The Minister of Justice and Attorney General of the Federation, Abubakar Malami says the Federal Executive Council (FEC) has approved the establishment of a new anti-corruption agency.
While speaking with state house correspondents after the Wednesday FEC, Malami said the new agency will be charged with the responsibility of coordinating all recovered looted assets.
Malami said the new anti-graft agency to be named Proceeds of Crime Recovery and Management Agency would see to the better coordination of looted assets, hence ensuring transparency and accountability.
He further stressed that the proposed anti-corruption agency would be in the position to provide information to the federal ministry of finance, budget and National Planning the budget item for recovered assets.
According to him, FEC has approved transmission of a bill about the new agency to the National Assembly.
Highlighting the essence of the Bill, Malami stated that it is intended to have in place a legal and institutional framework.
He further explained that the legal component of the Bill is having a law and the institutional component of is to have an agency that will be saddled with the responsibility of managing the assets that constitute the proceeds of crime in Nigeria.
The AGF noted that the proceeds of crime are in the hands of different and multiple agencies of government including the police, the DSS Department of State Service, DSS, Economic and Financial Crimes Commission, EFCC and Independent Corrupt Practices and other Related Offences Commission, ICPC.