YouWIN: Ministry of Finance responds to fraud allegation, suspends disbursement

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  • Says YouwinConnect now Venture Funding

[Abuja]–The management of the Federal Ministry of Finance has responded to the allegation of fraud in the YouWIN programme advanced by an anonymous whistle blower  in The Punch newspaper story of Tuesday, March 28, 2017 entitled, “Probe Uncovers Massive Fraud in YouWin Programme.”

The response was contained in a press release signed by the Director of Information, Salisu Na’inna Dambatta.

“The attention of the management of the Federal Ministry of Finance has been drawn to a story in The Punch newspaper of Tuesday, March 28, 2017 entitled, “Probe Uncovers Massive Fraud in YouWin Programme.”

“Allegations were received from an anonymous whistleblower, which provided documentary evidence of irregularities in 10 cases out of the batch. The Minister immediately directed that an internal investigation be conducted to determine the veracity of the alleged fraud and report the findings to her for necessary action.

“The substance of the allegations was that an awardee was the child of a former Director in the Ministry and there were a number of cases where married couples each benefitted. This raised concerns about the integrity of the original selection process, which took place in 2014.

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“The position of the Ministry is that investigations are ongoing under the Presidential Initiative on Continues Audit (PICA) who will review each suspected case to determine whether any irregularity occurred. In the interim, disbursements of this batch have been suspended.”

It was also revealed in the press release that the funding element of YouWinConnect will now take the form of a Venture Fund which will take equity stakes in new and growing businesses as opposed to earlier grant nature.

THE PAGE had earlier reported the Federal Government in March announced the unveiling of the rebranded Youth Enterprise with Innovation in Nigeria (YouWIN) now to be known as YouWINConnect.

Mrs Kemi Adeosun, the Minister of Finance, in the report, also confirmed that all FG commitments under the YouWIN programme will be fully met, but due diligence would be carried out on every beneficiary, using tools like the Bank Verification Number (BVN), and before disbursements.




Copyright 2017 The Page. Permission to use quotations from this article is granted subject to appropriate credit being given to www.thepageng.com as the source.

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