EFCC PROMISES WHISTLEBLOWERS UP TO 5% FOR TIPS ON HIDDEN ASSETS

The Economic and Financial Crimes Commission has announced a financial incentive for whistleblowers who provide credible information that leads to the recovery of Nigerian assets allegedly taken abroad through corrupt activities. The EFCC Chairman, Ola Olukoyede, said informants could receive between 2.5 per cent and five per cent of assets recovered based on actionable information they provide.

Olukoyede disclosed the incentive while delivering a lecture at the 43rd International Symposium on Economic Crime in Cambridge, United Kingdom. He urged individuals who know the location of Nigerian funds, properties or other assets suspected to be proceeds of corruption to come forward, assuring them that the commission had introduced the reward scheme to encourage the sharing of useful intelligence.

The EFCC chairman said the reward could run into millions of dollars depending on the value of assets recovered through information supplied by whistleblowers. He explained that access to credible intelligence remains important to the commission's efforts to trace illicitly acquired wealth and secure forfeiture orders through the courts.

Olukoyede also disclosed that the EFCC had secured the forfeiture of cash and assets worth more than $500 million to the Federal Government within the first three years of his administration. Among the cases he referenced were the forfeiture of hundreds of housing units linked to a former Central Bank governor, as well as properties allegedly connected to former Attorney-General of the Federation, Abubakar Malami.

The EFCC boss further highlighted the commission's use of non-conviction-based asset forfeiture, which allows suspected proceeds of crime to be targeted through court proceedings without necessarily waiting for a criminal conviction. He maintained that stronger whistleblower participation, effective investigations and cooperation with the judiciary would help Nigeria recover more assets moved out of the country through illicit means.