The Proceeds of Crime (Recovery and Management) Bill 2025, sponsored by a senator representing Lagos West District, Dr Idiat Adebule, has scaled second reading in the Senate.
This bill is an amendment to the existing Proceeds of Crime Act 2022. According to Adebule, the amendment if passed would enhance transparency, accountability, and efficiency in the management of national assets recovered from unlawful activities.
Speaking during the plenary, the lawmaker proposed the establishment of a central agency to take over the management and disposal of recovered assets, a function currently shared among 18 government agencies.
She argued that the current arrangement had created overlapping responsibilities and inefficiencies, opening the door to mismanagement and corruption; hence, the bill seeks to create an independent body to streamline the process and block leakages.
“The lack of coordination and standardised procedures among the agencies has made asset recovery opaque and unaccountable,” Adebule said.
The bill elicited divergent views among the lawmakers. Senator Sani Musa expressed partial support for the bill. He stressed the need for stronger oversight but cautioning against the creation of a new agency.
Senator Abdul Ningi commended Adebule for a well-thought-out Idea, describing the bill as the missing link to block the leakages.
Senator Emmanuel Udende argued that existing agencies like the Economic and Financial Crimes Commission (EFCC) are already empowered to manage recovered assets, warning against the proliferation of government bodies.
Some lawmakers like Senator Isah Jibrin showed massive support for the bill, arguing that “there are leakages by agencies that recover these assets, and we need to block them through an independent agency.”
In spite of the opposition, the bill scaled second reading and has been referred to the Senate Committee on Judiciary and Legal Matters for further legislative work to report back in four weeks.
