Nigeria: FG seeks more powers to seize, freeze stolen public funds, assets2 min read

In a bid to curb corruption in Nigeria, President, Major General Muhammadu Buhari (retd.), has approached the National Assembly for more powers to freeze and seize stolen public funds and assets.

The  President in a letter to the House of Representatives, which the Speaker, Femi Gbajabiamila, read at the plenary on Wednesday, sought creation of a Proceeds of Crime (Recovery and Management) Agency.

In the letter dated October 6, 2020, Buhari noted that the bill seeking to establish the agency was presented to the Federal Executive Council on September 16, 2020, and was subsequently approved tor transmission to the National Assembly.

The letter partly read, “Please recall that this bill was passed by the National Assembly in 2019 but was not granted assent due to some issues that were identified during the review.

 “The Proceeds of Crime Bill is essential and critical in building an enduring and sustainable foundation for the fight against corruption, money laundering and illicit movement of stolen funds through the banking system and across the Nigerian borders.

“The bill will also improve the ability of law enforcement agencies to seize, freeze and confiscate stolen assets in Nigeria while observing all related constitutional and human rights laws.

“This bill will also address the problem of lack of transparency, accountability and lack of credible records associated with the current procedure in the management of recovered funds by anti-corruption agencies and other institutions in Nigeria.”

According to the President, the objects of the proposed agency include the enforcement and administration of the provisions of the bill, and the coordination of the recovery and management of the proceeds and instrumentalities of unlawful activity in Nigeria, in collaboration with anti-corruption and other law enforcement agencies.

He said, “Most importantly, the agency will ensure that Nigerians can benefit from proceeds of crime by ensuring that once recovery is made, the properties and assets will be secured and that the final forfeitures granted through a court order can be paid into the Confiscated and Forfeited Account to be domiciled in the Central Bank of Nigeria.”

Scroll to Top
X