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Senate Passes Proceeds Of Crime Bill For Second Reading
The Senate, yesterday, passed the Proceeds of Crime Bill for second reading.
The Bill titled, “A Bill for an Act to provide for a comprehensive legal and institutional framework for the recovery and management of proceeds of crime or benefits derived from unlawful activities, harmonize and consolidate the legal provisions on the recovery of proceeds of crime and related matters, 2021” was sponsored by Senate Leader, Yahaya Abdullahi (Kebbi North).
Abudullahi in his lead debate noted that the country has been striving to put in place an appropriate Proceeds of Crime legislation since 2007.
He said that efforts to develop a comprehensive bill have been impeded by agency rivalry since 2011.
Abdullahi said, “Effort to sign the Proceeds of Crime Bill into law in 2019 was delayed as a result of complaints by agencies that claimed that the Bill is intended to take away their powers.
“There are many compelling reasons to put in place a comprehensive legislation on recovered assets.
“During the evaluation of Nigeria in 2007 by the International Financial Action Task Force (FATF), they observed in their report that the legal framework for the recovery and management of stolen assets in Nigeria is inadequate and do not comply with international standards.
“At the same time, due to lack of centrally managed database on recovered assets, it is difficult to track and maintain the actual number of the seized assets, their location and their value.
“There have been reported and verifiable instances over the years that showed that some recovered assets were being misused, stolen or lost.
“Further investigations have shown that some of the agencies opened multiple accounts for the payment of forfeited assets without keeping proper records.
“It was against this background that Mr. President constituted the Presidential Audit Committee on Recovery of Assets (PACRA) in 2017.
“Not surprisingly, the committee’s findings re-iterated the need for comprehensive and more innovative approach in the management of recovered assets in a transparent and accountable manner so that these assets would become a source of revenue for the country as is the case in many developing and developed countries of the world.
“Following the submission of the report of PACRA in 2018, the President directed that the following measures amongst other be put in place pending the passing of the Proceeds of Crime Bill into law.”
The measures according to him, include, “The establishment of an Asset Recovery and Management Unit in the Federal Ministry of Justice (ARMU/ FMOJ);
“The opening of a central asset recovery (final forfeiture) account and a central (interim forfeiture) account in the Central Bank of Nigeria. This is to enable the FGN track all recovered assets and the benefits derived from them;
“Use of recovered assets/funds as a source of revenue in the Appropriation Act of 2018 and in subsequent Appropriation Acts.”
He added that the reason the country always have to sign these agreements is to convince other countries that the government is focused on the development of the country with the recovered assets and that it will be accounted for in a transparent manner.
He said: “Proceed of Crime legislation is seen as one of the vital conditions to secure Nigeria’s full membership of the Financial Action Task Force (FATF).
“Nigeria’s application has remained elusive as the agencies argue to retain their powers at the expense of national interest.
“The Bill has, however, taken into account the issues raised by the LEAs in relation to their continuing engagement in civil recovery without compromising the international applicable standards in United Nations Conventions.
“It is a generally accepted that crimes, particularly those in the category of economic and financial crimes are usually committed for profit purposes.
“Asset deprivation attacks criminality through this profit motive. In the same way that starving a thriving small business of capital hampers its growth, removing assets from criminal enterprises, including terrorist organizations, kidnapping organizations and bandits who must necessarily undertake their operations with funding from individuals within or outside the country will certainly hinder and deter their illicit operations.
“A strong asset recovery measure can also disrupt the activities of these criminal organizations and reduce the level of insecurity in the country.”
The Kebbi North lawmaker added that removing unlawful assets also, “Engenders confidence in a fair and effective criminal justice system and shows that nobody is above the law.
“Removes the influence of negative role models from communities; deters people from crime by reducing the anticipated returns.
“Provides a powerful disincentive to commit crime in the first instance; prevents reinvestment in criminal activity; and disrupts organised criminal activity.”
Besides, he urged his colleagues to note that “virtually all of the processes and procedures for recovery of proceeds and instrumentalities of crime are, in accordance with international practices, properly brought under judicial oversight and will no longer be left to the whims and caprices of any agency.
“Also noteworthy are the specific statutory timelines established under the proposed enactment to ensure that the constitutional rights of the citizens are guaranteed in the implementation of the recovery processes and procedures.
“Importantly, the exigency of Nigeria having in place this all important piece of legislation cannot be over-emphasised as Nigeria to date is still deficient in meeting this outstanding obligation under Recommendation 4 on Confiscation and Provisional Measures of the FATF Recommendations adopted by the FATF Plenary in February, 2012 and updated in June 2019.
“This FATF Recommendation requires countries to establish mechanisms that will enable their competent authorities to effectively manage and where necessary, dispose of property that is frozen, or seized or has been confiscated and requiring that the mechanisms to be established should be applicable both in the context of domestic proceedings and requests to and by foreign countries.”
Senators in their contributions supported the Bill and approved that it be read a second time when it was put to voice vote by Senate President, Dr Ahmad Lawan, at plenary.
Lawan thereafter referred the Bill to the Senate Committee on Judiciary, Human Rights and Legal Matters for further legislative work and to report back in two weeks.
A subsidiary outfit of First Registrars Firm, the Cle Digital Services Limited, has launched a digital solution for cooperative societies in the country.
