N120b recovered crime proceeds spent on road projects, says Govt

December 8, 2022
18 Views

Information and Culture Minister Lai Mohammed has said the N120 billion recovered through the Proceeds of Crime (Recovery and Management) Law (POCA) 2022 has been devoted to building expressways and bridges by the Muhammadu Buhari administration.

The minister said this at the eighth edition of the Buhari administration’s scorecard, which also featured Environment Minister Mohammed Abdullahi, yesterday in Abuja.

The President had, in May, signed the Proceeds of Crime (Recovery and Management) Bill, Money Laundering (Prevention and Prohibition) Bill, 2022 and the Terrorism (Prevention and Prohibition) Bill into law to improve the country’s anti-money laundering and counter-terrorist financing framework.

He said his assent to the Bills was in line with the endless commitment of his administration to end terrorism as well as other corrupt practices in the country.

Mohammed said the Buhari administration’s war against corruption was commendable for signing those significant Bills into law.

He said: “In line with the new law, all relevant government agencies have now opened ‘Confiscated and Forfeiture Properties Account’ with the Central Bank of Nigeria (CBN).

“The money is being used to fund the completion of ongoing critical infrastructure projects in the country, like the Second Niger Bridge as well as LagosIbadan and Abuja-Kano expressways.”

Please enable JavaScript to view the comments powered by Disqus.

You may be interested

‘Presidential election’s outcome will shock El-Rufai,’ Bafarawa reacts to Kaduna governor’s
News
News

‘Presidential election’s outcome will shock El-Rufai,’ Bafarawa reacts to Kaduna governor’s

Webby - February 4, 2023

The former Sokoto State Governor, Attahiru Bafarawa, has slammed the Governor of Kaduna State, Nasir El-Rufai, for insisting that the…

CBN to meet banks, telcos on PoS withdrawal charges
Business
5 views
Business
5 views

CBN to meet banks, telcos on PoS withdrawal charges

Webby - February 4, 2023

Spread the love    The Central Bank of Nigeria (CBN) will meet with deposit money banks (DMBs), mobile money operators,…

Moody’s warns investors against Fidelity Bank, GTBank, others over ‘weak operating environment’
Business
Business

Moody’s warns investors against Fidelity Bank, GTBank, others over ‘weak operating environment’

Webby - February 4, 2023

Spread the loveMoody’s, which assesses investment risk in countries and companies, said it has downgraded the investment or credit rating…

Leave a Comment

Your email address will not be published.