The National Assembly has sent the Proceeds of Crime Bill, designed to further boost Nigeria’s anti-corruption drive, to President Muhammadu Buhari for assent.
The Chairman, House of Representatives Committee on Financial Crimes, Hon. Kayode Oladele, made this known during a chat with journalists as he revealed that the bill was transmitted on Monday.
The Proceeds of Crime Bill, 2017, is a 12-part bill with comprehensive provisions for the confiscation, forfeiture and management of property derived from unlawful activities.
Expressing optimism that if passed into law, the bill will strengthen Nigeria’s quest to eradicate corruption.
He added that the bill will among other things, reverse the ugly trend associated with non-recovery of looted funds, consolidate the legal framework regarding forfeiture in the country and ensure the confiscation and civil recovery of proceeds of crime as well as facilitate the repatriation of stolen funds from abroad.
Oladele said: “This important Bill, among other things, seeks to provide a legal and institutional framework for the recovery and management of proceeds of crime or benefits derived from unlawful activities as well as harmonise and consolidate existing legislations on the recovery of proceeds of crime and related matters in the country.
“The absence of civil forfeiture law in the country makes mockery of the fight against corruption, as criminals in the country are not deterred because of the realisation that they will not be denied the benefit of their loot, whether they are caught or not. This proposed legislation, is targeted at addressing this obvious lacuna in our law.”
