20170413

How EFCC recovered $43m, £27,000, N23m in Lagos house

We reported that the Economic and Financial Crimes Commission raided a house in Ikoyi, Lagos, yesterday and recovered about $43m, N23m and £27,000 in cash.

The total cash when converted using the current rate of the Central Bank of Nigeria amounts to N11,661,314,000 (over N11billion).

It was learnt that the recovery was made at a service apartment located at Osborne Towers.

The identity of the owner of the funds had yet to be ascertained as of press time but the recovery was made due to information from a whistle-blower.

In line with the whistleblower policy of the Federal Government, the whistleblower is expected to receive nothing less than N500m as a reward.

A source at 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.”

As of 8:51pm on Wednesday, the money was still being counted.

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.

In essence, the EFCC had made a recovery of about N16bn in the last five days due to the assistance of whistleblowers.