- FG has asked the lower legislative chamber House of Reps to pass the Proceeds of Crime Bill 2020 into law
- The executive order seeking the legislative backing was contained in a letter by President Muhammadu Buhari
- The bill, if successfully enacted, will allow FG to seize and freeze looted funds and stolen assets
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The federal government has written to the House of Representatives seeking that the Proceeds of Crime Bill 2020 which allows more revenue generation into the national treasury to be given expedited hearing and passage into law.
The bill was contained in an executive order from President Muhammadu Buhari as directed to the Speaker of the House, Hon, Femi Gbajabiamila.
President Buhari said the bill if enacted into law, will enable the government in building an enduringly sustainable footing for the fight against fraud, corruption, money laundering and illicit movement of stolen funds through the banking system.
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While expressing the commitment of the government to fight corruption, Buhari also stated that the bill will allow law enforcement agencies including the Economic and Financial Crimes Commission (EFCC) to seize, freeze, and confiscate stolen assets in Nigeria.
Part of the letter read:
"An important feature of the Bill is the creation of the Proceeds of Crime (Recovery and Management) Agency. The objects of the Agency include, the enforcement and administration of the provisions of the Bill and the coordination of the recovery and management of the proceeds’’.
“Most importantly, the Agency will ensure that Nigerians can benefit from proceeds of crime by ensuring that once recovery is made, the properties and assets win be secured and that the final forfeitures granted through a court order can be paid into the confiscated and forfeited Accounts to be domiciled in the Central Bank of Nigeria."
Meanwhile, the Senate has called for the reform and rebranding of the EFCC in its fight against corruption, economic and financial crimes in the country.
The call was made on Tuesday, October 6, by the Senate committee on anti-corruption and financial crimes in Abuja.
Speaking at the commencement of the 9th Senate legislative anti-corruption strategy implementation session at the National Assembly complex, the chairman of the committee, Senator Suleiman Kwari, expressed the desire of the upper legislative chamber to see a reformed anti-graft agency.
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Source: Legit Nigeria