PROCEEDS OF CRIME (RECOVERY AND MANAGEMENT) ACT, 2022

PROCEEDS OF CRIME (RECOVERY AND MANAGEMENT) ACT, 2022

LAWS OF THE FEDERATION OF NIGERIA

ARRANGEMENT OF SECTIONS

PART I—OBJECTIVES AND APPLICATION OF THIS ACT

1.     Objectives.

2.     Application.

PART II—PROCEEDS OF CRIME MANAGEMENT DIRECTORATE

3.     Establishment and functions of the Proceeds of Crime Management Directorate in the relevant organisation.

4.     Powers of the relevant organisation.

5.     Role of the Directorate in the process of management of forfeited properties.

PART III—RELATIONSHIP BETWEEN THE RELEVANT ORGANISATION AND OTHER ENTITIES

6.     Co-operation between relevant organisation and other entities.

PART IV—NON–CONVICTION BASED RECOVERY OF THE PROCEEDS OF CRIME

7.     Application of this Part.

8.     Nature of proceedings under this Part.

9.     Preservation order.

10.    Notice of preservation order.

11.    Duration of a Preservation order.

12.    Renewal of a preservation order.

13.    Disposal of property subject to preservation order.

14.    Appointment of asset manager for property subject to a preservation order.

15.    Orders in respect of immovable property subject to a preservation order.

16.    Variation and rescission of order.

17.    Application for forfeiture order.

18.    Service of notice out of time.

19.    Making of a forfeiture order.

20.    Effect of appeals on preservation or other ancillary orders.

21.    Effect of forfeiture order.

22.    Fulfillment of forfeiture order.

23.    Unlawful activities or conduct forming the basis of multiple orders.

24.    Application of this Part to deceased estates.

25.    Effect of death of joint owner of property under a preservation order.

PART V—RECOVERY OF CASH

26.    Seizure and detention of cash.

27.    Detention of seized cash.

28.    Interest to be paid on seized cash.

29.    Release of detained cash.

30.    Application for forfeiture of seized or detained cash.

31.    Appeals.

32.    Other owners or claimants.

PART VI—CONFISCATION OF PROCEEDS OF CRIME

33.    Objectives of this Part.

34.    Application of this Part.

35.    Application for restraint order.

36.    Purposes of restraint order.

37.    Property subject to a restraint order.

38.    Affidavit in support of a restraint order.

39.    Notice of restraint order.

40.    Registration of Restraint Orders.

41.    Setting aside a disposition contravening a restraint order.

42.    Contravening restraint orders.

43.    Seizure of property covered by a restraint order.

44.    Cessation of restraint orders.

45.    Making of confiscation orders.

46.    Value of proceeds of criminal activities.

47.    Amounts that may be realised.

48.    Realisable Property.

49.    Value of property.

50.    Gifts made by a convicted person.

51.    Procedure where a person absconds or dies.

52.    Enforcement of confiscation orders.

PART VII—INVESTIGATION, SEARCH AND SEIZURE

53.    Objectives of this Part.

54.    Application of this Part.

55.    Actions detrimental to an investigation.

56.    Retention of seized property.

57.    Obstructing the execution of a search and seizure warrant.

PART VIII—ADMINISTRATION

58.    Powers and duties of the relevant organisation in respect of property seized.

59.    Preserving controlled property.

60.    Rights attaching to shares.

61.    Destroying or disposing of property.

62.    Notice of proposed destruction or disposal of controlled property.

63.    Proceeds from sale of property.

64.    Discharge of confiscation orders by payment into the designated Account.

65.    Return of income generated from controlled property.

66.    Immunity against liability for loss.

67.    International forfeiture provisions.

PART IX—CONFISCATED AND FORFEITED PROPERTIES ACCOUNT

68.    Establishment of the Confiscated and Forfeited Properties Account.

69.    Payments into the Confiscated and Forfeited Properties Account.

70.    Payments out of the Confiscated and Forfeited Properties Account.

71.    Audit of the Confiscated and Forfeited Properties Account.

72.    Authorisation of expenditures for approved programmes of relevant organisation.

PART X—JURISDICTION

73.    Jurisdiction.

PART XI—GENERAL PROVISIONS RELATING TO LEGAL PROCEEDINGS

74.    Burden of proof.

75.    Stay of proceedings.

76.    Publication of notice.

77.    Relationship with relevant laws.

78.    Pre-action notice.

79.    Restriction on execution against property of the relevant organisation.

80.    Indemnity of officers of the relevant organisation.

PART XII—MISCELLANEOUS PROVISIONS

81.    Regulations and guidelines.

82.    Interpretation.

83.    Citation.

SCHEDULE

PROCEEDS OF CRIME (RECOVERY AND MANAGEMENT) ACT, 2022

ACT No. 16

An act to make comprehensive provisions for seizure, confiscation, forfeiture, and management of properties reasonably suspected to have been derived from unlawful activities; and for related matters.

