The Economic and Financial Crimes Commission (EFCC) has offered whistleblowers between up to five per cent of recovered assets for credible information leading to the recovery of funds and properties allegedly stashed abroad by corrupt Nigerians.
EFCC Chairman, Ola Olukoyede, disclosed this while delivering a lecture at the 43rd International Symposium on Economic Crime in Cambridge, United Kingdom.
In a statement issued on Wednesday by the EFCC spokesperson, Dele Oyewale, Olukoyede said the incentive was designed to encourage individuals with credible information on stolen Nigerian assets to come forward.
“I welcome all of you to the world of whistleblowing. 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,” he said.
The EFCC chairman said the reward could turn credible whistleblowers into millionaires, depending on the value of assets recovered from the information provided.
“You never know if you give any information here, some of you may leave this place, multi-millionaire in your lifetime,” he said.
Olukoyede said the initiative would strengthen the commission’s access to credible intelligence needed to trace assets moved out of Nigeria through illicit means.
He also disclosed that the EFCC had recovered and secured the forfeiture of cash and assets worth more than $500 million to the Federal Government 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.
Olukoyode attributed the recoveries to the professionalism of EFCC investigators, a vibrant judiciary and access to credible intelligence.
The EFCC chairman also highlighted Nigeria’s non-conviction-based asset forfeiture framework, which he said allows the commission to pursue suspected proceeds of crime without necessarily waiting for a criminal conviction.
According to him, the framework is similar to mechanisms used in countries such as Australia and Canada.
Olukoyede said the system had made it possible for 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, as well as an ongoing investigation involving former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN).
He said the investigation into Malami’s assets resulted in the forfeiture of 48 out of 57 properties allegedly traced to him.
“Sometimes last year, I opened investigations upon reasonable suspicion of criminal abuse of office by the immediate past Attorney-General of Nigeria.
“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 43rd International Symposium on Economic Crime held in Cambridge brought together anti-corruption experts and practitioners from different parts of the world.
Olukoyede delivered his presentation on the third day of the week-long symposium.
