The Nigerian government says it had realized at least N120 billion as proceeds from criminal financial operations since the Bill on Proceeds of Crime Recovery Management was signed into law earlier this year by President Muhammadu Buhari.
The Minister of Information, Alhaji Lai Mohammed, made the announcement at a news conference when the Minister of Environment presented the scorecard of the ministry under the Buhari administration in Abuja on Wednesday.
Mohammed said, “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.
“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 Information Minister said.