FG Recovers Over N120bn From Financial Crime..Promises To Use Proceeds To Fund Critical Projects - EDU-BIZNEWS


Wednesday, December 7, 2022

FG Recovers Over N120bn From Financial Crime..Promises To Use Proceeds To Fund Critical Projects

The Federal Government says it had recovered over N120bn from the proceeds of crime following the implementation  of Recovery and Management Act, 2022, saying such recovered fund will be used for completion of critical infrastructure, particularly the highways across Nigeria

The Minister of Information and Culture, Lai Mohammed who made this revealition on Wednesday during the 8th edition of the ‘PMB Administration Scorecard Series (2015-2023)’, added that the administration’s fight against corruption was 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 12, 2022", the minister stated 

According to him ,“ the bill was one of the three which 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, 2022. In line with the new law, all relevant agencies of government have now opened ‘Confiscated and Forfeiture Properties Account with the Central Bank of Nigeria.”

 “I can confirm that so far, the Federal Government has realised over N120bn, 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," he further revealed 

Mohammed explained that the purpose of organizing the event was to showcase the achievements of the Buhari administration in past seven and half years

“We inaugurated this series in October as part of an overall programme aimed at showcasing and documenting the numerous achievements of the Buhari administration.”

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