23 November 2020
According to Transparency International, Nigeria currently ranks 146 out of 180 countries on the global Corruption Perception Index Report.
The Nigerian President, Muhammadu Buhari, in his effort to boost Nigeria’s anti-graft war, has presented an Executive bill, known as the Proceeds of Crime Bill, 2020 (the “Bill”) to the Nigerian Parliament.
The Bill, if passed into law, will be the first comprehensive Nigerian legislation that deals with seizure, confiscation, forfeiture and management of properties derived from unlawful activities.
It is widely believed that the Bill will be a critical tool for building a sustainable foundation for the fight against white collar crimes, particularly corruption, money laundering and illicit movement of stolen funds through the Nigerian banking system and across Nigeria’s borders.
This article from the TEMPLARS IWC (Investigations, White Collar and Compliance) Team summarizes the provisions of the Bill.