Buhari News: The administration of President Muhammadu Buhari announced on Wednesday that the Proceeds of Crime (Recovery and Management) Law (POCA), 2022, would enable the recovery of over N120 billion.
This was revealed in Abuja at the eighth instalment of the President Muhammadu Buhari (PMB) Administration Scorecard series by information minister Lai Mohammed (2015-2023).
In his opening statement, Mr. Mohammed recalled that the Proceeds of Crime (Recovery and Management) Bill, along with two others, was signed into law by the president in May to strengthen the nation’s anti-money laundering and counter-terrorist financing framework.
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All pertinent government agencies have now opened “Confiscated and Forfeiture Properties Accounts” with the Central Bank of Nigeria, he said, in accordance with the new law.
The Second Niger Bridge as well as the Lagos-Ibadan and Abuja-Kano expressways are among the ongoing, crucial infrastructure projects in the nation that will be completed with the help of the funding, the minister continued.
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The president’s signatures on the Terrorism (Prevention and Prohibition) Bill and the Money Laundering (Prevention and Prohibition) Bill show that the government’s campaign against corruption is on track, according to Mr. Mohammed.
Mr. Buhari stated during the signing ceremony in the State House’s Council Chamber that the bills were in line with his administration’s commitment to combating corruption and illegal financing.
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The inadequacy of all the repealed Acts had impacted legal actions against offenders, according to the president, who claimed that the new laws provided sufficient punitive measures and containment strategies against abuses and compromises.
He commended Nigeria’s federal lawmakers for their tenacity, bravery, and dedication to seeing that the threat of money laundering, terrorism, and terrorism financing was adequately addressed.
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