, you get four to five per cent because
the higher the amount that is recovered, the lower the percentage that
is given. This is the global best practice.
the whistle and it is below N500m, you get four to five per cent because
the higher the amount that is recovered, the lower the percentage that
is given. This is the global best practice.
“If the recovery is between N500m and
N1bn, you get three to four per cent (commission). If it is N1bn and
above, it is 2.5 per cent. Indeed, there is a clause that we included in
the policy to say that the government may determine the amount to be
awarded based on other criteria provided that the amount to be awarded
doesn’t exceed five per cent. In other words, the government may
actually pay less than 2.5 per cent but nobody can be paid more than
five per cent.”
N1bn, you get three to four per cent (commission). If it is N1bn and
above, it is 2.5 per cent. Indeed, there is a clause that we included in
the policy to say that the government may determine the amount to be
awarded based on other criteria provided that the amount to be awarded
doesn’t exceed five per cent. In other words, the government may
actually pay less than 2.5 per cent but nobody can be paid more than
five per cent.”
However, the Ikoyi whistle-blower’s lawyer told SUNDAY PUNCH on Saturday that his client would not accept anything less than five per cent.
When asked if his client would accept anything less than five per cent, he said, “Not at all.”
Galadima had stated last week that the commission his client was expecting from the Federal Government was N860m and not N325m.
He had also stated that the commission
should be paid based on the exchange rate at the time the money was
recovered and not the current one.
should be paid based on the exchange rate at the time the money was
recovered and not the current one.
Attempts to get comments from the
Ministry of Finance were not successful as calls and a text message sent
to the Director of Information in the ministry, Mr. Salisu Dambatta,
were not responded to.
Ministry of Finance were not successful as calls and a text message sent
to the Director of Information in the ministry, Mr. Salisu Dambatta,
were not responded to.
Beneficiary to be paid before Thursday, says ministry official
Meanwhile, there are indications that
the Ministry of Finance is awaiting the final clearance from the EFCC
before it can pay the Ikoyi whistleblower.
the Ministry of Finance is awaiting the final clearance from the EFCC
before it can pay the Ikoyi whistleblower.
Officials in the ministry confided in
one of our correspondents that the whistle-blower was expected to be
paid before the end of this month.
one of our correspondents that the whistle-blower was expected to be
paid before the end of this month.
However, it was gathered that while the
ministry was ready to make the payment, the move could be delayed as
administrative work was still ongoing on the issue.
ministry was ready to make the payment, the move could be delayed as
administrative work was still ongoing on the issue.
The official said the ministry had put in place detailed procedures for processing payments under the whistle-blower policy.
These procedures, according to the
official, were designed to prevent abuse, legal disputes and to ensure
protection of the information providers.
official, were designed to prevent abuse, legal disputes and to ensure
protection of the information providers.
He stated that the identity of the
information provider must be verified, adding that there would be
calculation of the amount payable and computation of relevant taxes.
information provider must be verified, adding that there would be
calculation of the amount payable and computation of relevant taxes.
The source stated, “The ministry of
finance is not directly involved in the recovery of looted fund; that is
the responsibility of the various security agencies.
finance is not directly involved in the recovery of looted fund; that is
the responsibility of the various security agencies.
“Our role is to make payment and you
will recall that last week, the finance minister said payment would be
made this month to the person who assisted in the recovery of looted
funds including the Ikoyi whistle-blower.
will recall that last week, the finance minister said payment would be
made this month to the person who assisted in the recovery of looted
funds including the Ikoyi whistle-blower.
“That process is on and final payment
can be released when we receive confirmation from the agency that made
the recovery before we can know who to pay money to.
can be released when we receive confirmation from the agency that made
the recovery before we can know who to pay money to.
“In the case of the Ikoyi recovery, we
are talking of the EFCC which is the agency that made the recovery and
once they give us final confirmation, payment would be made.”
are talking of the EFCC which is the agency that made the recovery and
once they give us final confirmation, payment would be made.”
In a related development, Owasanoye has
revealed that violation of the directive regarding the Treasury Single
Account by government agencies and officials tops the list of recoveries
made from the whistle-blower policy.
revealed that violation of the directive regarding the Treasury Single
Account by government agencies and officials tops the list of recoveries
made from the whistle-blower policy.
Owasanoye said, “As of the end of
October, over 5,000 whistles had been blown and about 75 per cent of
that came from phone calls. So, you can report on the website, email,
text message or phone call.
October, over 5,000 whistles had been blown and about 75 per cent of
that came from phone calls. So, you can report on the website, email,
text message or phone call.
“What are the things that the various
communications have covered? Contract inflation, ‘ghost workers’,
payment of unapproved funds, embezzlement of salaries, diversion of
excess crude funds, improper reduction of financial penalties, diversion
of funds meant for people, placing money in a commercial bank,
non-remittance of deduction of pensions or NHIS and failure to implement
projects.
communications have covered? Contract inflation, ‘ghost workers’,
payment of unapproved funds, embezzlement of salaries, diversion of
excess crude funds, improper reduction of financial penalties, diversion
of funds meant for people, placing money in a commercial bank,
non-remittance of deduction of pensions or NHIS and failure to implement
projects.
“Others include embezzlement of funds
received from donors, embezzlement of payment meant for personnel
emoluments, violation of TSA which is the highest, violation of FIRS
regulations, non-procurement of safety equipment, money laundering,
illegal sale of government assets, diversion of IGR which is the second
largest, financial misappropriation, concealed bailout funds,
mismanagement of micro-finance banks and illegal recruitment.”
received from donors, embezzlement of payment meant for personnel
emoluments, violation of TSA which is the highest, violation of FIRS
regulations, non-procurement of safety equipment, money laundering,
illegal sale of government assets, diversion of IGR which is the second
largest, financial misappropriation, concealed bailout funds,
mismanagement of micro-finance banks and illegal recruitment.”