More than N120 billion was realized as proceeds from criminal financial operations since the Act on Proceeds of Crime Recovery Management came into effect, Information Minister Lai Mohammed has said.
Persecondnews recalls that President Muhammadu Buhari had earlier this year signed the Bill on Proceeds of Crime Recovery Management.
Mohammed disclosed this at a news conference in Abuja where the Minister of Environment presented the ministry’s scorecard on Wednesday.
“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 120 billion Naira, among other currencies, from POCA,” the information minister said.
On what the money will be used for, Mohammed said it would be deployed to fund critical projects such as the Second Niger Bridge, the Lagos-Ibadan and Abuja-Kano Expressways.
“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.
“We will continue to update you on this,” the minister said.