EFCC Launches Whistleblower Reward Scheme for Recovered Stolen Assets

Ola Olukoyede, the Economic and Financial Crimes Commission's chief, introduced on Wednesday a global incentive program targeting those who disclose information about illicitly transferred Nigerian assets held by corrupt individuals abroad. At the 43rd Cambridge International Symposium addressing Economic Crime in the United Kingdom, he presented a reward structure: individuals providing actionable intelligence would receive between 2.5 and 5 percent of successfully recovered resources.

The scheme applies to both monetary holdings and tangible assets—including property, investments, and other valuable items. Throughout his tenure spanning three years directing Nigeria's primary anti-corruption enforcement agency, Olukoyede has documented substantial progress.

The EFCC has secured forfeiture orders exceeding $500 million in cash and asset value for the Nigerian state. The EFCC leader identified three critical success factors: first, investigators possess capabilities to trace concealed wealth across borders; second, the judiciary has supported enforcement through robust forfeiture proceedings; third, credible intelligence from informants has proved essential.

Olukoyede directly appealed to worldwide individuals possessing knowledge of illicit holdings or funds hidden in foreign jurisdictions, guaranteeing both whistleblower protections and compensation linked to successful recovery outcomes. The program encompasses all wealth categories—financial instruments, physical property, and other asset types receive equal treatment.

Beyond prosecution-dependent asset recovery, the EFCC has embraced non-conviction-based forfeiture mechanisms. Through this approach, authorities may reclaim suspected proceeds without requiring criminal convictions.

Documentary proof demonstrating unlawful origins suffices as justification for asset seizure. These procedures circumvent protracted court proceedings, facilitating faster asset recovery when documentation confirms criminal provenance.