Nigeria seeks new law to clamp down on corruption, illicit funds
President Muhammadu Buhari is seeking the approval of the National Assembly for more powers for the government anti-graft campaign with the establishment of a new agency to freeze and seize stolen public funds and assets.
In a letter to the parliament read by the Speaker of the House of Representatives, Femi Gbajabiamila, the president was seeking the establishment of a new agency; a Proceeds of Crime (Recovery and Management) Agency.
“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.”
The President stated that 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.
“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 (CBN).
“These funds will be used for development projects approved by the National Assembly under the annual Appropriation Act and also support the work of the law enforcement and anti-corruption agencies.
“It is my expectation that the House of Representatives will give the bill expedited hearing and passage into law given the importance of the bill in generating revenue tor the country,” the presidential communication stated.
It’s also expected that a similar letter will be read at the plenary of the Senate as the president the concurrence of the two legislative arms for the Bill to be validly passed.