President Muhammadu Buhari has created a new agency called Proceeds of Crime Recovery and Management Agency.
This comes as the President proceeds with plans to unbundle Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offenses Commission (ICPC).
President of the Senate, Ahmad Lawan, who read a letter from President Buhari on the proposed bill tagged: “Proceeds of Crime Bill” said it would address the problem of lack of transparency and accountability associated with the management of recovered funds by anti-corruption agencies in the country.
Buhari in the letter explained that the transmission of the piece of legislation to the National Assembly for consideration followed its approval by the Federal Executive Council.
According to the letter dated October 6, the agency would be critical in sustaining the fight against corruption, money laundering and illicit movement of stolen funds through the banking system and across Nigerian borders.
If signed into law, the bill will stop the EFCC and six other anti-corruption agencies from securing freezing orders on suspicious bank accounts under investigation
The other agencies include Independent Corrupt Practices and Other Related Offences Commission (ICPC); National Drug Law Enforcement Agency (NDLEA); Nigerian Financial Intelligence Unit (NFIU); National Agency for the Prohibition of Trafficking in Persons (NAPTIP); Code of Conduct Bureau (CCB) and the police.
When the Bukola Saraki-led senate passed the bill last year, the EFCC, headed by suspended acting chairman, Ibrahim Magu, opposed it and urged President Buhari to reject it.