A new law on recovery and management of stolen public assets has given the federal government at least 30 per cent of the proceeds of asset recovered for state and local governments.<\/p>\n\n\n\n
The federal government has gazetted the new regulation on tracing, recovery and proper management of proceeds of crime.<\/p>\n\n\n\n
Titled \u201cAsset Tracing, Recovery and Management Regulations, 2019,\u201d the law was signed into law on October 24 by the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, and took effect from November 1.<\/p>\n\n\n\n
The law empowers the AGF to take charge of the custody and management of all final forfeited asset; approval and appointment of asset managers, and operating and maintaining a centralised database for the storage of records of all recovered asset within and outside Nigeria.<\/p>\n\n\n\n
Other functions of the AGF\u2019s office under the law include coordination of inter-agency investigation into recovery matters within and outside Nigeria; coordination of inter-agency tracing of proceeds of crime within and outside Nigeria; collation of all data relating to recovered asset within and outside Nigeria from all law enforcement agencies whose laws empowered them to undertake recoveries, and maintaining a depository for all forfeiture orders issues by Nigerian courts and such other courts outside Nigeria, among others.<\/p>\n\n\n\n
Published as Government Notice No. 88 in the Federal Republic of Nigeria Official Gazette No. 163, Vol. 106 of 29th October, 2019, the AGF noted in the new regulation that his power to make the new rule, is derived from the EFCC (Establishment) Act; the Corrupt Practices and Other Related Offences Act; Administration of Criminal Justice Act, Money Laundering (Prohibitions) Act, Terrorism (Prevention) Act, National Drug Law Enforcement Agency Act and the Nigerian Financial Intelligence Unit Act (NFIU) \u201cand all other powers enabling\u201d him in that behalf to make the regulation.<\/p>\n\n\n\n
According to the regulation, all proceeds from the disposal of the final forfeited assets shall be paid into a designated account at the Central Bank of Nigeria described as the Federal Government of Nigeria Asset Recovery Account.<\/p>\n\n\n\n
The regulation, under Section 11 on \u201cProceeds from Disposed Assets,\u201d subsection 2 to 7, stated that; \u201cAll funds belonging to other tiers of government or forfeited to other tiers of government shall be paid into the interim forfeiture recovery account in the CBN.<\/p>\n\n\n\n
\u201cProceeds from perishable seized and confiscated assets shall also be paid into the interim forfeiture recovery account in the CBN.<\/p>\n\n\n\n
\u201cThe Attorney-General of the Federation shall within 15 days of confirmation of the proceeds from the CBN inform the honourable minister responsible for matters relating to finance.<\/p>\n\n\n\n
According to the regulation, the minister responsible for matters relating to finance shall, within 30 days of being informed of funds in the CBN, cause the proceeds to be transferred into the consolidated revenue account of the federation for necessary action.<\/p>\n\n\n\n
\u201cWhere the funds belong to the other tiers of government, the honourable minister responsible for matters relating to finance shall within 45 days of being informed of funds in the CBN cause the proceeds to be transferred to the relevant tiers of government.<\/p>\n\n\n\n
\u201cThe office of the AGF in collaboration with the office of the minister of finance shall negotiate not less than 30 per cent of any funds recovered on behalf of other tiers of government as administrative charges of the federal government of Nigeria.\u201d<\/p>\n\n\n\n
The new regulation, Mr Malami said, has replaced the Proceeds of Crimes Regulation, 2012, which he noted stands revoked from November 1.<\/p>\n\n\n\n
Mr Malami said the new regulation would ensure transparency and accountability in the management of recovered looted asset and proceeds generated therefrom.<\/p>\n\n\n\n
