Under the leadership of President Muhammadu Buhari, the Nigerian government has approved the establishment of a new anti-corruption agency.
This was disclosed by the Minister of Justice and Attorney General of the Federation, Abubakar Malami, to State House correspondents after the Federal Executive Council meeting on Wednesday.
The new anti-corruption agency approved by the Federal Executive Council under President Buhari will be saddled with proper coordination of all recovered looted assets.
Abubakar Malami said the new anti-corruption agency, known as the ‘Proceeds of Crime Recovery and Management Agency’, will oversee the responsibility of managing the assets that constitute the proceeds of crime in Nigeria.
The Minister said the FEC had approved transmission of a bill, titled, “Proceeds of Crime Recovery and Management Agency Bill,” to the National Assembly.
He said, “The Federal Ministry of Justice presented to Council a memo (on Wednesday).”
“The memo is about a Bill which seeks the approval of the Council to transmit to the National Assembly for passage.”
“It is the Proceeds of Crime Recovery and Management Agency Bill.”
“It is in essence a bill that is targeted and intended to have in place a legal and institutional framework. The legal component of it is having a law and the institutional component of it is to have an agency that will be saddled with the responsibility of managing the assets that constitute the proceeds of crime in Nigeria.”
“What happens before now is the proceeds of crime are scattered all over, and mostly in the hands of different and multiple agencies of government inclusive of the police, the DSS (Department of State Service), EFCC (Economic and Financial Crimes Commission), and ICPC (Independent Corrupt Practices and other Related Offences Commission).”
“So, with that kind of arrangement which is ad-hoc, there is no agency of government that is saddled with the responsibility of data generation, an agency that can give you off-hand the number of landed assets, number of immovable assets, the amount in cash that are recovered by the federal government by way of interim forfeiture overweigh of a final forfeiture.”