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Minister: Nigeria recovers N120bn from proceeds of crime

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The Federal Government said on Wednesday that the Proceeds of Crime (Recovery and Management) Law (POCA), 2022, has helped recover over N120 billion and other currencies.

This was announced in Abuja at the eighth President Muhammadu Buhari (PMB) Administration Scorecard series (2015-2023) event by Minister of Information and Culture, Alhaji Lai Mohammed.

According to the News Agency of Nigeria (NAN), the series debuted in October to showcase and document the accomplishments of the Buhari Administration.

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Mohammed Abdullahi, the minister of the environment, was a guest on this edition.

Mohammed, in his opening remarks, stated that the fight against corruption by the Buhari administration was proceeding as planned.

The president, he said, signed the Proceeds of Crime (Recovery and Management) Bill and two others into law in May to strengthen the country’s anti-money laundering and counter-terrorist financing infrastructure.

Following the new legislation, the Central Bank of Nigeria has established a “Confiscated and Forfeiture Properties Account” for all government agencies that need to hold confiscated or forfeited property.

For example, “the money is being used to fund the completion of ongoing critical infrastructure projects in the country,” he explained, naming the Second Niger Bridge, the Lagos-Ibadan Expressway, and the Abuja-Kano Expressway as examples.

According to NAN, the president also signed the Terrorism (Prevention) Bill and the Money Laundering (Prevention) Bill into law back in May.

You may also recall that the president said the bills were in line with his administration’s commitment to fighting corruption and illicit financing activities when he signed them in the Council Chamber of the State House.

The president had previously stated that the new laws contained sufficient punitive measures and containment strategies against abuses and compromises, while the insufficiency of all the repealed Acts had affected legal proceedings against offenders.

To the members of Nigeria’s National Assembly, he expressed his gratitude for their doggedness, bravery, and commitment to fighting the scourge of money laundering, terrorism, and terrorism financing in Nigeria.

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