EFCC Offers 5% Whistleblower Reward to Recover Stolen Nigerian Assets Abroad

The Economic and Financial Crimes Commission (EFCC) is turning to an unusual source in its fight to recover money and properties allegedly taken out of Nigeria: people who know where the assets are.

EFCC Chairman Ola Olukoyede said whistleblowers could receive between 2.5% and 5% of recovered assets if their information leads to successful recovery. He made the announcement while speaking at the 43rd Cambridge International Symposium on Economic Crime in the United Kingdom.

Why the EFCC Is Looking Abroad

The move reflects a major problem facing EFCC asset recovery efforts. Stolen funds and properties can be moved across borders, making them harder for Nigerian investigators to trace and recover.

Olukoyede said the commission has forfeited more than $500 million in cash and assets to the Federal Government within three years. Some of the cases involve properties linked to former public officials, including a former CBN governor and former Attorney-General Abubakar Malami.

The EFCC therefore wants people with inside information to provide useful leads that investigators may otherwise struggle to obtain.

What the EFCC Whistleblower Reward Means

The EFCC whistleblower reward is not an entirely new policy. The payment is based on Nigeria’s 2016 Whistleblower Policy, which provides financial incentives when information directly leads to the recovery of stolen or concealed public funds or assets. The percentage depends on the amount recovered, with larger recoveries attracting a lower rate on the higher portion.

That means the announcement is less about creating a new reward system and more about putting renewed attention on an existing tool.

For someone who can provide credible information about stolen Nigerian assets abroad, the financial incentive could be significant. However, a tip alone does not guarantee payment. The information must contribute to an actual recovery.

The Bigger Test for Nigeria

The bigger question is whether people will trust the system enough to come forward. Olukoyede has also stressed the importance of protecting whistleblowers from retaliation. Without confidence that their identities and safety will be protected, even a large financial reward may not be enough.

The EFCC’s next challenge will therefore be turning the promise of rewards into credible recoveries. If successful, the strategy could give Nigeria another way to bring Nigerian assets recovered abroad back into the country.