The Economic and Financial Crimes Commission has renewed its appeal to whistleblowers with credible information about Nigerian funds and other assets allegedly taken abroad, saying eligible informants can receive between 2.5 per cent and 5 per cent of the value successfully recovered.
EFCC Chairman Ola Olukoyede disclosed the incentive on Wednesday while delivering a lecture at the 43rd Cambridge International Symposium on Economic Crime in the United Kingdom. He urged people who have actionable information about the location of Nigerian monetary and non-monetary assets suspected to have been moved overseas to come forward.
Olukoyede said the financial incentive is intended to encourage people with useful information to assist investigators in tracing assets that may have been acquired through corruption or other financial crimes and subsequently moved outside Nigeria.
However, the reward should not be interpreted as a new blanket 5 per cent payment for every tip. Available information indicates that the reward operates under Nigeria's existing 2016 Whistleblower Policy, with the percentage varying according to the amount recovered. Under the framework, eligible whistleblowers can receive between 2.5 per cent and 5 per cent where their information directly contributes to the recovery of stolen or concealed public funds or assets.
The payment is therefore tied to a successful recovery rather than simply submitting information. This distinction is important because a person who provides information that cannot be verified or does not lead to an actual recovery would not automatically qualify for the reward.
Olukoyede's announcement places renewed attention on the role of whistleblowers in Nigeria's efforts to trace suspected proceeds of corruption. Assets moved across international borders can be particularly difficult to recover because investigations may require cooperation between Nigerian authorities and institutions in other countries.
Such assets can include money held in foreign bank accounts, real estate, businesses and other valuable properties. Establishing who owns an asset, where the money used to acquire it came from and whether it is connected to a crime can require extensive financial investigation and legal proceedings.
The EFCC chairman also stressed the importance of protecting people who provide information. Stronger whistleblower protection is significant because individuals who expose suspected financial wrongdoing may face pressure, intimidation or other risks, particularly where the information concerns powerful individuals or substantial assets.
The reward arrangement is consequently intended to provide both an incentive for useful information and greater public participation in the recovery of assets suspected to have been taken from Nigeria.
Olukoyede said the EFCC had recovered and secured the forfeiture of cash and assets worth more than $500 million for the Federal Government during the first three years of his leadership. He attributed the recoveries to the work of investigators, judicial support and access to credible intelligence.
He also highlighted the commission's use of non-conviction-based asset forfeiture, which allows authorities to seek the forfeiture of assets suspected to be proceeds of crime without necessarily waiting for a criminal conviction. The process remains subject to judicial oversight and the relevant legal procedures.
Among the cases mentioned by the EFCC chairman was the forfeiture of hundreds of housing units linked to former Central Bank of Nigeria Governor Godwin Emefiele. Olukoyede also discussed investigations involving former Attorney-General of the Federation and Minister of Justice, Abubakar Malami.
In Malami's case, the EFCC chairman said investigators had traced 57 properties to the former minister and secured forfeiture orders over 48 of them. He also said the commission was considering an appeal concerning nine other properties after a court rejected the application for their final forfeiture.
The details surrounding those individual cases remain subject to legal proceedings, and allegations concerning the acquisition of assets should not be treated as proof of criminal guilt unless established through the appropriate legal process.
The EFCC's latest appeal is particularly relevant to assets suspected of being moved abroad because recovering such property can involve multiple jurisdictions. Nigerian investigators may need assistance from foreign law-enforcement bodies, financial institutions and courts before assets can be frozen, forfeited or returned to Nigeria.
International cooperation is therefore an important part of the asset-recovery process. Reliable information from individuals who know where suspected assets are located can potentially help investigators establish leads that may otherwise be difficult to identify.
The Cambridge symposium where Olukoyede made the announcement brought together experts and practitioners involved in tackling economic crime and recovering proceeds of illicit activity. His presentation focused on asset recovery and the importance of taking the financial benefits out of crime.
For Nigerians who possess genuine information about suspected stolen public assets abroad, the EFCC's message is that credible intelligence can contribute to an investigation and may qualify for a financial reward if it ultimately results in a successful recovery.
At the same time, members of the public should distinguish between credible information and unverified accusations. Providing false or deliberately misleading information about another person can have serious consequences, while allegations involving individuals should be properly investigated and determined through lawful procedures.
The initiative also places responsibility on the EFCC to ensure that information supplied by whistleblowers is handled appropriately, investigations are conducted professionally and eligible rewards are administered transparently.
As Nigeria continues efforts to recover assets suspected to have been taken out of the country, the success of the approach will depend not only on financial incentives but also on the quality of intelligence received, the strength of investigations, international cooperation and the ability of the courts to determine legitimate claims.
The renewed call by the EFCC therefore represents another attempt to involve members of the public in Nigeria's asset-recovery efforts, while highlighting the growing importance of tracing illicit wealth beyond the country's borders.
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