How whistle-blower policy helps recover N30bn looted funds

The Nigerian government’s policy of whistle blowing has helped the Economic and Financial Crimes Commission, EFCC, to trace and recover more than N30 billion looted funds since its commencement, the commission’s acting chairman, Ibrahim Magu has revealed.

Mr Magu, who disclosed this at the launch of the whistle-blower support project tagged “Corruption Anonymous”, CORA, on Thursday, said hundreds of proven tips were received that led to the recovery of the amount.

He said in a speech at the event, that the anti graft agency has created an environment for those with information to approach the Commission, confident that the information they give would be put into effective use.

“Since the commencement of the whistle-blower policy, we have received hundreds of actionable tips that led to the following cash recoveries: N527, 643,500; $53,222,747; GBP 21,222,890 and Euro 547,730.

“I am glad to report that Nigerians have so far been very responsive. We have always treated every tip referred to us with strict sense of responsibility bearing in mind that such undertaking on the part of the whistle-blower is usually a matter of trust and even risk.

“At the same time, we have been careful not to be used by mischief makers who would want to abuse this process,” Mr Magu said.

He then warned of the repercussion of a false tip, aligning that to the consequences of an arrested public funds looter.

“Let me reiterate that just as there is consequence for corruption, there will be consequence for those who want to take advantage of this noble initiative in the fight against corruption to create mischief.

“We have responded to this possibility by developing a water-tight mechanism of both reporting and cross-checking information,” he said.

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