ICPC seeks NASS approval to retain percentage of recovered loots

Abdullahi Bako
ICPC’s Acting Chairman, Abdullahi Bako. [Photo credit: ICPC]

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has formally asked the National Assembly for powers to retain a part of loots recovered by it.

A spokesperson of the commission, Rasheedat Okoduwa, disclosed this in a statement on Friday.

Mrs. Okoduwa said the request was one of the proposals made by the commission through a memorandum submitted to the House of Representatives Committee on Anti-Corruption.

The memorandum was submitted by the ICPC’s Acting Chairman, Abdullahi Bako.

It said that retention of a percentage of the recovered loots would further strengthen the agency financially.

The News Agency of Nigeria (NAN) reports that the Economic and Financial Crimes Commission (EFCC) through its Acting Chairman, Ibrahim Magu, made a similar request on October 19, 2016.

Mr. Magu told an anti-corruption conference in Abuja that the practice globally was for anti-graft agencies to retain certain percentage of the proceeds of crime recovered by them.

“In some jurisdictions like the UK, proceeds of crime are further used to strengthen the agency,” he said.

“In EFCC, we have been struggling for years to build our headquarters and when I think of the billions of Naira we recover, I can see what would have happened if we are allowed to apply a percentage of this recovery into our operations.

“There is the need for an Act to make a provision for an application of the proceeds of crime into recapitalising the anti-graft agencies,’’ he said.(NAN)


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  • atakamosu

    To steal it?

  • Sam

    The agencies should be allowed to retain 5 percent, just as whistle-blower policy entails ,otherwise this agents will turn to whistle blowers themselves eroding the institutional values.

  • Boss

    The money recovered belongs to the Government and should go to the Government. This request is a breach of good governance and return to the last dispensation where Agencies were allowed to keep a percentage of revenue generated. What happens to budgeting by the Agencies? Are the States and Local Governments not entitled to revenue generated by Federal Agencies.