PRESERVATION OF SUSPICIOUS ASSETS CONNECTED WITH CORRUPTION AND OTHER RELEVANT OFFENCES ORDER, 2018
Act · Technology
Policy date: 2018-01-01
An Order empowers the Attorney General to freeze assets suspected of being linked to corruption during investigations. It targets individuals and entities involved in financial crimes to preserve public funds. This deters corruption and aids in asset recovery for the state.
PRESERVATION OF SUSPICIOUS ASSETS CONNECTED WITH CORRUPTION AND OTHER RELEVANT OFFENCES ORDER, 2018
What Is This Policy?
A presidential executive order that empowers the Attorney General of the Federation to apply for freezing and preservation orders against assets reasonably suspected to be proceeds of corruption, pending investigation or trial.
Who Does It Target?
Persons under investigation or charged with corruption and financial crimes Beneficial owners of assets linked to suspected corruption Public officers with unexplained wealth Companies or entities used to conceal illicit assets
What Does It Aim to Achieve?
Prevent dissipation of assets suspected to be proceeds of corruption, preserve the state's ability to recover stolen public funds, and deter the transfer of assets abroad to frustrate investigations.
Key Features
Preservation Orders: The AGF may obtain court orders to freeze, preserve, or place under management assets connected to corruption without waiting for conviction. Wide Asset Coverage: Covers movable and immovable property, bank accounts, shares, intellectual property, and any other assets linked to corruption. Interagency Coordination: Mandates cooperation between EFCC, ICPC, CCB, and other agencies in identifying and reporting suspicious assets. Judicial Oversight: All preservation orders are subject to court review, ensuring due process and the right to challenge.
Current Status
Rollout Stage: Active - orders have been obtained by the AGF in multiple high-profile cases Coverage: Nationwide; also covers assets held abroad via international cooperation Beneficiaries: Nigerian public through recovery of stolen assets Funding: Federal Government
How to Access
Affected persons may challenge orders before the court within prescribed timelines Affected parties may apply for maintenance allowances from preserved assets Application method: Preservation orders are applied for by the AGF or authorised agencies in a court of competent jurisdiction.
Important Terms
Preservation does not constitute conviction Continued asset freeze is subject to periodic court review Concealment or dissipation of assets subject to an order is a criminal offence
Impact & Metrics
Several billion naira in assets preserved for potential recovery, including high-profile properties and bank accounts linked to public corruption cases.
Official Resources
Website: https://www.agf.gov.ng Contact: Office of the Attorney General of the Federation and Minister of Justice
Legal Framework
Issued under the executive powers of the President vested by Section 5 of the 1999 Constitution (as amended). Operates alongside the Economic and Financial Crimes Commission (Establishment) Act 2004, the Independent Corrupt Practices and Other Related Offences Commission Act 2000, and the Money Laundering (Prohibition) Act. The Attorney General of the Federation exercises powers consistent with the Administration of Criminal Justice Act 2015 and the Advance Fee Fraud and Other Fraud Related Offences Act.