Turbo Finance: Anti-Fraud and Whistle Blowing Policy

Purpose  

• To ensure the effective and efficient management of fraud, corruption, and other unethical behaviors within the organization. 

• To promote a culture of transparency, accountability, and integrity. 

• To establish a secure and accessible channel through which employees, clients, vendors, partners, and members of the public can report unethical practices without fear of retaliation. 

Policy Statements   

General Guidelines  

• All employees are expected to uphold the highest standards of integrity, transparency, and accountability. 

• This policy addresses fraud, bribery, corruption, misappropriation, and other unethical practices that may impact the organization negatively. 

Examples of Unethical Conduct (not exhaustive): 

• Theft or unlawful use of company assets. 

• Corruption, bribery, or offering/receiving inducements. 

• Sham transactions or fraudulent reporting. 

• Forgery, embezzlement, misrepresentation, or unauthorized disclosure of sensitive information. 

• Conflict of interest or abuse of position for personal gain. 

Compliance and Legal Obligations 

• Employees, partners, and vendors must comply with all local and international anti-corruption and anti-bribery laws, including the Nigerian Whistleblower Protection Act (2022). 

• The organization has a zero-tolerance policy toward fraud and unethical conduct. 

• Intermediaries must not be used to circumvent ethical standards. 

Consequences of Misconduct 

• Any form of fraud or unethical behavior shall be treated as gross misconduct and may result in: 
  • Suspension 
  • Termination 
  • Legal action and escalation to law enforcement agencies  

Reporting Mechanism 

• Reports can be made anonymously via: 

• The designated email: [whistleblower@xxxx.com] 

• The whistleblower report to be sent via the designated email.  

• Confidentiality and protection of whistleblowers will be guaranteed in accordance with the Whistleblower Protection Act. 

• Retaliation or victimization of whistleblowers will not be tolerated and will result in disciplinary action. 

Whistleblower and Exception Reporting Committees 

• Whistleblower Committee Composition: CHRO, CFO, two appointed Opco CEOs 

• Responsibilities: 
  • Assess, investigate, and make recommendations on reported cases 
  • Submit reports to senior leadership for action 

• Exception Reporting Committee Composition: Internal control officer, one executive director, and one non-executive director 

• Handles cases where whistleblower committee members are implicated 

Confidentiality and Protection 

• All investigations and findings are to be handled confidentially. 

• Whistleblowers will be protected against retaliation. 

• Misuse of whistleblower privileges or breach of confidentiality by committee members will be treated as gross misconduct. 

Fraud Reporting and Investigation Procedures 

• All staff and external stakeholders are encouraged to report fraud through official channels via fraud@turbofinance.africa. 

• Acknowledgment of reports and assurance of confidentiality will be provided. 

• Investigation steps: 
  • Identification of witnesses 
  • Information gathering 
  • Independent analysis 
  • Submission of findings to senior leadership 
  • Execution of approved actions 
  • Closure of case post-action 

Escalated Fraud Complaints 

• Handled by the Exception Reporting Committee 

• Review the fairness and completeness of prior investigations 

• Recommend re-investigation or closure as appropriate 

Monitoring and Compliance 

• The Head of Operational Excellence (OPEX) unit will perform monthly random checks to ensure policy adherence. 

Effectiveness Criteria 

• Zero reported incidents of internal retaliation 

• Increase in reports indicating a trusted system 

• Resolution and closure of all valid reported cases 

Definitions 

• Fraud: Intentional deception for financial or personal gain. 

• Whistleblowing: Disclosure of wrongdoing to authorities or designated bodies within an organization. 

Tools 

• Whistleblower report form (electronic and hardcopy) 

• Secure reporting email system