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The Economic and Financial Crimes Commission on Wednesday recovered about $43m, N23m and £27,000 in cash after raiding a house in Ikoyi, Lagos. The total cash when converted using the current rate of the Central Bank of Nigeria amounts to N11, 661,314,000.

Punch reported that the recovery was made at a service apartment located at Osborne Towers and the identity of the owner of the funds had yet to be ascertained as of press time but the recovery was made possible due to information from a whistle-blower.

The whistleblower is expected to receive over N500m as a reward in line with the whistleblower policy of the Federal Government.

The EFCC said, “We received a tip-off from a whistleblower regarding the existence of a huge sum of cash in an apartment in Osborne Towers, Ikoyi. We were overwhelmed to see such a huge sum of money.

“We had to quickly notify officials of the Central Bank of Nigeria to come with counting machines. We have been counting the money all day and everything will be transferred to the CBN this night because we don’t have a vault that can store such a huge sum of money.

“I can tell you that the whistleblower policy is one of the best things the Federal Government has ever done to help the fight against corruption.”

Punch revealed that the total cash recovery made by the EFCC in Lagos alone in the last five days sums up to N12,360,814,000 while the amount traced to private accounts sums up to N4bn.

This means that whistleblowers had aided the EFCC in recoverying about N16bn in the last five days.

Punch also reported that the anti-graft agency said that due to the existence of the Bank Verification Number and other anti-corruption mechanisms put in place by the CBN and other anti-graft agencies, that depositing of money by politically exposed people in their private accounts had become difficult.

Last modified on Thursday, 13 April 2017
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