FG has realised N120bn from recovery of proceeds of crime — Lai Mohammed

By Ridwan Adekunle

The Federal government has said it has realised at least N120 billion as proceeds from criminal financial operations since the Bill on Proceeds of Crime Recovery Management was signed into law earlier this year by President Muhammadu Buhari.

The Minister of Information, Alhaji Lai Mohammed made the disclosure in Abuja on Wednesday at a news conference when the Minister of Environment, Mohammed Hassan, presented the scorecard of the ministry under the Buhari’s administration.

In his opening remark, Mohammed said the Buhari Administration’s fight against corruption was very much on track.

He 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.

Mohammed said, “I have an update on the Proceeds of Crime (Recovery and Management) Act (POCA), 2022. In line with the new law, all relevant government agencies have now opened ‘A confiscated and Forfeiture Properties Account’ with the Central Bank of Nigeria (CBN).

“I can confirm that the Federal Government has realised over N120 billion Naira, 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 the Lagos-Ibadan and Abuja-Kano Expressways. We will continue to update you on this,” the Information Minister said.