Asset Recovery: States, LGAs to pay FG 30 per cent of recovered properties’ proceeds

Abubakar Malami
Abubakar Malami

A new law on recovery and management of stolen public asset has given the federal government at least 30 per cent of the proceeds of asset recovered for state and local governments.

The Nigerian government has gazetted the new regulation on tracing, recovery and proper management of proceeds of crime.

Titled “Asset Tracing, Recovery and Management Regulations, 2019,” the law was signed into law on October 24 by the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, and took effect from November 1.

The law empowers the AGF to take charge of the custody and management of all final forfeited asset; approval and appointment of asset managers, and operating and maintaining a centralised database for the storage of records of all recovered asset within and outside Nigeria.

Other functions of the AGF’s office under the law include coordination of inter-agency investigation into recovery matters within and outside Nigeria; coordination of inter-agency tracing of proceeds of crime within and outside Nigeria; collation of all data relating to recovered asset within and outside Nigeria from all law enforcement agencies whose laws empowered them to undertake recoveries, and maintaining a depository for all forfeiture orders issues by Nigerian courts and such other courts outside Nigeria, among others.

READ ALSO: Nigeria official earning below N100,000 monthly caught with N150 million property

Published as Government Notice No. 88 in the Federal Republic of Nigeria Official Gazette No. 163, Vol. 106 of 29th October, 2019, the AGF noted in the new regulation that his power to make the new rule, is derived from the EFCC (Establishment) Act; the Corrupt Practices and Other Related Offences Act; Administration of Criminal Justice Act, Money Laundering (Prohibitions) Act, Terrorism (Prevention) Act, National Drug Law Enforcement Agency Act and the Nigerian Financial Intelligence Unit Act (NFIU) “and all other powers enabling” him in that behalf to make the regulation.

According to the regulation, all proceeds from the disposal of the final forfeited assets shall be paid into a designated account at the Central Bank of Nigeria described as the Federal Government of Nigeria Asset Recovery Account.

The regulation, under Section 11 on “Proceeds from Disposed Assets,” subsection 2 to 7, stated that; “All funds belonging to other tiers of government or forfeited to other tiers of government shall be paid into the interim forfeiture recovery account in the CBN.

“Proceeds from perishable seized and confiscated assets shall also be paid into the interim forfeiture recovery account in the CBN.

“The Attorney-General of the Federation shall within 15 days of confirmation of the proceeds from the CBN inform the honourable minister responsible for matters relating to finance.

According to the regulation, the minister responsible for matters relating to finance shall, within 30 days of being informed of funds in the CBN, cause the proceeds to be transferred into the consolidated revenue account of the federation for necessary action.

“Where the funds belong to the other tiers of government, the honourable minister responsible for matters relating to finance shall within 45 days of being informed of funds in the CBN cause the proceeds to be transferred to the relevant tiers of government.

“The office of the AGF in collaboration with the office of the minister of finance shall negotiate not less than 30 per cent of any funds recovered on behalf of other tiers of government as administrative charges of the federal government of Nigeria.”

The new regulation, Mr Malami said, has replaced the Proceeds of Crimes Regulation, 2012, which he noted stands revoked from November 1.

Mr Malami said the new regulation would ensure transparency and accountability in the management of recovered looted asset and proceeds generated therefrom.

Advertisement

PT Mag Campaign AD

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...



NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.