Nigeria: Anti-graft agency recovers about $53.6m in 4 months

Acting Head of Nigerian anti-graft agency, the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu said the commission recovered over N17 billion (about $53.6m) in the last four months.

Magu made the disclosure on Saturday at the 2017 Association of national Accountants of Nigeria (ANAN) Week/ Award Day at the Federal Capital territory Archive Building, Abuja.

He further said the anti-graft agency recovered N521,815,000.00, $53,272 747.00, £122,890.00, and €547,730.00.
Magu also revealed that the commission recorded 62 convictions in the first quarter of the year.

“Apart from several other recoveries running into several billions of naira, the recent whistleblower policy has led to the recovery by EFCC of N521,815,000.00, $53,272 747.00, £122,890.00, and €547,730.00,” he said.

The recent recovery has been credited to a whistleblowing policies launched in December by Nigeria’s finance minister.

Whistleblowers can now anonymously provide information through a secure portal, if the information leads to the recovery of stolen public funds, the whistleblower is entitled to between 2.5%-5% of the total money recovered.

EFCC Recovers N17b In 4 Months – Magu https://t.co/vNnERGzLZa pic.twitter.com/Iw4Bbty1aC

— Oriental Times (@OrientalTimes) April 23, 2017

In February, the minister of information, lai Muhammad, said the policy has led to the recovery of $180 billion.