The Senate has passed the second reading of the Proceeds of Crime (Recovery and Management) Amendment Bill 2025, aimed at overhauling how assets seized from illegal activities are managed in Nigeria.
Sponsored by Senator Idiat Adebule of Lagos West, the proposed legislation seeks to amend the Proceeds of Crime Act 2022 by introducing a centralised body to oversee the administration and disposal of recovered assets—a role currently distributed across no fewer than 18 different government agencies.
In her lead argument, Adebule criticised the existing decentralised system as inefficient and vulnerable to corruption, citing a lack of uniform procedures and inter-agency coordination.
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She emphasised that a dedicated agency would close loopholes and promote accountability in the handling of recovered assets.
“The fragmented structure in place has resulted in confusion and untraceable asset management,” she noted.
The proposal triggered a range of reactions from senators.
While Senator Sani Musa expressed cautious support, calling for robust checks and balances, he warned against the unnecessary expansion of government agencies.
Senator Emmanuel Udende, however, opposed the bill outright, insisting that agencies like the EFCC already have the statutory mandate to manage recovered assets effectively.
On the other hand, Senator Isah Jibrin backed the initiative, arguing that existing mechanisms are riddled with financial leakages that a specialised body could address.
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Despite the divided opinions, the Senate approved the bill’s progression to the committee stage.
The legislation has now been referred to the Senate Committee on Human Rights and Legal Matters, which is expected to present its report within four weeks.
