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Friday, April 19
The POCA bill was signed by the President of Nigeria, President Muhammadu Buhari on the 12th of May 2022, and the Act “seeks to provide for an effective legal and institutional framework for the recovery and management of the proceeds of crime, a non-conviction-based procedure for the recovery of proceeds of crime, strengthen criminal confiscation procedure, and collaborate among the relevant organization in tracing properties reasonably suspected to be proceeds of unlawful activity.” Welcome to the Pulse Community! The organization is tasked with the responsibility of ridding Nigeria of corruption through “lawful enforcement and preventive measures.” A few weeks ago, the federal government of Nigeria revealed its plans to begin disposing of assets forfeited through the Proceeds of Crime (Recovery and Management) Act (POCA).
During his address to the House, he detailed the amount recovered, inclusive of N1.413 billion and $225,965 in the ICPC/TSA recovery account, N1.264 billion cash through tax intervention, plots of land, completed buildings, vehicles, electronics, and jewelry valued at N679.13m, N2.603bn, N81.1m, N1.55m, and N195,500..
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