Bills to regulate digital economic underway, says Malami

The Attorney General of the Federation and Minister of Justice, Abubakar Malami, on Tuesday said some transaction bills by the ministry were before the National Assembly, which when passed into law would stimulate the economy.

The bills, including Electronic Transaction Act, Electronic Evidence Act, Digital Management Act and Electronic Banking Act, said the minister, would regulate the emerging digital-financial subsector of the economy.

The minister, who spoke during a workshop for judiciary correspondents in Abuja, said since he was reappointed as AGF in 2019, the ministry has made some landmark achievements in the past one year.

He stressed that some of the Acts would provide for National Digital Certification Authority that will regulate issuance and processing of public and private electronic key validations.

The expected bill, he noted, would prepare Nigeria for emerging realities relating to digital cash, bitcom and e-currency.

He said a legal framework introduced by the ministry recently has helped to raise stamp duty collection from a mere total of N22 billion over the years to N66 billion within the last six months of the amendment of the act.

The ministry, he said, facilitated the recovery of $62 billion arrears from oil companies as part of federation government production sharing agreement (PSA).

In the performance report, the minister said the $62bn recovered was due to the anti corruption crusade of the present administration.

Also recovered within the period, according to the minister, is the sum of $311million from the US and New Jersey, in the third phase of Abacha loot and $6.3 million Abacha from the Republic of Northern Island.

Malami said the sums have been paid into the federal government treasury for utility development such as Lagos-Ibadan Expressway, Kano-Abuja Expressway and the second Niger Bridge in line with agreement reached with the foreign partners.

Malami further disclosed that $200 million is expected from Nertherland and Switzerland as part of OPL 245 Malabu Oil, while the sum of N685,784,757 was recoverd through the help of whistle blowers within the last one year.

According to him, the sum of N500 million was recovered from forfeited vessels, trucks, and barges.

In his opening remarks, the permanent secretary in the Ministry of Justice, Dayo Apata, said reporting the activities of the judiciary and justice sector in the country is a crucial task.

Dayo said that the growing interest by the general public in what the judiciary sector does, particularly in criminal cases, election litigations, fight against corruption, among others, underscores the importance of the media in creating the much-needed awareness that help in shaping public opinion and perception in that direction.