Part V
Forfeiture of Assets of Persons Arrested for Offences Under This Act

26. (1) Where a person is arrested for an offence under this Act, the Commission shall immediately trace and attach all the assets and properties of the person acquired as a result of such illegal act and shall thereafter cause to be obtained an interim attachment order by the Court.

27. (1) Where a person is arrested for committing an offence under this Act, it shall be obligatory for the said person to make a full dislcosure of all his assets and properties by completing the Declaration of Assets Form as specified in Form A of the Schedule to this Act.
(2) The Declaration of Assets Form shall be forwarded to the Commission for full investigation by the General and Assets Investigation Unit of the Commission.
(3) Any person who-
(a) knowingly fails to make fun disclosure on his assets and liabilities ;-or .
(b) knowingly makes a declaration that is false; or
(c) fails to answer any question;
(d) fails, neglects or refuses to make a declaration or furnishes any information required, in the Declaration of Assets Form, commits an offence under this Act and is liable on conviction to imprisonment for a term of ten years,
(4) Subject to the provisions of section 24 of this Act; whenever the assets and properties of any person arrested under this Act are attached, the General and Assets Investigation Unit shall apply to the Court for an interim forfeiture order under the provisions of this Act.

28. Where-.
(a) the assets or properties of any person arrested for an offence under this Act has been seized; or
(b) any assets or property has been seized by the Commission under this Act, the Commission shall cause an application to be made to the Court for an interim order forfeiting the property concerned to tilt: Federal Government and the Court shall, if satisfied then there Is prima facie evidence that the property concerned is liable to forfeiture, make an interim order forfeiting the property to the Federal Government.

29. Where an arrested person is convicted of an offence under this Act, the Commission or any authorised officer shall apply to the Court for the order of confiscation and forfeiture of the convicted person's assets and properties acquired or obtained as a result of the crime already subject to an interim order under this Act.

30. (1) A copy of a final order forfeiting the asset and property of person convicted under this Act shall be forwarded to the Commission.
(2) Upon receipt of final order pursuant to this section, the Secretary to the Commission shall take steps to dispose of the property concerned by sale or otherwise and where the property is sold, the proceeds then of shall be paid into the Consolidation Revenue Fund of the Federation.
(3) Where any part of the property included in a final order is money in a bank account or in the possession of any person, the Commission shall cause a copy of the order to be produced and served on the manager or any person in control of the head office or branch of the bank concerned and that manager or person shall forthwith pay over the money to the Commission without any further assurance than this Act and the Commission shall pay the money received into the Consolidated Revenue Fund of the Federation.
(4) The Attorney-General of the Federation may make rules or regulations for the disposal or sale of any property or assets forfeited pursuant to this Act.

31. (1) Any person who, without due authorization by the Commission, deals with, sells or otherwise disposes of any property or assets which is the subject of an attachment, interim order or final order commits an offence and is liable an conviction to imprisonment for a term of five years without the option of a fine,
(2) Any manager or person in control of the head office or branch of a bank or other financial institution who fails to pay aver to the Commission upon the production to him of a final order commits an offence under this Act and is liable an conviction to imprisonment for a term of not less than one year and not more than three years, without the option of a fine.

28. Where-.
(a) the assets or properties of any person arrested for an offence under this Act has been seized; or
(b) any assets or property has been seized by the Commission under this Act, the Commission shall cause an application to be made to the Court for an interim order forfeiting the property concerned to tilt: Federal Government and the Court shall, if satisfied then there Is prima facie evidence that the property concerned is liable to forfeiture, make an interim order forfeiting the property to the Federal Government.

SWG26:


That means the assets are still in contention. So why lie to the public?

aieromon:


Kindly provide a link where the FG said they have recovered N3.4 trillion.

SWG26:


http://www.thisdaylive.com/index.php/2016/06/05/keeping-his-promise-buhari-announces-recovery-of-n3-4-trillion-in-one-year/

SWG26:
By the way, the word interim means:

intended to be used or accepted for a short time only, until something or someone final can be made or found :
an interim report

What I understand it means.

It seems the FG included assets frozen by courts as part assets recovered. These assets are under dispute and litigation in court and they were frozen by the courts as a procedure to ensure due process.

It is nothing but a deceptive gimmick for the federal government to include these assets as items that were "recovered". They have not been recovered, in my opinion.

The only recoveries that have been made are those in the tune of 170 billion and nothing else. No such thing as 3.4 trillion that was recovered.

aieromon:


That is a personal view by the journalist who wrote the article. An official statement was released by the Ministry of Information. I need you to quote the part of the official statement that said the FG had recovered N3.4 trillion.

SWG26:


That means the assets are still in contention. So why lie to the public?

plaetton:


Exactly.

Did you notice that they also included yet to be received Abacha loot, $321m as part of their recovered assets ?

It should really really worry most us when the government deliberately plays abracadabra on the Nigerian public.

What a shame.

SWG26:


Take a look at this. They were called "recoveries under interim forfeiture"
Why would they use the term recovery?
www.nairaland.com/attachments/3801779_ckgg6dcwgaaruc3_jpeg065f90648902f0e025ece366ea6d53f2

SWG26:


Take a look at this. They were called "recoveries under interim forfeiture"
Why would they use the term recovery?

SWG26:


The list was padded with fictitious elements to make it look sumptuous in order to deceive the gullible Nigerian public. Just as they passed a padded budget into law, was how they released this padded.

This government is built on padded lies and padded fraud.

vedaxcool:
[s][/s]

You seem saddened that your bosses are being hounded, if they wanted to decieve the public they would simply not indicate that under interim .... these are the recoveries made they would simply give a lump sum and state they have recovered all of this. The liars sir are the thieves and their cursed supporters who seek to fool all Nigerians into thinking no fraud happened.

SWG26:


You are so gullible to believe this highly fictitious list. No wonder they call you people zombie. Where are the monies, what has Buhari done with it?

aieromon:


What word would you prefer they use? As it stands,those assets are under the custody of the FG until the court decides otherwise.

vedaxcool:
[s][/s]

sir act like an adult capable of reasoning, which is your problem?

1. The list is fictitious, not real.

or

2. The list is real but what has PMB used the recoveries


Wailing zombies should be able to argue coherently not like drunken masters like father Jogogoro.

SWG26:


If the list is real and the government has recovered 3.4 trillion, where is it? Zombies like you are unbelievable!

SWG26:


Did you know that the accounts of some IOCs are under investigation and therefore frozen or under "interim forfeiture"? Does that mean they're a "recovery"? You're so gullible

vedaxcool:
[s][/s]

You seem saddened that your bosses are being hounded, if they wanted to decieve the public they would simply not indicate that under interim .... these are the recoveries made they would simply give a lump sum and state they have recovered all of this. T[b]he liars sir are the thieves and their cursed supporters who seek to fool all Nigerians into thinking no fraud happened.[/b]