The Proceeds of Crime (Recovery and Management) Law (POCA), 2022, according to the Federal Government, has assisted in the recovery of about N120 billion and other currencies.
Alhaji Lai Mohammed, Minister of Information and Culture, made this announcement at the ninth event of the President Muhammadu Buhari (PMB) Administration Scorecard series (2015–2023) in Abuja.
The series, launched in October, was created to highlight and record the accomplishments of the Buhari Administration, according to the News Agency of Nigeria (NAN).
The environment minister, Mohammed Abdullahi, was a guest on this episode.
Mohammed said in his opening remarks that the Buhari administration's anti-corruption campaign was going according to schedule.
He said that to fortify the nation's anti-money laundering and counter-terrorist financing infrastructure, the president signed three bills into law in May, including the Proceeds of Crime (Recovery and Management) Bill.
Following the new legislation, the Central Bank of Nigeria has established a “Confiscated and Forfeiture Properties Account” for all government agencies that need to hold confiscated or forfeited property.
For example, “the money is being used to fund the completion of ongoing critical infrastructure projects in the country,” he explained, naming the Second Niger Bridge, the Lagos-Ibadan Expressway, and the Abuja-Kano Expressway as examples.
According to NAN, the president also signed the Terrorism (Prevention) Bill and the Money Laundering (Prevention) Bill into law back in May.
You may also recall that the president said the bills were in line with his administration’s commitment to fighting corruption and illicit financing activities when he signed them in the Council Chamber of the State House.
The president had previously stated that the new laws contained sufficient punitive measures and containment strategies against abuses and compromises, while the insufficiency of all the repealed Acts had affected legal proceedings against offenders.
To the members of Nigeria’s National Assembly, he expressed his gratitude for their doggedness, bravery, and commitment to fighting the scourge of money laundering, terrorism, and terrorism financing in Nigeria.