Government of Nigeria plans to create a new agency to manage recovered loot

The Federal Executive Council of Nigeria has approved a bill seeking to create an agency that will be responsible for managing proceeds of crimes in Nigeria, among other functions.

The bill is titled ‘Proceeds of Crime Recovery and Management Agency Bill’. During the meeting the Attorney-General of the Federation, Abubakar Malami (SAN), received the go-head to transmit the bill as approved to the National Assembly for the purpose of passing it into law.

This development was disclosed to State House correspondents at the end of the weekly meeting of the council which was presided over by the President, Major General Muhammadu Buhari (retd.).

Buhari presided over the virtual meeting from the Council Chamber of the Presidential Villa, Abuja with some ministers in attendance while others participated from their offices.

The justification for the Bill was that it provides both a legal and institutional framework and bases for the collection and management of recovered loot in the country. The Minister pointed that the management of a loot was previously carried out by various agencies of the government such as the police, the DSS (Department of State Services), the EFCC  (The Economic and Financial Crimes Commission) and the ICPC  (Independent Corrupt Practices Commission). Such an arrangement, he pointing was not an efficient approach hence the new proposed law.

He also added that data on collected loot was lacking positing that the new agency will be a one-stop shop for everything that related to the collection and management of recovered loot for the government.

Leave a Reply