FG recovers N120bn from proceeds of crime
"The fund would be deployed for the construction of major highways, bridges and railways," Minister of Information Lai Mohammed.
The Federal Government on Wednesday said it had recovered over N120bn from the proceeds of crime following the implementation of the Proceeds of Crime (Recovery and Management) Act, 2022.
It said the fund would be deployed for the construction of major highways, adding that the administration’s fight against corruption was very much on track.
The Minister of Information and Culture, Lai Mohammed, disclosed this at the 8th edition of the ‘PMB Administration Scorecard Series (2015-2023)’, where the Minister of Environment made a presentation on achievements by the environment ministry.
Mohammed said, “As you may already know, Mr President signed into law the Proceeds of Crime (Recovery and Management) Bill, 2022, on May 12, 2022.
“That bill was one of the three which Mr. President signed into law that day. Others are the Money Laundering (Prevention and Prohibition) Bill, 2022, and the Terrorism (Prevention and Prohibition) Bill, 2022.
“I have an update on the Proceeds of Crime (Recovery and Management) Act, 2022. In line with the new law, all relevant agencies of government have now opened a ‘Confiscated and Forfeiture Properties Account with the Central Bank of Nigeria.”
He added, “I can confirm that so far, the Federal Government has realised over N120bn, among other currencies, from POCA. This money will be used to fund the completion of ongoing critical infrastructure projects in the country like the Second Niger Bridge as well as the Lagos-Ibadan and Abuja-Kano expressways. We will continue to update you on this.”
On why the event was organised, he said, “We inaugurated this series in October as part of an overall programme aimed at showcasing and documenting the numerous achievements of the Buhari administration.”
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N120 Billion ONLY recovered from proceeds of crime - this is disappointing! What about criminal illicit transfers exported to foreign banks? This exercise impresses me as controlled agents by criminals investigating the criminals' financial crimes. We are not all FOOLS. We need a law - retroactive as well - forcing all Nigerians whilst they were Nigerians to register and declare all foreign assets. No current presidential aspirant has so far promised us this - WHY?