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Buhari writes Reps, seek powers to seize stolen funds

President Muhammadu Buhari Wednesday transmitted the Proceeds of Crime bill, 2020 seeking for its expeditious consideration and passage.
Buhari’s letter, which was dated October 6, 2020, and addressed to te Speaker, Femi Gbajabiamila noted that the bill had earlier been passed by the 8th National Assembly but did not receive presidential assent due to some issues with some of its clauses.
The president said: “Please recall that this bill was passed by the National Assembly in 2019 but was not granted assent due to some issues that were identified during the review.
“The Proceeds of Crime Bill is essential and critical in building an enduring and sustainable foundation for the fight against corruption, money laundering, and illicit movement of stolen funds through the banking system and across the Nigerian borders.
“The bill will also improve the ability of law enforcement agencies to seize, freeze and confiscate 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.”
Buhari noted that the objects of the proposed agency includes the enforcement and administration of the provisions of the bill, and the coordination of the recovery and management of the proceeds and instrumentalities of unlawful activity in Nigeria, in collaboration with anti-corruption and other law enforcement agencies.

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