[Commencement]                               [12th Day of May, 2022]

ENACTED by the National Assembly of the Federal Republic of Nigeria—

PART I—OBJECTIVES AND APPLICATION OF THIS ACT

Objectives.

1(1)  The objectives of this Act are to—

(a)    provide for an effective legal and institutional framework for the recovery and management of the proceeds of crime, benefits derived therein, instrumentality of unlawful activities, and unclaimed properties reasonably suspected to be proceeds of crime;

(b)    make provisions for the restraint, seizure, confiscation and forfeiture of property derived from unlawful activities and any instrumentalities used or intended to be used in the commission of such unlawful activities;

(c)    make provisions for non-conviction based procedure for the recovery of proceeds of crime;

(d)    strengthen the criminal confiscation procedure by ensuring that the total benefit from a person’s criminal activity is calculated and an equivalent amount, where recoverable, is confiscated on behalf of the Federal Government;

(e)    ensure that the relevant organisations establish the Proceeds of Crime (Management) Directorate to carry out the functions conferred on it under this Act;

(f)     strengthen collaboration among the relevant organisations in tracing and forfeiting properties reasonably suspected to be proceeds of unlawful activity through non-conviction based forfeiture proceedings; and

(g)    make provisions for the handover, management and disposal of properties forfeited to the Federal Republic of Nigeria.

2.     Application.

The provisions of this Act apply to—

(a)    detection, identification, investigation, and recovery of realizable assets and the proceeds and instrumentalities of unlawful activity by relevant organisations;

(b)    orders and directives by the Court to support the detection, recovery and preservation of the proceeds and instrumentalities of unlawful activity and realisable properties by relevant organisations; Application.

(c)    confiscation orders to recover a sum equivalent to the amount a convicted person has acquired from the offences charged and related offences, including accrued benefits;

(d)    management of the recovered assets and property by the relevant organisation under this Act; and

(e)    training and certification of asset recovery officers, asset recovery agents, auctioneers, bankers, consultants and judicial officers.

PART II—PROCEEDS OF CRIME MANAGEMENT DIRECTORATE

3.     Establishment and functions of the Proceeds of Crime Management Directorate in the relevant organisation.

The relevant organisation shall—

(a)    enforce and administer the provisions of this Act;

(b)    establish Proceeds of Crime (Management) Directorate which shall—

(i)     take over and assume responsibility for the proper and effective management of properties forfeited to the Federal Government of Nigeria,

(ii)    set standards to be applied in the handling of properties forfeited to the Federal Government of Nigeria,

(iii)    ensure accountability in the management of all properties forfeited to the Federal Government of Nigeria,

(iv)   ensure the effective administration of properties forfeited to the Federal Government of Nigeria,

(v)    recommend training on the management of the proceeds of crime and related matters, and

(vi)   appoint private asset managers and ensure that the assets managers are properly bonded and insured;

(c)    establish and maintain—

(i)     assets management and disposal systems, and

(ii)    lists of approved auctioneers and valuers, and issue instructions for the realisation or security of assets whilst ensuring fair process;

(d)    establish and maintain a central database of —

(i)     all seized and recovered assets by the relevant organisation, and

(ii) `asset managers, auctioneers, insurers, and other necessary support services;

(e)    work with the Federal Ministry of Justice to negotiate the return and management of all assets seized from foreign countries on behalf of the Federal or State Governments, or any other victim or for the benefit of Nigerians;

(f)     maintain statistics as to amounts recovered and managed;

(g)    collaborate with other government bodies outside Nigeria that are carrying on functions, wholly or in part similar to it;

(h)    maintain an accurate inventory of all assets, with records of their location, value, condition, and description of their status in relation to any proceedings before the Court;

(i)     recommend reparations to victims of crime, where proceeds have been recovered; and

(j)     carry out such other necessary or expedient functions as may be assigned to it by the head of the relevant organisation to ensure the efficient performance of its functions under this Act.

4.     Powers of the relevant organisation.

The relevant organisation may subject to the provisions of this Act, execute such contracts or other arrangements, as it considers necessary and, in particular—

(a)    engage contractors, asset managers, auctioneers, accountants, consultants, brokerage companies, investment advisers, financial investigators and other experts for the effective performance of its functions under this Act;

(b)    dispose assets subject to forfeiture order of a Court that—

(i)     are perishable or susceptible to deterioration, or

(ii)    may be excessively burdensome or expensive to maintain or administer, leading to a reduction of the recoverable amount;

(c)    do anything it considers appropriate for facilitating, or which is incidental to the performance of its functions.

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LAWS OF THE FEDERAL REPUBLIC OF NIGERIA

LAWS OF THE FEDERATION OF NIGERIA BY YEARS (MADE BETWEEN 1999-DATE)