Nigeria Recovers $176 Million Stolen Funds Through Whistleblower Initiative

Nigeria Recovers $176 Million Stolen Funds Through Whistleblower Initiative

The Nigerian government reported over the weekend that its whistleblower policy announced last December has began yielding fruits.

A statement from the Ministry of Information and Culture disclosed that so far looted funds amounting to $151m and 8bn naira ($25.4m) had been recovered.

The biggest amount recovered was $136,676,600.51 from an account in a commercial bank, where the money was kept under an apparently fake account name, the statement said.

It added that other bumper recoveries were 7 billion Naira and $15 million from another person and 1 billion Naira from yet another. The current recovery figure does not take into account about $9.8m seizure by the country’s anti-graft outfit last week in northern State of Kaduna.

“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,’‘ the Information and Culture Minister Lai Mohammed said.

The Minister urged citizens to continue providing information assuring that confidentiality will be maintained in with regards the source of information. Read the full report here.

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