An appraisal of the legal and institutional frameworks for the management of seized and forfeited assets in Nigeria

Dare Joseph Ayinde

Journal of Money Laundering Control, 2025, vol. 28, issue 7, 16-29

Abstract: Purpose - This paper aims to examine the laws that regulated the management of seized and forfeited assets before the enactment of the Proceeds of Crime (Recovery and Management) Act of 2022 (POCA), identifying their flaws. Also, it explores the provisions of POCA on the management of seized and forfeited assets, highlighting how POCA addresses the flaws in the legal and institutional frameworks for the management of these assets. Design/methodology/approach - This paper adopts a doctrinal research methodology. It also makes use of primary sources, national laws, as well as secondary sources, such as journal articles. Findings - It establishes that Nigeria now has comprehensive legal framework for the management of forfeited assets. However, POCA does not contain detailed provisions on the management of seized assets. Also, it establishes that, unlike what was obtainable before the coming into force of POCA when there was no clear institutional framework for the management of seized and forfeited assets, POCA establishes a Directorate of Proceeds of Crimes in all law enforcement and some regulatory agencies. Originality/value - To the best of the author’s knowledge, this is the first article that examines the legal and institutional framework for the management of seized and forfeited assets in Nigeria.

Keywords: Forfeited assets; Management; Seized assets (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-09-2024-0153

DOI: 10.1108/JMLC-09-2024-0153

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