ASSET RECOVERY AND MANAGEMENT UNIT (ARMU)

News & Events of Asset Recovery

1. Organogram of the Unit

2.      Functions/Mandates/Overview of the Unit

The Asset Recovery and Management Unit was established in November 2017 to:

• facilitate recovery of assets arising from proceeds and instrumentalities of crime, within and outside the country;

• management and disposal of recovered assets; (international/local); and

coordinating the efficient implementation of the Proceeds of Crime (Recovery and Management) Act 2022 (POCA) alongside other Relevant Organizations.

3.      Schedule of Duties of the Unit

1.  Asset Recovery/ Asset Disposal:
2. Establishment of the Central Database for recovered assets;

• Collates and oversees the disposal of all proceeds of crime from Law Enforcement Agencies in accordance with the Asset Tracing, Recovery and Management Regulation, 2019;

• ARMU serves as Secretariat for the Inter-Ministerial Committee on the Disposal of the Federal Government’s Forfeited Assets;

• Head, ARMU serves as the Chairman of the Inter-Ministerial Committee on the Audit and Recovery of Back Years on Stamp Duty on 30^th June, 2020; and

• ARMU serves as Secretariat for the Inter-Ministerial Committee on the Recovery of Illegally Refined Petroleum Products and Stolen Crude Oil in the Niger Delta and other States in Nigeria.

1. Implementation of the National Anti-Corruption Strategy (NACS) 2017 – 2022:

1. Nationwide sensitization and dissemination of the National Anti-Corruption Strategy;

• Creation of Central Criminal Justice Information System in accordance with the Implementation Plan of the National Anti-Corruption Strategy;

• Development of the Second Cycle of the Implementation of the NACS (2022 – 2026); and

• Asset Recovery and Management Unit serves as Secretariat for the Implementation of the National Anti-Corruption Strategy (NACS).

1. Whistleblower Policy;

1. Sponsorship of the UNCAC Resolution on Strengthening Asset Recovery to support 2030 Agenda for Sustainable;

• Pursuing Financial Action Task Force (FATF) Membership for Nigeria;

• 2^nd Mutual Evaluation of Nigeria on Anti-Money Laundering and Combatting of Financing of Terrorism (AML/CFT);

•  Nigeria’s focal point for Global Forum on Asset Recovery (GFAR); and
• Implementation of the Proceeds of Crime (Recovery and Management) Act, 2022.

4.      Activities of the Department

1. Asset Recoveries (Local and International).

• Asset Disposal.

• Head, ARMU serves as the Chairman of the Inter-Ministerial Committee on the Audit and Recovery of Back Years on Stamp Duty on 30^th June, 2020.

• Formal Launch of the Central Database for Recovered Assets under the Asset Tracing, Recovery and Management Regulations, 2019 for centralized record system to be fed by all relevant Ministries, Department and Agencies whose mandate involves Asset Recovery on 15^th September, 2020.

• Formal Launch of the Central Criminal Justice Information System (CCJIS) pursuant to the Implementation framework of the National Anti-Corruption Strategy (NACS) policy for a one stop data system collection on 15^th September, 2020.

• Implementation of the National Anti-Corruption Strategy (2017 – 2021) / Re-enactment of the National Anti-Corruption Strategy (2022 – 2026).
• Following the inauguration of the Inter-Ministerial Committee on the Disposal of the Federal Government’s Forfeited Assets on 9^th November, 2020, ARMU serves as Secretariat for the Inter-Ministerial Committee on the Disposal of the Federal Government’s Forfeited Assets.

• Implementation of the Proceeds of Crime (Recovery and Management) Act, 2022.

News & Events of Asset Recovery