FG has recovered N120bn from proceeds of crime, says Lai

Lai Mohammed, minister of information and culture, says the fight against corruption by the administration of President Muhammadu Buhari is on track.

Speaking at the eighth edition of the administration’s scorecard in Abuja on Wednesday, Mohammed said the Proceeds of Crime (Recovery and Management) Bill — which is already law — is among three proposed legislation designed by the executive to combat corruption.

The minister said in line with the legislation, the relevant agencies have opened a ‘confiscated and forfeiture properties acount’ with the Central Bank of Nigeria (CBN).

“Please permit me to say categorically and without any fear of contradiction that the administration’s fight against corruption is very much on track,” he said.

“As you may already know Mr President signed into law the Proceeds of Crime (Recovery and Management) Bill, 2022, on May 12th, 2022. That bill was one of the three which Mr. President signed into law that day. Others are the Money Laundering (Prevention and Prohibition) Bill, 2022 and the Terrorism (Prevention and Prohibition) Bill, 2022.

“I have an update on the Proceeds of Crime (Recovery and Management) Act (POCA), 2022. In line with the new law, all relevant agencies of government have now opened ‘Confiscated and Forfeiture Properties Account’ with the Central Bank of Nigeria (CBN).”

The minister said the federal government has recovered over N120 billion with the law in place.

“This money will be used to fund the completion of ongoing critical infrastructure projects in the country like the Second Niger Bridge as well as Lagos-Ibadan and Abuja-Kano Expressways,” he said.

“We will continue to update you on this.”