President Muhammadu Buhari has sent an executive bill that would among others, ensure the management of the funds an property confiscated from criminals.
The bill is titled, ‘Proceeds of Crime Bill’.
The proposed legislation also sought to 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 a letter to the upper chamber on Tuesday explained that the decision to transmit the bill to the National Assembly for consideration was approved by the Federal Executive Council.
The letter, dated October 6, 2020, and read during plenary by the Senate President, Ahmad Lawan, stated that the bill was critical in sustaining the fight against corruption, money laundering and illicit movement of stolen funds through the banking system and across Nigerian borders.
This bill will also address the problem of lack of transparency, accountability, and lack of credible records associated with the current procedure in the management of recovered funds by anti-corruption agencies and other institutions in Nigeria.
Recall that the National Assembly had on May 22, 2019, transmitted the Proceeds of Crime Bill to the President for his assent.
The Chairman of the House of Representatives Committee on Financial Crimes, Kayode Oladele, confirmed the development then.
Buhari, however, declined his assent to the bill.