FG asks NASS to enact law for creation of agency that will seize, freeze stolen funds, assets‎

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‎The Federal Government has asked the National Assembly to make a legislation that will give it more powers to freeze and seize stolen public funds and assets.

The request was made in a letter forwarded by President Muhammadu Buhari to the House of Representatives.

Speaker of the House of Representatives, Femi Gbajabiamila, read the letter at plenary on Wednesday.

The letter sought creation of a Proceeds of Crime (Recovery and Management) Agency.

In the letter dated October 6, 2020, Buhari noted that the bill seeking to establish the agency was presented to the Federal Executive Council on September 16, 2020, and was subsequently approved tor transmission to the National Assembly.

Parts of the letter read, “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.”‎

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