Northern Nigerian Breaking News

JUST IN: FG inaugurates committee to sell off forfeited assets


The Minister of Justice, Abubakar Malami, SAN, on Monday, inaugurated an inter-ministerial committee on the disposal of forfeited assets to the Federal Government.

Malami said the composition of the inter-ministerial committee was approved by President Muhammadu Buhari on Oct. 27.

The 22-member committee according to the minister has six months within which to dispose of all forfeited assets, to generate revenue for the Federal Government.

The committee members, he said, which are drawn from relevant agencies involved in various recoveries of looted assets of the federal government is chaired by the Solicitor-General of the Federation (SGF) and Permanent Secretary of the Federal Ministry of Justice, Mr Dayo Apata, SAN.

Malami said his office in 2019 issued the Asset Tracing, Recovery and Management Regulations following the directive of President Muhammadu Buhari in 2018.

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“The regulations provided legal and administrative frameworks for the investigation, tracing, seizure and disposal of stolen or illegally acquired assets and proceeds of crime.

” It was aimed at ensuring proper coordination of the disposal of the federal government assets and for promoting a uniformed, a harmonized and transparent procedure to safeguard the assets recovered by the relevant agencies in line with the anti-corruption drive of the current administration.

“It is my pleasure to inaugurate this committee today which has a time frame of six months for the disposal of all Federal Government Forfeited Assets”, he said.

According to the minister, ‘the responsibilities of the Inter-Ministerial Committee include implementation of provisions of the ATRM Regulations, ensure the transparency of the disposal of Federal Government Final Forfeited Assets.

” Ensure the synergy and collaboration between the Attorney General of the Federation and Minister of Justice and Law Enforcement and Anti-corruption Agencies, other relevant Ministries, Departments and Agencies and the Non-Governmental Organization in the collation of records of all assets.

“Ensure that information flow on assets are in place.

Other tasks of the committee are responding to any ongoing Asset Management Audit and the asset performance reports.

“Consistently implement enablers and controls that support decision making and efficiency of service delivery which govern the disposal of assets; and development of targets for the committee in order to measure its performance.

Malami, however, stated that the Asset Tracing, Recovery and Management Regulations, 2019, the Standard Operating Procedures and Terms of Reference shall be the working tools and serve as guidelines for the Inter-Ministerial Committee and how best to actualize the quick disposal of the FGN assets in line with Mr President’s directive.

“Your mandate is to ensure that the expedient disposal of all FGN Forfeited Assets and generate revenue for the Federal Government of Nigeria.

Accordingly, I wish to solicit the cooperation of all members of this Inter-Ministerial Committee in that respect.

“I wish to implore the Inter-Ministerial Committee to work as a formidable Team with the relevant agencies in accordance with extant laws and regulations.

It is also my hope that the proceeds from this exercise will be a source of additional revenue for the country.

“I must, however, warn that the task before the Inter-Ministerial Committee is an enormous one and must be conducted with utmost dignity having the interest of Nigeria at heart. Thus, much is expected from the Committee”, he noted.

Apata, the Chairman of the committee assured of due diligence in the discharge of the committee’s duties, adding that the committee will be guided by the principle of transparency and accountability. (NAN)

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