Ikoyi Whistle-Blower Demands Full 5% Commission Amid Government Recovery of Stashed Funds

Yakubu Galadima, the lawyer representing the whistle-blower who exposed hidden funds totaling $43 million, N23.2 million, and £27,800 (approximately N13 billion) in an Ikoyi apartment, has confirmed that his client will not accept any payout below the maximum five percent commission.

Galadima made the statement during an interview with our correspondent on Saturday, emphasizing that his client is entitled to the full five percent. He added that the commission should be calculated based on the exchange rates at the time of the funds’ recovery, not the current rates.

The Secretary of the Presidential Advisory Committee Against Corruption (PACAC), Professor Bolaji Owasanoye, had previously outlined that whistle-blowers assisting in recovering amounts above N1 billion are entitled to a commission of 2.5 to 5 percent. According to Owasanoye, smaller recoveries attract higher percentages, while amounts exceeding N1 billion fall within the lower end of the scale. “The government may decide on the award based on specific criteria, but no payout can exceed five percent,” he explained at an event titled Tracking Noxious Funds organized by Kent University Law School and the Human and Environmental Development Agency.

Despite these rules, the Ikoyi whistle-blower’s lawyer insists that the commission should be N860 million, far above the N325 million initially proposed.

Ministry of Finance Awaits EFCC Confirmation Before Payment

Officials from the Ministry of Finance revealed that final payment to the whistle-blower depends on confirmation from the Economic and Financial Crimes Commission (EFCC), the agency responsible for recovering the funds. “The ministry’s role is solely to process payments once the recovery is confirmed. Detailed procedures are in place to prevent misuse, legal disputes, and to protect the identity of whistle-blowers,” a source explained.

The ministry aims to complete the payment before the end of the month, though administrative processes may cause slight delays. Verification of the whistle-blower’s identity, computation of taxes, and confirmation of the recovered amount are part of the standard procedures.

Whistle-Blower Policy Produces Significant Recoveries

Professor Owasanoye also highlighted that violations of the Treasury Single Account (TSA) directives are among the most reported cases under the whistle-blower policy. He stated that over 5,000 whistle reports had been submitted by the end of October, with around 75 percent coming via phone calls. Reports cover a range of financial crimes, including contract inflation, ghost workers, unapproved payments, embezzlement, diversion of excess crude funds, improper handling of salaries, and mismanagement of microfinance banks, among others.

“The whistle-blower initiative has been instrumental in uncovering financial misconduct across government agencies and ministries, ensuring accountability, and encouraging citizens to report corruption,” Owasanoye added.