FG Approves Establishment Of New Anti-Corruption Agency For Recovered Loot Management
Federal Executive Council has approved the establishment of a new anti-corruption agency which will be saddled with properly managing and coordinating all assets seized domestically or returned from abroad, following anti-corruption probes.
The disclosure was made by the Attorney General and Minister for Justice, Abubakar Malami, while briefing state house correspondents after the Federal Executive Council (FEC) meeting on Wednesday, September 16.
Malami explained that the recovered assets had been scattered across several agencies and that better coordination would encourage international/overall coordination in recovering more looted assets.
It is on this premise that the new anti-corruption agency named, ‘Proceeds of Crime Recovery and Management Agency’ is to be saddled with the responsibility of managing the assets that constitute the proceeds of crime in Nigeria.
Malami told newsmen that the FEC has approved transmission of a bill, titled, “Proceeds of Crime Recovery and Management Agency Bill,” to the National Assembly.
The Attorney-General of the Federation (AGF), explained that once the bill becomes law and the agency is established, it would see to proper documentation and management of such recovered assets and thereby guarantee transparency and accountability.
According to Malami, an agency of such nature has become necessary in a bid to consolidate the gains achieved so far in the government’s war against corruption.
He called the plan the next level of transparency and said the agency could also give the Ministry of Finance, Budget, and National Planning a budget for recovered assets.
The new agency will join the growing list of anti graft agencies established by the government.
Federal Government had in efforts to tackle corruption, established the Economic and Financial Crime Commission (EFCC) Act of 2004, the Independent Corrupt Practices & Other Related Offences (ICPC) Act 2000, the Advance Fee Fraud and Other Related Offences Act 2006 and the Money Laundering (Prohibition) (Amendment) Act 2012.
Others include the Miscellaneous Offences Act, Code of Conduct Act, the Nigerian Extractive Industries Transparency Initiative Act, the Freedom of Information Act 2011, the Fiscal Responsibilities Act 2010, as well as the Penal Code Laws of Federation of Nigeria 2004.
The government also promulgated the Criminal Code Law of Federation of Nigeria 2004, the Banks and Other Financial Institutions (Amendment) Act 1991, the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks (Amendment) Act 1994.