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President Buhari orders Committee to sell off forfeited assets in 6 months

President Buhari has ordered a committee on the disposal of FG’s forfeited assets to sell off forfeited assets in 6 months.

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The Attorney general of the Federation, Abubakar Malami inaugurated the inter-Ministerial Committee on the Disposal of Federal Government of Nigeria’s Forfeited Assets and announced that

President Muhammadu Buhari has ordered the selling off of forfeited assets in 6 months. 

The Attorney general of the Federation, Abubakar Malami disclosed this during the inauguration of a 22-member Inter-Ministerial Committee on the Disposal of Federal Government of Nigeria’s Forfeited Assets in Abuja on Monday.

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Malami said that the Committee is in line with the Government’s Asset Tracing, Recovery and Management Regulations, 2019.

” The Asset Tracing, Recovery and Management Regulations, 2019 provide legal & administrative frameworks for investigation, tracing, seizure & disposal of stolen or illegally acquired assets & proceeds of crime—& are an interim measure pending passage of the Proceeds of Crime Bill,” Malami said.

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He added that the Committee was approved by Buhari who ordered the time frame of 6 months to sell off the assets.

“President Muhammadu Buhari approved the composition of the Inter-Ministerial Committee on the Disposal of Federal Government of Nigeria Forfeited Assets on 27th October 2020. The Committee has a time frame of six (6) months for the disposal of all Federal Government Forfeited Assets,” he said.

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Malami announced the Committee would be a 22-man board, chaired by the  Solicitor General of the Federation with membership made up of law enforcement and security personnel.

“The Solicitor General of the Federation and Permanent Secretary, Federal Ministry of Justice, Dayo Apata, SAN shall be the Chairman of the Inter-Ministerial Committee on the Disposal of Federal Government of Nigeria Forfeited Assets.

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“Members of the Committee are drawn from the relevant agencies that deal with the recovery and disposal of the Federal Government of Nigeria’s assets. While the Solicitor General of the Federation and Permanent Secretary Federal Ministry of Justice, Dayo Apata, SAN shall be the Chairman of the Committee, the Asset Tracing, Recovery and Management Unit under the Office of the Attorney General of the Federation and Minister of Justice shall serve as the Secretariat of the Committee,” Malami added.

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