A new law on recovery and management of stolen public assets has given the federal government at least 30 per cent of the proceeds of asset recovered for state and…<\/p>\n","protected":false},"author":6,"featured_media":16103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[4198,18804,6420],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.citypeopleonline.com\/wp-content\/uploads\/2017\/04\/Abubakar-Malami-690x450.jpg?fit=690%2C450&ssl=1","jetpack-related-posts":[{"id":138954,"url":"https:\/\/www.citypeopleonline.com\/fg-gets-another-311b-abacha-loot-from-us\/","url_meta":{"origin":127770,"position":0},"title":"FG Gets Another $311b Abacha Loot From US","author":"Damilare Salami","date":"May 5, 2020","format":false,"excerpt":"The Nigerian government has received $311,797,866.11 recovered assets of General Sani Abacha repatriated from the United States and the Bailiwick of Jersey. The Attorney-General of Federation and Minister of Justice, Abubakar Malami, confirmed this on Monday in a statement by the Special Assistant on Media and Public Relations at his\u2026","rel":"","context":"In "News"","block_context":{"text":"News","link":"https:\/\/www.citypeopleonline.com\/news\/"},"img":{"alt_text":"Abacha Loot, FG, Mamami,","src":"https:\/\/i0.wp.com\/www.citypeopleonline.com\/wp-content\/uploads\/2018\/01\/26869217_146565966137456_1355901783569858560_n.jpg?fit=557%2C378&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.citypeopleonline.com\/wp-content\/uploads\/2018\/01\/26869217_146565966137456_1355901783569858560_n.jpg?fit=557%2C378&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.citypeopleonline.com\/wp-content\/uploads\/2018\/01\/26869217_146565966137456_1355901783569858560_n.jpg?fit=557%2C378&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":37482,"url":"https:\/\/www.citypeopleonline.com\/fg-moves-recover-u-s-321-million-abacha-loot\/","url_meta":{"origin":127770,"position":1},"title":"FG Moves to Recover U.S.$321 Million Abacha Loot","author":"Arinze Ago","date":"November 2, 2017","format":false,"excerpt":"The Attorney General of Federation and Minister of Justice, Abubakar Malami, has revealed that negotiation with Switzerland on the return of $321 million recovered from the late Abacha family had been concluded, adding that Nigeria recently recovered $85 million from the controversial Malabu Restrained Funds from United Kingdom. Salihu Isah,\u2026","rel":"","context":"In "News"","block_context":{"text":"News","link":"https:\/\/www.citypeopleonline.com\/news\/"},"img":{"alt_text":"Abacha, British Court, Money laundering","src":"https:\/\/i0.wp.com\/www.citypeopleonline.com\/wp-content\/uploads\/2017\/11\/Abacha.jpg?fit=503%2C308&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":152420,"url":"https:\/\/www.citypeopleonline.com\/britain-to-return-4-2m-ibori-loot-to-nigeria\/","url_meta":{"origin":127770,"position":2},"title":"Britain to return \u00a34.2m Ibori loot to Nigeria","author":"Reporter","date":"March 10, 2021","format":false,"excerpt":"President Muhammadu Buhari has directed that the \u00a34.2 million recovered from friends and family members of Delta State Governor James Ibori by the British Government be used to complete the Second Niger Bridge, and the Lagos-Ibadan Expressway and the Abuja-Kano Highway. British High Commissioner to Nigeria Catriona Laing said in\u2026","rel":"","context":"In "News"","block_context":{"text":"News","link":"https:\/\/www.citypeopleonline.com\/news\/"},"img":{"alt_text":"James Ibori, UK, $9.6m Loot","src":"https:\/\/i0.wp.com\/www.citypeopleonline.com\/wp-content\/uploads\/2016\/12\/James-Ibori.jpg?fit=601%2C398&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.citypeopleonline.com\/wp-content\/uploads\/2016\/12\/James-Ibori.jpg?fit=601%2C398&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.citypeopleonline.com\/wp-content\/uploads\/2016\/12\/James-Ibori.jpg?fit=601%2C398&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":119054,"url":"https:\/\/www.citypeopleonline.com\/justice-malami-steps-down-as-attorney-general-of-the-federation\/","url_meta":{"origin":127770,"position":3},"title":"Justice Malami Steps Down As Attorney -General of the Federation","author":"Damilare Salami","date":"May 29, 2019","format":false,"excerpt":"The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, has said funds recovered by his ministry stood at N270 billion from N19.5 billion in 2015. Mr Malami said this during a valedictory session to mark the end of his tenure as the ministry\u2019s helmsman in Abuja on Tuesday.