The Economic and Financial Crimes Commission (EFCC) has introduced a new incentive program offering whistleblowers up to five percent of recovered assets for credible information that leads to the recovery of funds and properties allegedly hidden abroad by corrupt individuals. This announcement was made by the commission’s chairman, Ola Olukoyede, during a lecture at the 43rd International Symposium on Economic Crime in Cambridge, United Kingdom.

Olukoyede emphasized the importance of public cooperation in the fight against corruption, encouraging individuals with knowledge of stolen Nigerian assets located anywhere in the world to come forward. He stated, "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 percent and 5 percent, it’s going to go back to you upon recovery."

The chairman highlighted that this financial incentive could potentially transform credible whistleblowers into millionaires, depending on the value of the assets recovered based on their information. He noted, "You never know if you give any information here, some of you may leave this place, multi-millionaire in your lifetime," which received applause from the audience.

In his address, Olukoyede also revealed that under his leadership, the EFCC has successfully recovered and secured the forfeiture of cash and assets valued at over $500 million within three years. He attributed these successes to the commission's diligent investigators, a robust judiciary, and the availability of credible intelligence.

The EFCC chairman explained Nigeria's non-conviction-based asset forfeiture framework, which allows the commission to pursue suspected proceeds of crime without waiting for a criminal conviction. He compared this framework to similar practices in countries like Australia and Canada, stating, "We have something similar to what is obtainable in Australia and Canada that empowers us to apply the forfeiture to proceeds of what is suspected to be proceeds of crime."

Olukoyede provided examples of significant recoveries, including 752 housing units linked to former Central Bank of Nigeria Governor Godwin Emefiele, and ongoing investigations into former Attorney-General of the Federation, Abubakar Malami (SAN). He disclosed that investigations into Malami's assets had led to the forfeiture of 48 out of 57 properties traced to him, following reasonable suspicion of criminal abuse of office during his tenure.

The symposium in Cambridge gathers anti-corruption experts and practitioners from around the globe, fostering discussions on effective strategies to combat economic crimes. Olukoyede's presentation marks a significant effort by the EFCC to bolster its asset recovery initiatives and engage the public in the fight against corruption.