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We’ve Recovered over N17b via Whistle Blower Policy—EFCC

By Dipo Olowookere

Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu, has disclosed that more than N17 billion has been recovered since the Federal Government introduced the whistle blower policy.

Mr Magu revealed this information on Saturday during the 2017 Association of National Accountants of Nigeria (ANAN) Week/Award Day at the FCT Archive Building, Abuja.

“Apart from several other recoveries running into several billions of naira, the recent whistle blower policy, has led to the recovery by EFCC of N521,815,000, $53,272,747, £122,890, and €547,730,” the EFCC boss said.

Business Post used the present CBN official rate for the exchange to arrive at the N17 billion estimation.

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At the occasion, Mr Magu urged players in Nigeria’s financial sector to ensure that they play active role in the war against corruption, by reporting any suspicious transactions to the agency.

Mr Magu, himself a trained accountant, urged his fellow colleagues, not to allow themselves to be tools in the hands of looters and money launderers.

In a paper titled, ‘What Would It Take To Be a Corruption Free Nigeria,’ which was presented on his behalf by Dr A. Bello, he noted that it was unfortunate that the society has chosen to esteem “thieves and looters” of the commonwealth.

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“The moral values of honesty, integrity and hard work, has been overtaken by greed and crass materialism,” Mr Magu said, noting that this was evident in the fact that the society “now recognizes thieves and looters of the common treasury, by rewarding them with chieftaincy titles and other high positions of authority”.

In order to free the country from the shackles of corruption, Mr Magu stressed the importance of the urgent need “to go through the process of reorientation and regeneration”, adding that “the process must start from our homes”.

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He used the medium to remind the accountants of the obligation imposed on audit firms, tax consultants, accounting firms, among other designated non-financial institutions, DNFIs, to always report suspicious transactions to the EFCC.

“Without you fulfilling this obligation, DNFIs commit a crime, and this is necessary to enable us monitor and investigate such transactions, to uncover cases of corruption,” he said.

Mr Magu, who lauded the import of the federal government’s whistle blowing policy, revealed that the EFCC recorded 62 convictions in the first quarter of the year.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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