Senate pushes bill targeting looted funds through second hearing

former Senate President, David Mark
former Senate President, David Mark

A legislation that will allow Nigeria partner with foreign countries in the pursuit of stolen money was given a second reading Wednesday.

The bill seeks to establish a central agency to manage the proceeds recovered from convicted criminals.

Arguing for the bill, the Senate President, David Mark, said it was in the best interest of Nigerians for the bill to be passed and said it should be passed as quickly as possible.

“Very few people will commit some of the financial crimes outside and run to Nigeria.

“I think there a lot of advantages that will appeal to us as a nation and I believe that passage of this bill will enhance our international image,” he said.

Smart Adeyemi, representing Kogi West, said the bill will aid transparency and also promote the nation internationally.

He added that about 120 countries will be in collaboration with Nigeria once the bill is passed.

Victor Lar, representing Plateau South, said that if the bill is passed into law, it would be easier for Nigerians to make demands from other countries for the proposed law.

Many lawmakers gave their support for the bill to pass.

The senate referred the bill to the committee on judiciary and legal matters to report back in two weeks.

An equipment leasing bill was also passed for second hearing.

The bill is titled: A bill for an act to regulate the business of equipment leasing in Nigeria and for connected purposes therewith 2014”.

Mr. Mark said that the bill would make an impact in the nation in general and its economy.

He said that the bill protects both parties involved in the leasing and would help small companies or contracts to avoid owing banks.

It was referred to the Committee on Trade and Investments and Committee on Works


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