The Federal Government on Wednesday disclosed that over N120 billion had been realized as proceeds from criminal financial operations since the Proceeds of Crime Recovery Management Act was enacted and that the recovered funds had been committed to critical infrastructure projects.
The Minister of Information and Culture, Mr. Lai Mohammed, who made this disclosure during a media chat in Abuja, said that since the commencement of the implementation of the legislation, which was signed by President Muhammadu Buhari early this year, substantial looted funds had been recovered.
The minister made this clarification on the gains of the Proceeds of Crime Recovery Management Act so far when the Minister of Environment presented the ministry’s report.
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 realized over N120 billion, among other currencies, from POCA”, he added.
According to him, the recovered loot would be deployed to fund critical ongoing projects, including the Second Niger Bridge, the Lagos-Ibadan and Abuja-Kano expressways.
He maintained: “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.
The minister promised that the government would continue to update the public on the disbursement of the recovered crime proceeds.
