EFCC Offers Whistleblowers Up to 5% for leaking Information on Stolen Assets Abroad

The Economic and Financial Crimes Commission (EFCC) has announced a financial reward for whistleblowers whose information helps recover stolen Nigerian assets held abroad.

EFCC Chairman, Ola Olukoyede, said whistleblowers could receive between 2.5 per cent and 5 per cent of assets successfully recovered based on their information.

Olukoyede disclosed this on Wednesday at the Cambridge International Symposium on Economic Crime in the United Kingdom.

He urged Nigerians with credible information about suspected stolen assets taken outside the country to come forward.

According to him, the reward would be paid where the information directly contributes to a successful recovery.

Olukoyede said the EFCC’s ability to trace assets, judicial cooperation and access to reliable intelligence had strengthened its asset recovery efforts.

He also described EFCC investigators as among the best in the world.

The EFCC chairman said the commission had secured the forfeiture of cash and assets worth more than $500 million for the Federal Government in the three years since he assumed office.

He cited several high-profile cases as evidence of the commission’s aggressive asset recovery drive.

Olukoyede explained that the EFCC can approach the High Court to seek forfeiture of assets suspected to be proceeds of crime.

He said the process is similar to practices in countries such as Australia and Canada.

The EFCC boss recalled a recent case involving an aircraft allegedly linked to a person accused of receiving a $30 million bribe over a power project.

The aircraft was forfeited and subsequently added to the presidential air fleet, he said.

Olukoyede also disclosed that the EFCC had forfeited about 753 housing units allegedly linked to a former governor of the Central Bank of Nigeria.

He said the former CBN governor is currently facing criminal charges in three courts.

The EFCC chairman further revealed that the commission investigated allegations of abuse of office involving former Attorney-General of the Federation, Abubakar Malami.

Investigators, he said, traced about 57 properties allegedly linked to Malami during his eight years in office.

Olukoyede said the EFCC had secured the forfeiture of approximately 48 of the properties.

He also cited the case of a private university allegedly linked to a director in the Federal Ministry of Health.

According to him, the official voluntarily surrendered the property after the EFCC’s investigation.

Olukoyede said the whistleblower reward system was designed to encourage Nigerians to provide credible intelligence capable of helping the country trace and recover assets allegedly taken abroad.