PROCEEDS OF CRIME (RECOVERY AND MANAGEMENT) ACT

Section 59: Preserving controlled property.

2022Section 59 of 83Federal Republic of Nigeria

1 The relevant organisation shall do everything that is reasonably necessary for the purpose of preserving the controlled property, including—
a becoming a party to any civil proceedings affecting the controlled property;
b becoming a party to any proceedings arising out of criminal proceedings, including the confiscation proceedings, affecting the controlled property;
c realising or otherwise dealing with controlled property that is securities or investments; and
d where a controlled property is a business—
(i) employing, or terminating the employment of persons in the business, and
(ii) doing anything necessary or convenient to carry on the business on a sound commercial basis.

2 The relevant organisation shall for the purposes of performing its functions under subsection (1), engage persons competent and qualified in the relevant area of business.

Cite this section

Section 59, PROCEEDS OF CRIME (RECOVERY AND MANAGEMENT) ACT (2022).

https://repo.podus.ai/laws/proceeds-of-crime-recovery-and-management-act/section/59/