Information Minister Lai Mohammed revealed this in Abuja in the eighth edition of President Muhammadu Buhari’s Administration (PMB) Scorecard Series (2015-2023).
In an opening comment, Mr. Mohammed recalled that the president, in May, signed into law the Proceeds of Crime (Recovery and Management) Bill, along with two others, to improve the anti-money laundering and anti-financing framework of the country’s terrorism.
“According to the new law, all relevant government agencies have now opened a ‘Confiscated and Forfeited Property Account’ with the Central Bank of Nigeria,” he said.
The minister added: “The money is being used to finance the completion of ongoing critical infrastructure projects in the country, such as the Second Niger Bridge, as well as the Lagos–Ibadan and Abuja-Kano highways.”
Mr. Mohammed stated that the regime’s fight against corruption was on the right track, and the President also signed the Money Laundering (Prevention and Prohibition) Bill 2022 and the Terrorism (Prevention and Prohibition) Bill. .
At a signing ceremony in the Council Chamber of the House of Representatives, Mr. Buhari said the bills were in line with his regime’s commitment to fight corruption and illicit financing activities.
The president had said that the new laws provided sufficient punitive measures and containment strategies against abuses and compromises, while the inadequacy of all the repealed laws had affected legal actions against violators.
He praised federal legislators for their tenacity, courage and commitment to ensure Nigeria takes the right steps to address the threat of money laundering, terrorism and terrorist financing.