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Buhari Unbundles EFCC , ICPC ; Sends Bill To Create New Agency

Sends bill to create new agency
President Muhammadu Buhari, yesterday, initiated moves to
unbundle the Economic and Financial Crimes Commission
(EFCC) and create a new body, Proceeds of Crime Recovery
and Management Agency.
President of the Senate, Ahmad Lawan, who read a letter
from President Buhari on the proposed bill tagged:
“Proceeds of Crime Bill” said it would address the problem
of lack of transparency and accountability associated with
the management of recovered funds by anti-corruption
agencies in the country.
Buhari in the letter explained that the transmission of the
piece of legislation to the National Assembly for
consideration followed its approval by the Federal Executive
Council.
According to the letter dated October 6, the agency would
be critical in sustaining the fight against corruption, money
laundering and illicit movement of stolen funds through the
banking system and across Nigerian borders.
“An important feature of the bill is the creation of the
Proceeds of Crime (Recovery and Management) Agency.
The objects of the agency include the enforcement and
administration of the provisions of the bill and the
coordination of the recovery and management of the
proceeds and instrumentalities of unlawful activity in
Nigeria in all collaboration with anti-corruption and other
law enforcement agencies.
“Most importantly, the agency will ensure that Nigerians can
benefit from proceeds of crime by ensuring that once
recovery is made, the properties and assets will be secured
and that the final forfeitures granted through a court order
can be paid into the Confiscated and Forfeited Account to
be domiciled in the Central Bank of Nigeria.”
If signed into law, the bill will stop the EFCC and six other
anti-corruption agencies from securing freezing orders on
suspicious bank accounts under investigation
The other agencies, include Independent Corrupt Practices
and Other Related Offences Commission (ICPC); National
Drug Law Enforcement Agency (NDLEA); Nigerian Financial
Intelligence Unit (NFIU); National Agency for the Prohibition
of Trafficking in Persons (NAPTIP); Code of Conduct Bureau
(CCB) and the police.
“The Proceeds of Crime Bill is essential and critical in
building and enduring and sustainable foundation for the
fight against corruption, money laundering and illicit
movement of stolen funds through the banking system and
across the Nigerian borders. The bill will also improve the
ability of law enforcement agencies to seize, freeze, and
confiscated stolen assets in Nigeria while observing all
related constitutional and human rights laws,” the President
said.
When the Bukola Saraki-led senate passed the bill last year,
the EFCC, headed by suspended acting chairman, Ibrahim
Magu, opposed it and urged President Buhari to reject it.

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