The Federal Executive Council (FEC) has approved the establishment of a new anti-corruption agency which will be saddled with proper coordination of all recovered looted assets.

The new anti-corruption agency is  named the ‘Proceeds of Crime Recovery and Management Agency’, which will manage   the assets that constitute the proceeds of crime in Nigeria.

The Minister of Justice, Abubakar Malami,disclosed this while briefing State House Correspondents after the FEC meeting on Wednesday.

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

Malamiexplained that better coordination will encourage international/overall coordination in recovering more looted assets.

Malamiadded that the FEC has approved transmission of a bill, titled, “Proceeds of Crime Recovery and Management Agency Bill,” to the National Assembly.

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.

According to Mr. Malami, an agency of this nature has become necessary in a bid to consolidate the gains achieved so far in the government’s war against corruption.

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