The Economic and Financial Crimes Commission has offered whistleblowers up to five per cent of recovered assets. The reward applies to actionable information leading to the recovery of funds and properties stashed abroad by corrupt Nigerians.
EFCC Chairman Ola Olukoyede urged individuals with credible information to approach the commission. He promised financial incentives upon successful recovery. Olukoyede disclosed this while delivering a lecture at the 43rd International Symposium on Economic Crime in Cambridge, United Kingdom.
EFCC chairman unveils whistleblower incentive
“I welcome all of you to the world of whistleblowing,” Olukoyede said. “If any one of you is privy to where Nigerian assets are stolen or taken to anywhere in the world, we have an incentive for you; between 2.5 per cent and 5 per cent, it’s going to go back to you upon recovery.”
“That is an incentive we have put in place to encourage people to come forward to give information about stolen assets,” he added.
The EFCC chairman said the reward could turn credible whistleblowers into millionaires. The amount depends on the value of assets recovered from the information supplied.
“You never know if you give any information here, some of you may leave this place, multi-millionaire in your lifetime,” Olukoyede said, drawing applause from participants.
Over $500 million recovered in three years
Olukoyede disclosed that the EFCC had recovered and secured the forfeiture of cash and assets worth more than $500 million. This achievement came within the first three years of his administration.
“Within three years of my assumption of office, we’ve been able to forfeit both cash and assets worth over half a billion dollars to the government,” he said.
He attributed the recoveries to the resourcefulness and professionalism of EFCC investigators. He also credited a vibrant judiciary and access to credible intelligence.
Non-conviction-based forfeiture framework
The anti-graft agency chairman also highlighted Nigeria’s non-conviction-based asset forfeiture framework. This enables the commission to pursue suspected proceeds of crime without waiting for a criminal conviction. According to him, the framework is similar to approaches used in countries including Australia and Canada.
“We have something similar to what is obtainable in Australia and Canada that empowers us to apply the forfeiture to proceeds of what is suspected to be proceeds of crime,” he said.
Recoveries from Emefiele, Malami
Olukoyede cited the recovery of 752 housing units linked to former CBN Governor Godwin Emefiele. He also mentioned an ongoing investigation involving former AGF Abubakar Malami. He said the investigation into Malami’s assets led to the forfeiture of 48 properties. Authorities traced 57 properties to him.
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