Nigerian States, LGs to forfeit 30% of recovered assets to FG
Written by Taiwo Adediran on November 8, 2019
The federal government has gazetted a new regulation aimed at ensuring coordinated tracing, recovery and proper management of proceeds of crimes.
The new regulation, which is entitled; “Asset Tracing, Recovery and Management Regulations, 2019” and which took effect on November 1, has empowered the federal government to receive from states or local governments 30 per cent of proceeds of recovered assets belonging to either of the two.
Signed into law on October 24 by the Attorney General of the Federation (AGF), Abubakar Malami, the new regulation empowers the AGF to take charge of the custody and management of all final forfeited assets.
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.
Mr Malami noted that the new regulation will ensure adequate transparency and accountability in the management of recovered looted assets and proceeds generated from there.