Agbakoba Backs FG on Proceeds of Crime Assets Recovery Agency

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Dr. Olisa Agbakoba

A former President of the Nigerian Bar Association (NBA), Dr. Olisa Agbakoba (SAN), yesterday praised the federal government on its decision to establish the Proceeds of Crime Assets Recovery Agency.

Agbakoba said the agency would reduce the workload of the Economic and Financial Crimes Commission (EFCC) which, hitherto, handled that activity.

Agbakoba said: “I congratulate the federal government and especially the Attorney-General of the Federation on the establishment of the proceeds of crime assets recovery agency.

“My reason is simple; the EFCC is saddled with far too many responsibilities beyond its best capabilities. The EFCC performs three functions albeit related but unnecessary to concentrate on one agency-investigations, prosecution, and assets recovery.

“The standard recommended and indeed prescribed by the Financial Action Task Force, the international agency mandated with proceeds of crime matters, is that these functions vested in EFCC must be carried out by distinct agencies for competence efficiency and transparency.

“I fully support divesting EFCC from managing assets recovered from proceeds of crime and further divestment of their power to prosecute is necessary. This will make the anti-corruption strategy more effective.”