President Muhammadu Buhari yesterday listed the benefits of the Bill for Management of Recovered Funds to Nigeria and Nigerians
In a letter which accompanied the Bill to the National Assembly today, the president explained that, “The Proceeds of Crime Bill is essential and critical in building a sustainable foundation for the fight against corruption, money laundering and illicit movement of stolen funds through the banking system and across the Nigerian borders.”
He further explained that “The bill will 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 also pointed out the benefit of the bill to citizens in the letter reading “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.”