The Nigerian Senate has passed the second reading of the Proceeds of Crime (Recovery and Management) Bill 2025, which seeks to amend the existing Proceeds of Crime Act 2022 to improve transparency, accountability, and efficiency in handling assets recovered from unlawful activities.
Sponsored by Senator Idiat Adebule (Lagos West), the bill proposes the creation of an independent central agency to manage and dispose of recovered assets — a responsibility currently shared among 18 different government bodies.
Leading the debate, Senator Adebule argued that the present arrangement fosters inefficiency, overlapping roles, and opens the door to mismanagement and corruption.
“The lack of coordination and standardised procedures among the agencies has made asset recovery opaque and unaccountable,” she said.
The bill generated mixed reactions among lawmakers. While Senator Sani Musa expressed cautious support, advocating for better oversight but warning against establishing a new agency, Senator Emmanuel Udende opposed the proposal, insisting that existing bodies like the EFCC already have the mandate to manage such assets.
However, strong backing came from lawmakers such as Senator Isah Jibrin, who maintained that an independent agency is necessary to plug the loopholes and reduce asset mismanagement.
Despite the divisions, the bill scaled second reading and has been referred to the Senate Committee on Human Rights and Legal Matters. The committee is expected to return with its report in four weeks.
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