We have realized N120bn from proceeds of crime recovery ― FG

The federal government has so far realized about N120 billion and monies in various foreign currencies from proceeds of crime confiscated from various individuals.

The Minister of Information and Culture, Lai Mohammed, gave this update in Abuja on Wednesday at the eighth edition of the President Muhammadu Buhari Administration Scorecard Series (2015-2023).

The edition featured the Minister of Environment, Mohammed Hassan, who provided key achievements of the administration in the environment sector.

The Information Minister said the recovery followed the President signed into law the Proceeds of Crime (Recovery and Management) Bill, 2022, on May 12th, 2022.

According to him, the money will be used to fund some critical ongoing projects.

He also announced that all relevant agencies of government have now opened a “Confiscated and Forfeiture Properties Account” with the Central Bank of Nigeria (CBN).

The government’s spokesman said: “Before I invite the Honourable Minister of Environment to the podium, please permit me to say categorically and without any fear of contradiction that the Administration’s fight against corruption is very much on track.

“As you may already know Mr. President signed into law the Proceeds of Crime (Recovery and Management) Bill, 2022, on May 12th, 2022. That bill was one of the three that Mr. President signed into law that day.

“Others are the Money Laundering (Prevention and Prohibition) Bill, 2022, and the Terrorism (Prevention and Prohibition) Bill, 2022.

“I have an update on the Proceeds of Crime (Recovery and Management) Act (POCA), 2022. In line with the new law, all relevant agencies of government have now opened ‘A confiscated and Forfeiture Properties Account with the Central Bank of Nigeria (CBN).

“I can confirm that so far, the Federal Government has realized over 120 billion Naira, among other currencies, from POCA.

“This money will be used to fund the completion of ongoing critical infrastructure projects in the country like the Second Niger Bridge as well as Lagos-Ibadan and Abuja-Kano Expressways. We will continue to update you on this.”

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We have realized N120bn from proceeds of crime recovery ― FG