EFCC Offers Global Whistleblowers Up to 5 Percent for Stolen Nigerian Assets

(Ola Olukoyede. Photo by Daily Nigerian)

The head of Nigeria’s Economic and Financial Crimes Commission has offered whistleblowers worldwide between 2.5 and 5 per cent rewards for information leading to recovery of Nigerian assets stolen and hidden abroad.

Speaking at an international economic crime symposium in Cambridge on Wednesday, Ola Olukoyede said anyone with credible details about stolen Nigerian assets could come forward knowing the incentive scheme rewards successful recoveries.

He told the audience that people sharing information could potentially become multi-millionaires from the rewards.

The commission has recovered and secured forfeiture of cash and assets worth over $500 million to the Nigerian government in less than three years under his leadership.

Olukoyede highlighted Nigeria’s non-conviction-based asset forfeiture framework, which allows the EFCC to seek forfeiture of assets suspected to be proceeds of crime without waiting for criminal conviction.

This mechanism is similar to systems in Australia and Canada.

The framework has enabled recovery of various assets including aircraft, universities, estates and houses tied to suspected proceeds of crime.

He cited the recovery of 752 housing units linked to former Central Bank governor Godwin Emefiele and the forfeiture of 48 out of 57 properties traced to former Attorney-General Abubakar Malami as major cases.

Olukoyede stressed that effective asset recovery requires intelligence gathering, investigative capacity and greater international cooperation to follow money across borders.