News, People, Seat of Power

Why is there confusion over Ikoyi whistle-blower’s fees?

The commission due to the whistle-blower whose tip led to the recovery of $43,449,947, £27,800 and N23,218,000 has been the source of confusion as his lawyer battles government.

While the lawyer wants N860 million for his client, the government is reportedly offering N325 million.

But is he being offered 5 percent or 2 5 percent?

Prof. Bolaji Owasanoye, the secretary of the Presidential Advisory Committee on Corruption who was in the team which drafted the whistle-blower policy listed terms of reward as 2.5 percent for recovered amounts over N1 billion, 3 to 4 percent for N500 million and N1 billion and 5 percent for anything less than N500 million.

 

So, what are the reasons for the confusion?

 

  1. The reward terms of the policy are not publicised.

 

  1. The monies are in three currencies, and it’s difficult to agree on the exchange rate.

 

  1. The government is hesitating to pay because of the huge sum involved.

 

  1. There are reportedly many people claiming to be the whistle-blowers.

 

encomium.ng tabulates how much exactly is due to the whistle-blowers:

 

* $2,172,497.35 which is 5 percent of $43,449,947.

 

* £1,390, 5 percent of £27,800

* N1,160,900, 5 percent of N23,218,000

But if the payment is pegged at 2.5 percent, here are the figures:

*$1,086,248.67

*£695

*N580,480

 

With exchange rate of N360/$1 and N475/£1, here’s the total expected by the whistle-blower(s):

* At 5 percent
$2,172,497.35 times N360 = N782,099,046

£1,390 times N475 = N660,250

N1,160,900

Grand total = N783,920,196

*At 2.5 percent, the grand total is N391,960,098

Related Stories:

Comments

comments

About the Author