The Federal Executive Council (FEC) has approved the establishment of a new anti-corruption agency that will be charged with the responsibility of coordinating all recovered looted assets.
The Minister of Justice and Attorney General of the Federation, Abubakar Malami, disclosed this yesterday, Sept. 16,2020, to state house correspondents after the FEC meeting
He explained that assets recovered have been in the hands of several agencies and that better coordination 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’. He added that the council has approved transmission of a bill, titled, “Proceeds of Crime Recovery and Management Agency Bill,” to the National Assembly.
He said 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.