As part of efforts to ensure that recovered loots are properly managed, the establishment of a new anti-graft agency has been approved by the Federal Executive Council (FEC).

The Minister of Justice and Attorney General of the Federation, Abubakar Malami, made this known to state house correspondents after the FEC meeting on Wednesday, September 16.

According to him, recovered assets have been in the hands of several agencies and better coordination under a single agency will encourage international/overall coordination in recovering more looted assets.

He said the new anti-corruption agency will be named ‘Proceeds of Crime Recovery and Management Agency’

Malami 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 in line with efforts to consolidate the gains achieved so far in the government’s war against corruption.

He said; ‘‘The Federal Ministry of Justice presented to Council a memo today (Wednesday).

“The memo is about a Bill which seeks the approval of the Council to transmit to the National Assembly for passage.

It is the Proceeds of Crime Recovery and management Agency Bill.

“It is in essence a bill that is targeted and intended to have in place a legal and institutional framework. The legal component of it is having a law and the institutional component of it is to have an agency that will be saddled with the responsibility of managing the assets that constitute the proceeds of crime in Nigeria.

“What happens before now is the proceeds of crime are scattered all over, and mostly in the hands of different and multiple agencies of government inclusive of the police, the DSS (Department of State Service), EFCC (Economic and Financial Crimes Commission), and ICPC (Independent Corrupt Practices and other Related Offences Commission).

“So, with that kind of arrangement which is ad-hoc, there is no agency of government that is saddled with the responsibility of data generation, an agency that can give you off-hand the number of landed assets, number of immovable assets, the amount in cash that are recovered by the federal government by way of interim forfeiture overweigh of a final forfeiture.

So, it is indeed over time a kind of arrangement that is not uniform and consistent.

“If you have a budget item for recovered assets, this agency will now be in a position to provide information to the federal ministry of finance, budget and National Planning on-demand as to what amount is there available for budget purposes, thereby establishing the desired transparency, the desired accountability which has not been available before now.”