Nigeria Inaugurates Committee on Disposal of Forfeited Assets

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Nigeria’s Minister of Justice and Attorney General of the Federation, Abubakar Malami has inaugurated the Inter-Ministerial Committee on Disposal of Forfeited Assets which he says will ensure proper coordination for the disposal of assets forfeited to country.

In his speech on Monday, Malami said the initiative was as a result of President Muhammadu Buhari’s directive in October 2018 following recommendations of the Presidential Audit Committee on Recovery and Management of Stolen Assets and a need for efficient management of the assets.

The move according to the minister is aimed at ensuring proper coordination of the disposal of the federal government’s assets and for promoting a uniform, harmonised and transparent procedure to safeguard the assets recovered by the relevant agencies in line with the anti-corruption drive of this administration.”

He added that the committee is responsible for the development of its targets in order to measure performance, and respond to ongoing asset management audit and asset performance reports.

“Your mandate is to ensure the expedient disposal of all Federal Government of Nigeria forfeited assets and generate revenue for the Federal Government of Nigeria. Accordingly, I wish to solicit the cooperation of all members of the Inter-Ministerial Committee in that respect.

“On this note, 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,” said the minister.

Last month, the Nigerian leader had approved the committee with the Minister saying that the members of the committee would be from relevant agencies specialised in the recovery and disposal of Nigeria’s assets while Dayo Apata, Solicitor-General of the Federation, will be the chairperson of the committee and the asset tracing, recovery and management unit.

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