EFCC finds $38m, £27k, N23m in a house in Gerrard Road, Ikoyi

OperATIVEs of Economic and Financial Crimes Commission, EFCC, yesterday, found $38 million, £27,000 and N23 million in a private residence on Gerrard Road, Ikoyi, Lagos.

The commision acted on a tip-off by yet another whistleblower. It was learned that the house, which belongs to an unnamed Abuja politician, is on Gerrard Road, Ikoyi, Lagos. 

EFCC agents, who stormed the house, early yesterday, were still counting the money at press time. EFCC spokesman in Lagos, Mr Samin Amaddin, who confirmed the discovery, said the agents, who went on the mission, were yet to return to base last night.

 The Federal Government recently spelt out the benefits awaiting whistleblowers as it also pledged to protect them. 

Minister of Information and Culture, Alhaji Lai Mohammed, said any whistleblower whose information led to the recovery of up to N1 billion would receive five per cent of the amount.

According to him, the reward for any amount between one and five billion naira would be five per cent for the first N1 billion and four per cent of the remaining N4 billion, and that any amount over N5 billion will attract 2.5 per cent reward.

 The Federal Government had said that any whistleblower, whose information led to the recovery of cash or assets worth N5 billion, would earn N210 million.

 Mohammed said:  “For example, if a whistleblower provides information leading to the recovery of N10 billion, he or she will receive five per cent of the first N1 billion, four per cent of the next N4 billion and 2.5 per cent of the remaining N5 billion.

“What we have done by making this information public is to reassure potential whistleblowers that the plan to reward is real.

We are not just saying we will pay all whistleblowers, but we are letting them know in advance what they are entitled to, once the information they provide leads to the recovery of looted funds.”

The latest recovery came two days after EFCC agents recovered €547,730 and £21,090 as well as N5,648,500 from a Bureau de Change operator in Balogun market, in Lagos. Last Thursday, the EFCC recovered N449, 000, 860 hidden in an abandoned shop in Lagos.