Court nullifies AGF’s sale, disposal of recovered assets

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The Federal High Court sitting in Lagos has nullified the Asset Tracing, Recovery and Management Regulations, 2019 for being “an invalid statutory instrument.”

The court also nullified all sales and disposals of assets made by the Attorney-General of the Federation (AGF) Abubakar Malami, under the Asset Tracing, Recovery and Management Regulations, 2019.

The judge, Ambrose Lewis-Allagoa, gave the order on Monday in a suit filed by the Human and Environmental Development Agenda (HEDA) against the AGF.

Malami had signed a new policy titled “Asset Tracing, Recovery and Management Regulations, 2019”, which empowers the federal government to determine procedures that anti-corruption agencies must adopt to manage recovered assets.

This, according to the Minister, was in accordance with the president’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.

But HEDA, through its counsel, Omotayo Olatubosun, challenged the AGF’s power to set up the committee.

It argued that the regulations conflicted with the Economic and Financial Crimes Commission (EFCC) Act, Trafficking in Persons (Prohibition) Enforcement and Administrative Act, 2015, National Drug Law Enforcement Agency (NDLEA) Act, 2004 and Independent Corrupt Practices Commission Act (ICPC), 2000, among others, on the matter of disposal of final forfeited assets.

 

 




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