The Federal Executive Council (FEC) has approved the establishment of a new anti-corruption agency which will be saddled with proper coordination of all recovered looted assets.
Briefing state house correspondents after the FEC meeting on Wednesday, the Minister of Justice, Abubakar Malami explained that assets recovered have been in the hands of several agencies and that better coordination will encourage international/overall coordination in recovering more looted assets.
It is on this premise that the new anti-corruption agency named, ‘Proceeds of Crime Recovery and Management Agency’ is to be saddled with the responsibility of managing the assets that constitute the proceeds of crime in Nigeria.
Malami told newsmen that the FEC has approved transmission of a bill, titled, “Proceeds of Crime Recovery and Management Agency Bill,” to the National Assembly.
The Attorney-General of the Federation (AGF), explained that once the bill becomes law and the agency is established, it would see to proper documentation and
management of such recovered assets and thereby guarantee transparency and accountability.
According to Mr. Malami, an agency of this nature has become necessary in a bid to consolidate the gains achieved so far in the government’s war against corruption.
“The Federal Ministry of Justice presented to Council a memo today (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). “If you have a budget item for recovered assets, this agency will now be in a position to provide information to the federal ministry of finance, budget and
National Planning on-demand as to what amount is there.
Comments here are solely the responsibility of the commenters