The Federal Government (FG) stated that it had recovered over N120 billion from the proceeds of crime, following the implementation of the Proceeds of Crime (Recovery and Management) Act (POCA), 2022 which was signed by President Muhammadu Buhari on May 12, 2022, along with the Money Laundering (Prevention and Prohibition) Bill, 2022 and the Terrorism (Prevention and Prohibition) Bill, 2022. This was disclosed on Wednesday in Abuja by Lai Mohammed, the Minister of Information and Culture during the 8th edition of the ‘PMB Administration Scorecard Series (2015-2023).
According to him, “I have an update on the Proceeds of Crime (Recovery and Management) Act, 2022. In line with the new law, all relevant agencies of government have now opened ‘Confiscated and Forfeiture Properties Account’ with the Central Bank of Nigeria.
“I can confirm that so far, the Federal Government has realized over N120bn, among other currencies from POCA. This money will be used to fund the completion of the ongoing infrastructure projects in the country like the Second Niger Bridge as well as Lagos-Ibadan and Abuja-Kano expressways. We will continue to update you on this”.