The Nigerian Senate has advanced the Proceeds of Crime (Recovery and Management) Bill 2025 to its next legislative stage, following a robust debate during its second reading. The bill seeks to amend the Proceeds of Crime Act 2022 by introducing a more centralized and transparent system for managing assets recovered from unlawful activities.
Spearheading the legislative push is Senator Idiat Adebule, representing Lagos West, who argued that the current arrangement—where at least 18 different government agencies oversee the handling and disposal of recovered assets—has proven to be riddled with inefficiencies, overlapping responsibilities, and serious accountability gaps. Senator Adebule called for the establishment of an independent central agency tasked with managing and disposing of such assets, as a measure to streamline processes, plug financial leakages, and ensure that the nation truly benefits from recovered loots.
“The lack of coordination and standardised procedures among the agencies has made asset recovery opaque and unaccountable,” Adebule asserted on the Senate floor, highlighting the urgent need for reform to prevent mismanagement and corruption in the handling of state-recovered properties.
However, the bill has not enjoyed unanimous support. Senator Sani Musa lent his voice in partial endorsement, acknowledging the necessity for stronger oversight in asset recovery but warning against bureaucratic duplication. He cautioned that the creation of a new agency might burden the system unless existing structures are reviewed for synergy.
In sharp contrast, Senator Emmanuel Udende flatly opposed the bill. He maintained that agencies such as the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC) already possess the legal mandate and institutional capacity to manage recovered assets. Udende warned against what he described as the unnecessary proliferation of government bodies, which he feared might only worsen public sector inefficiency.
The bill now proceeds to the committee stage for further scrutiny, where lawmakers are expected to deliberate on the feasibility, cost implications, and structural design of the proposed agency.
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