Buhari Seeks To Establish Proceeds Of Crime Agency

President Muhammadu Buhari has transmitted an executive bill to the Senate for the establishment of the Proceeds of Crimes (Recovery and Management) Agency.

The bill titled “Proceeds of Crime Bill” was read on the floor of the red chamber by the President of the Senate, Ahmad Lawan.

The National Assembly had in 2019 passed the bill but was not granted assent due to some issues that were identified during the review.

In the letter to the Senate, President Buhari said the objective of the Proceeds of Crimes Agency is 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 all 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.

“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.”

The “Proceeds of Crime Bill”, according to the president, also seeks to address the problem of lack of transparency and accountability associated with the management of recovered funds by anti-corruption agencies in the country.

He stated that the piece of legislation is critical in sustaining the fight against corruption, money laundering and illicit movement of stolen funds through the banking system and across Nigerian borders.

“The Proceeds of Crime Bill is essential and critical in building and 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 confiscated 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 said.

If passed by the National Assembly, the Bill will strip the Economic and Financial Crimes Commission (ICPC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) of their powers to manage recovered loot.