Reps move to transfer president’s power on assets forfeiture

The House of Representatives has passed for second reading, a Bill that will take away powers of the President to order the forfeiture of moveable and immovable assets.

The Bill, sponsored by the Deputy Speaker, Ahmed Idris Wase (APC, Plateau) seeks for the Amendment of the Currency Conversion (Freezing Orders) Act Cap. C43, Laws of the- Federation of Nigeria, 2004.

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The Bill if amended will give the power for the forfeiture of the assets of affected persons, individuals or organisations discretionary hitherto vested with the president, to the Judge of a High Court.

Leading the debate, the sponsor of the Bill, Ahmed Idris Wase said the discretionary power given to the President by the Principal Act will be transferred to High Court Judges in line with the constitution and protect it from being abused by the President.

According to him, the assets forfeiture was put in place to prevent persons found guilty of offences from benefiting from the proceeds of their offences.

Wase added that the law of forfeiture is being regulated through various Laws like the Code of Conduct Bureau and Tribunal Act, Cap C15, LFN, 2004; Foreign Exchange Monitoring and Miscellaneous Provision Act, Cap F34 LFN, 2004, Financial Malpractices in Bank Act, Cap F2, 2004, EFCC Act, Cap E4, 2004 among others.