President Muhammadu Buhari’s regime on Wednesday announced the recovery of over N120 billion through the Proceeds of Crime (Recovery and Management) Law (POCA), 2022.

Information minister Lai Mohammed disclosed this in Abuja at the eighth edition of the President Muhammadu Buhari (PMB) Administration Scorecard series (2015-2023).

In an opening remark, Mr Mohammed recalled that the president, in May, signed the Proceeds of Crime (Recovery and Management) Bill, with two others, into law to improve the country’s anti-money laundering and counter-terrorist financing framework.

“In line with the new law, all relevant government agencies have now opened ‘Confiscated and Forfeiture Properties Account’ with the Central Bank of Nigeria,” he said.

The minister added, “The money is being 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.”

Mr Mohammed stated that the regime’s fight against corruption was on track, with the president also signing the Money Laundering (Prevention and Prohibition) Bill, 2022 and the Terrorism (Prevention and Prohibition) Bill.

At the signing ceremony at the Council Chamber of the State House, Mr Buhari said the bills were in tandem with his regime’s commitment to fighting corruption and illicit financing activities.

The president had said the new laws provided enough punitive measures and containment strategies against abuses and compromises, while the inadequacy of all the repealed Acts had impacted legal actions against offenders.

He commended federal lawmakers for their tenacity, courage and commitment to ensuring that Nigeria put adequate measures to address the menace of money laundering, terrorism, and terrorism financing. 

(NAN)