FG Approves Establishment Of New Anti-corruption Agency To Manage Recovered Loots


The Federal Executive Council, FEC, has approved the establishment of a new anti-corruption agency, Proceeds of Crime Recovery and Management Agency, which will be saddled with the responsibility to facilitate the establishment of coordinating all recovered looted assets.


This was disclosed by the Minister of Justice and Attorney General of the Federation, Abubakar Malami, on Wednesday, September 16, when he briefed State House correspondents on the outcome of the 15th virtual meeting of the Council, presided over by President Muhammadu Buhari in Abuja.


He explained that the bill when approved by NASS, would encourage international/overall coordination in recovering more looted assets.


He said,


“The Office of the Attorney General and the Federal of Ministry of Justice presented a Council memo today.


“The Council memo is about a bill which will seek the approval of the Council to transmit to the National Assembly for passage


“It is a Proceeds of Crime Recovery and Management Agency Bill. It is in essence a bill that is targeted at 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 happened before now was that the proceeds of crime were scattered all over and mostly in the hands of different and multiple agencies of government inclusive of the Police, the DSS, EFCC, ICPC.

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