The House of Representatives has passed the Proceeds of Crime Bill, which, when signed into law, will supersede the controversial Executive Order Number 6 of 2018 on the Preservation of Suspicious Assets Connected with Corruption.
Sponsored in the 8th Assembly by the Chairman of the House Committee on Financial Crimes, Hon. Kayode Oladele and passed on Tuesday before the National Assembly proceeded on its annual recess, the bill provides a legal and institutional framework for the confiscation, seizure, forfeiture, recovery and management of assets or proceeds derived from unlawful activities, including instrumentalities used or intended to be used in the commission of unlawful activities.
The bill seeks to harmonize and consolidate the existing legal frameworks, as well as establish a central agency to manage the proceeds recovered from illegally acquired…
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