EFCC Offers Rewards for Whistleblowers on Looted Assets

Ola Olukoyede, the Chairman of the Economic and Financial Crimes Commission (EFCC), announced a new whistleblower initiative aimed at Nigerians in the diaspora, offering rewards between 2.5% and 5% of recovered stolen assets for information leading to the recovery of looted funds. This announcement was made during a lecture at the Cambridge International Symposium on Economic Crimes in the United Kingdom.

Olukoyede emphasized the importance of whistleblower protection in ensuring the success of this initiative. He reported that the EFCC had forfeited over $500 million in cash and assets to the Federal Government over the past three years, citing successful cases involving a former Chairman of the Central Bank of Nigeria and Abubakar Malami, a former Attorney-General.

The EFCC's strategy mirrors practices in Australia and Canada, allowing for asset forfeiture based on probable suspicion of crime proceeds. Olukoyede also mentioned a recent case involving the forfeiture of an aircraft linked to a $30 million bribe.