\u2026","rel":"","context":"In "News"","block_context":{"text":"News","link":"https:\/\/www.citypeopleonline.com\/news\/"},"img":{"alt_text":"DSS, Sowore, Abubakar Malami, Attorney General,","src":"https:\/\/i0.wp.com\/www.citypeopleonline.com\/wp-content\/uploads\/2017\/04\/Abubakar-Malami-690x450.jpg?fit=690%2C450&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.citypeopleonline.com\/wp-content\/uploads\/2017\/04\/Abubakar-Malami-690x450.jpg?fit=690%2C450&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.citypeopleonline.com\/wp-content\/uploads\/2017\/04\/Abubakar-Malami-690x450.jpg?fit=690%2C450&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":16102,"url":"https:\/\/www.citypeopleonline.com\/fed-govt-adopt-five-year-strategy-plan-corruption-malami\/","url_meta":{"origin":127770,"position":4},"title":"Fed govt to adopt five year strategy plan against corruption \u2013 Malami","author":"Arinze Ago","date":"April 27, 2017","format":false,"excerpt":"The Federal Government is adopting a five-year strategy plan to combat corruption and corrupt tendencies in the country to the barest minimum. The Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami (SAN), made the disclosure on Thursday in Abuja at the National Anti-Corruption Strategy (NACS) validation meeting.\u2026","rel":"","context":"In "Media"","block_context":{"text":"Media","link":"https:\/\/www.citypeopleonline.com\/news\/media\/"},"img":{"alt_text":"DSS, Sowore, Abubakar Malami, Attorney General,","src":"https:\/\/i0.wp.com\/www.citypeopleonline.com\/wp-content\/uploads\/2017\/04\/Abubakar-Malami-690x450.jpg?fit=690%2C450&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.citypeopleonline.com\/wp-content\/uploads\/2017\/04\/Abubakar-Malami-690x450.jpg?fit=690%2C450&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.citypeopleonline.com\/wp-content\/uploads\/2017\/04\/Abubakar-Malami-690x450.jpg?fit=690%2C450&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":143165,"url":"https:\/\/www.citypeopleonline.com\/read-magus-full-response-to-malamis-allegations-against-him\/","url_meta":{"origin":127770,"position":5},"title":"Read Magu\u2019s FULL RESPONSE to Malami\u2019s allegations against him","author":"Reporter","date":"August 1, 2020","format":false,"excerpt":"The suspended acting chairman of the Economic and Financial Crimes Commission (EFFC) Ibrahim Magu, has denied that he fraudulently enriched himself by diverting and mismanaging proceeds of recovered assets. In his response to a presidential probe panel investigating allegations of gross misconduct against him by the Attorney general of the\u2026","rel":"","context":"In "News"","block_context":{"text":"News","link":"https:\/\/www.citypeopleonline.com\/news\/"},"img":{"alt_text":"Ibrahim Magu, EFCC,","src":"https:\/\/i0.wp.com\/www.citypeopleonline.com\/wp-content\/uploads\/2016\/12\/Ibrahim-Magu_0.jpg?fit=500%2C333&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.citypeopleonline.com\/wp-json\/wp\/v2\/posts\/127770"}],"collection":[{"href":"https:\/\/www.citypeopleonline.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.citypeopleonline.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.citypeopleonline.com\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.citypeopleonline.com\/wp-json\/wp\/v2\/comments?post=127770"}],"version-history":[{"count":1,"href":"https:\/\/www.citypeopleonline.com\/wp-json\/wp\/v2\/posts\/127770\/revisions"}],"predecessor-version":[{"id":127777,"href":"https:\/\/www.citypeopleonline.com\/wp-json\/wp\/v2\/posts\/127770\/revisions\/127777"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.citypeopleonline.com\/wp-json\/wp\/v2\/media\/16103"}],"wp:attachment":[{"href":"https:\/\/www.citypeopleonline.com\/wp-json\/wp\/v2\/media?parent=127770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.citypeopleonline.com\/wp-json\/wp\/v2\/categories?post=127770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.citypeopleonline.com\/wp-json\/wp\/v2\/tags?post=127770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}