Business Manager of Clé Digital Services Limited, Oladipupo Olabisi, at the launch in Lagos, revealed that the product, Clé Cooperative Management Solution, was a revolutionary digital platform, professionally designed to streamline cooperative management and enhance members’ engagement.
He said, “Today marks a significant milestone in our journey as we introduce a groundbreaking digital platform designed to transform the way cooperative organisations operate and engage with their members.
“The Clé Coop Solution represents the culmination of extensive research, development, and collaboration with cooperative communities around the world.
“From multipurpose societies to housing cooperatives and agricultural cooperatives, the Clé Coop Solution empowers cooperatives of all sizes to efficiently manage their operations, communicate with members, and foster collaboration”.
Highlighting the economic and environmental significance of cooperative societies, Olabisi explained that with significant investment committed to the development of the product, members of cooperative societies, particularly administrators and executives, would have robust experience.
The business Manager added, “We also understand the challenges that many cooperatives face in navigating complex operational tasks and effectively communicating with their members.
“To this end, Clé Coop Solution is a step ahead of other platforms, as it also offers more than just cooperative management services. Members of cooperative societies can have access to a number of value-added services, such as the CLE market hub, discounts on specific products and services and much more.
“Finally, I want to reiterate our firm belief in the power of cooperation and technology to drive positive changes in the world. With the Clé Cooperative Solution, we are not just launching a product; we are embarking on a journey to empower cooperatives and create a more inclusive, resilient, and sustainable future for all”.
A Director with the Lagos State Government Ministry of Commerce, Industry and Co-operatives, represented by the Surulere Cooperatives Area Coordinator, Mr Akin Adekunle, commended the launch of the software to address specific challenges of cooperative societies.
He charged the organisation not to limit the use of the cooperative solution to the elite cooperatives but to other categories, as society was replete with various types of cooperatives.
The Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Mr. Sunday Thomas, has said artificial intelligence (AI) is key to the future of insurance business in Nigeria.
He, therefore, urged insurance operators to increase adoption in this area, saying it gives better productivity and enhanced profitability, while ensuring quick service delivery and claims payment to insurance consumers.
Thomas stated this while delivering a keynote address at the 8th BusinessToday annual conference & exhibition with the theme, “The World of AI: How Insurance and Pension Sectors Can Explore Opportunities for Market Penetration”, in Lagos.
Thomas, who was represented by the Deputy Director, Lagos Office of NAICOM, Ajibola Olabisi Bankole, said Technology adoption is part of the 10-year roadmap of the insurance industry, and that NAICOM, as a regulator, will continue to evolve policies that will engender the growth of the industry, increase penetration and contribute to the nation’s GDP.
Earlier in his Goodwill message, Chairman of the conference, who is also the Chairman of NEM Insurance Plc, Mr. Tope Smart, noted the level of insurance penetration in Nigeria when benchmarked with the global penetration, saying that a lot of factors were responsible for the increase in penetration level.
He said lack of or low enforcement is affecting the adoption of compulsory insurances, adding that the industry is working assiduously to partner agencies responsible for enforcement to increase insurance adoption.
“It is quite saddening that out of a population of 200 million, only about three million people are actually insured. Lack of enforcement is a challenge but the industry is working round the clock to increase enforcement through the regulatory and enforcement bodies.
“Consumers’ apathy due to bad experience they had in the past is affecting policy renewals, but I can assure Nigerians that there are various complaint avenues for people to lodge complaints.
“If your legitimate claims are not settled, you can approach Nigerian Insurers Association (NIA) and NAICOM; if your complaints are genuine, they will be definitely resolved”, he assured.
The President, Chartered Insurance Institute of Nigeria (CIIN), Mr. Edwin Igbiti, said the growing insurance industry will require that the nation’s economy be derisked, while seeking partnership with government and other stakeholders to deepen insurance penetration.
He stated that AI will increase insurance premium growth, enhance service delivery, and ensure that the insurance sector contributes more to the nation’s Gross Domestic Product(GDP).
The Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has unveiled an enhanced version of its mobile app which was optimised specifically for businesses.
Head of Partnerships at Stanbic IBTC Bank, Omolara Osunsoko, in her opening remarks at the event in Lagos said the enhanced mobile app offers a range of new features designed to streamline and simplify digital banking for business owners.
She said, “The solutions added to the app will help business owners transact whilst on the go. This cutting-edge offering exemplifies our dedication to innovation, convenience and growth in our digital space. It underscores our promise to continually enhance our services”.
According to Osunsoko, the enhanced mobile app for businesses provides a comprehensive suite of tools to manage finances efficiently.
“With an intuitive interface, users can execute transactions seamlessly, transfer funds between accounts, check real-time balances, and manage beneficiaries. The app offers instant access to transaction statements, self-service options, and security features to safeguard business operations”, she added.
The Chief Executive of Stanbic IBTC Bank, Wole Adeniyi, remarked, “We are thrilled to introduce the enhanced Stanbic IBTC Mobile App tailored specifically for our business clients.
“Our goal is to provide businesses with a seamless and efficient platform to conduct their banking activities, including transactions, statement requests, transfers, and more, all from the convenience of their mobile devices.
“This app enhancement is a significant step in our ongoing efforts to simplify our banking processes and enhance the customer experience through technology.
“With robust security measures and a user-friendly interface, our business clients can now manage their finances more efficiently and confidently”.
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