We investigated 534 cases, secures 4 convictions through Whistleblower -Adeosun
Minister of Finance, Mrs Kemi Adeosun has disclosed that investigation on 534 cases out of a total 1,231 communications on the whistle-blower policy have been concluded with four convictions secured.
Adeosun said that the ministry of finance undertook 791 investigations out of 1,231 tips the Ministry got, saying that 10 were presently under prosecution and four convictions have been secured.
The Minister who spoke through her Special Assistant, Media, Oluyinka Akintunde said the policy is designed to support the fight against graft by exposing financial crimes and rewarding credible informants of such malfeasance.
“Working through PICA, the Ministry has received 8,373 communications as a result of the Whistleblower Policy on contract inflation, ghost workers, illegal recruitment and misappropriation of funds.
“Under the Whistleblower Policy, the Federal Government has recovered directly, as a result of tips received from whistleblowers, the sum of N7.8 billion, US$378 million and GBP27,800.
In May 2018, the Government paid N439,276,099.86 to about 14 whistleblowers who gave specific tips on tax evasion. From the specific information provided on companies which underpaid their taxes, the Government was able to recover the sum of N13.8 billion as a result of those specific tips. The Whistle-blower policy has helped tremendously in facilitating recoveries of ill-gotten funds and assets”, he revealed.
On tax compliance, Akintunde said the robust implementation of the Voluntary Asset and Income Declaration Scheme (VAIDS) has seen an increase in the number of tax payers from 13 million before the assumption of office by the incumbent administration to 14 million in 2016 and 19.3 million in 2018.
“It is instructive to note that some local and foreign companies are now disposed to the VAIDS initiative, and have started to regularise their tax status.
Other critical areas where the Minister has made very commendable impact on the Nigerian economy, include:Creation of Efficiency Unit to plug wastages, creation of Treasury Single Account (TSA), establishment of Development Bank of Nigeria, among others.
