The Federal Government has revealed that it recovered over N120 billion from the proceeds of crime after the implementation of the Proceeds of Crime (Recovery and Management) Act of 2022.
This was disclosed by the Minister of Information and Culture, Lai Mohammed at the 8th edition of the ‘PMB Administration Scorecard Series (2015-2023)’.
According to the federal government, the recovered fund would be used in the construction of major highways across the country.
“I can confirm that so far, the Federal Government has realized 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,” the minister said.
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Mohammed also stated that all relevant agencies have opened an account for forfeited and confiscated properties, with the Central Bank of Nigeria.
The minister said, “As you may already know, Mr. President signed into law the Proceeds of Crime (Recovery and Management) Bill, 2022, on May 12, 2022.
“That bill was one of the three which Mr. President signed into law that day. Others are the Money Laundering (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.”
