The Economic and Financial Crimes Commission has offered whistleblowers up to five per cent of recovered assets for credible information that leads to the recovery of funds and properties allegedly taken abroad by corrupt Nigerians.
The EFCC Chairman, Ola Olukoyede, announced the incentive while speaking at the 43rd International Symposium on Economic Crime in Cambridge, United Kingdom.
According to the commission’s spokesman, Dele Oyewale, Olukoyede urged individuals with information on Nigerian assets suspected to be proceeds of corruption to approach the EFCC.
He said whistleblowers could receive between 2.5 per cent and five per cent of assets successfully recovered through information they provide.
“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,” Olukoyede said.
He said the reward was designed to encourage people with credible information to come forward and assist investigators in tracing assets moved out of the country through illicit means.
Olukoyede added that the value of some recovered assets could make successful whistleblowers millionaires.
The EFCC chairman also disclosed that the commission had secured the forfeiture of cash and assets worth more than $500m to the Federal Government within the first three years of his tenure.
He attributed the recoveries to the professionalism of EFCC investigators, judicial support and access to reliable intelligence.
Olukoyede further highlighted Nigeria’s non-conviction-based asset forfeiture framework, which allows authorities to pursue suspected proceeds of crime without waiting for a criminal conviction.
He said the approach was comparable to systems used in countries such as Australia and Canada.
According to him, the framework has enabled the government to secure the forfeiture of assets including an aircraft, a university, estates and houses allegedly acquired with proceeds of crime.
He cited the recovery of 752 housing units linked to former Central Bank of Nigeria Governor, Godwin Emefiele.
Olukoyede also spoke about an ongoing investigation involving former Attorney-General of the Federation and Minister of Justice, Abubakar Malami.
He said investigators traced 57 properties to Malami during the probe and had secured the forfeiture of 48 of them.
“We discovered that within eight years of his being in office, we were able to trace about 57 such properties to him. We’ve been able to forfeit about 48,” he said.
The week-long symposium in Cambridge brings together anti-corruption experts and practitioners from around the world. Olukoyede delivered his presentation on the third day of the event.
