BudgIT, Cislac demand legal framework for recovered loot

BudgIT Foundation and Civil Society Legislative Advocacy Centre have called for a comprehensive legal framework for the recovery, coordination, monitoring and utilisation of looted assets.

The two leading non-governmental organisations in the advocacy for openness, accountability and transparency in Nigeria, stated these in a statement by the Communications Associate of BudgIT, Iyanu Fatoba, on Wednesday.According to the statement, the failure to enact the Proceeds of Crime Act , which would serve as a crucial legislative framework for management of recovered assets would undoubtedly create further complications.

“However, it is difficult to ascertain Nigeria’s progress and level of success on utilisation of these recovered assets due to lack of transparency. With respect to funds recovered domestically, the issues are numerous including lack of public audits and a central register or database for all recovered assets, among others.

Also, Deputy Manager at BudgIT, Tolutope Agunloye noted that the delay in passing the POCA, which the Federal Government committed to in 2016 greatly undermines asset recovery in Nigeria.

Source: Law Daily Report (lawdailyreport.net)

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