The Federal Executive Council (FEC) has approved the establishment of a new anti-corruption agency which will be saddled with proper coordination of all recovered looted assets.
Briefing state house correspondents after the FEC meeting on Wednesday, the Minister of Justice, Abubakar Malami explained that assets recovered have been in the hands of several agencies and that better coordination will encourage international/overall coordination in recovering more looted assets.
It is on this premise that the new anti-corruption agency named, ‘Proceeds of Crime Recovery and Management Agency’ is to be saddled with the responsibility of managing the assets that constitute the proceeds of crime in Nigeria.
Malami disclosed that the FEC has approved transmission of a bill, titled, “Proceeds of Crime Recovery and Management Agency Bill,” to the National Assembly.
The Attorney-General of the Federation (AGF), explained that once the bill becomes law and the agency is established, it would see to proper documentation and management of such recovered assets and thereby guarantee transparency and accountability.
According to Mr. Malami, an agency of this nature has become necessary in a bid to consolidate the gains achieved so far in the government’s war against corruption.