Federal Government said it recovered another $ 151m and
N 8 bn looted funds from three sources through whistle-
The Minister of Information and Culture , Alhaji Lai
Mohammed , in a statement issued on Sunday in Lagos, said
actionable information given by whistle-blowers to the
office of the Minister of Justice and Attorney - General of the
Federation led to the recovery of the looted fund.
He said the looted funds do not include the $9 . 2 m in cash
allegedly owned by a former Group Managing Director of
the NNPC , also a dividend of the whistle- blower policy .
He said , “ The biggest amount of $ 136. 7 m was recovered
from an account in a commercial bank , where the money
was kept under an apparently fake
account name .
“ This was followed by N 7 bn and $ 15 m from another person
and N 1bn from yet another. ”
The minister reiterated the position of government that
there was a primitive and mindless looting of the national
treasury under the last administration .
He said the whistle- blower policy has started yielding fruit ,
few months after its adoption by the government .
He said , “ The whistle-blower policy is barely two months
old and Nigerians have started feeling its impact , 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 .
“ Yet whatever has been recovered so far , including the
$ 9. 2 m by the EFCC , is just a tip of the iceberg. ”
The minister appealed to Nigerians with useful information
on looted funds to continue to provide the authorities with
such information , saying confidentiality will be maintained
with regards to the source of the information .
He also reminded Nigerians of the financial reward aspect
of the policy.
“ If there is a voluntary return of stolen or concealed public
funds or assets on the account of the information provided ,
the whistle blower may be entitled to anywhere between
2 . 5 per cent ( Minimum ) and 5 . 0 per cent ( Maximum ) of the
total amount recovered . ”