US$151m, N8b Looted Funds Recovered As FG’s Whistle-Blower Policy Yields Fruit

The Federal Government’s Whistle-blower policy has started yielding
fruit as it has so far led to the recovery of US$151 million and 8
billion Naira in looted funds, the Minister of Information and
Culture, Alhaji Lai Mohammed, said.

In a statement issued in Lagos on Sunday, the Minister said the looted
funds, which do not include the $9.2 million in cash allegedly owned
by a former Group Managing Director of the NNPC (which was also a
dividend of the whistle-blower policy), were recovered from just three
sources through whistle-blowers who gave actionable information to the
office of the Minister of Justice and Attorney-General of the
Federation.

The biggest amount of $136,676,600.51 was recovered from an account in
a commercial bank, where the money was kept under an apparently fake
account name, followed by 7 billion Naira and $15 million from another
person and 1 billion Naira from yet another.

”When we told Nigerians that there was a primitive and mindless
looting of the national treasury under the last Administration, some
people called us liars. Well, the whistle-blower policy is barely two
months old and Nigerians have started feeling its impact, seeing how a
few people squirrelled away public funds. It is doubtful if any
economy in the world will not feel the impact of such mind-boggling
looting of the treasury as was experienced in Nigeria.

”Yet whatever has been recovered so far, including the $9.2 million
by the EFCC, is just a tip of the iceberg,” Alhaji Mohammed said.

He appealed to Nigerians with useful information on looted funds to
continue to provide the authorities with such information, saying
confidentiality will be maintained with regards to the source of the
information.

The Minister also reminded Nigerians of the financial reward aspect of
the policy, saying ”If there is a voluntary return of stolen or
concealed public funds or assets on the account of the information
provided, the whistle blower may be entitled to anywhere between 2.5%
(Minimum) and 5.0% (Maximum) of the total amount recovered