IBY
Peterside Rejoice Eneky
The Senate on Tuesday passed for second reading a bill seeking to amend the Proceeds of Crime (Recovery and Management) Act, 2022, with a proposal to establish a new, centralized agency for managing assets recovered from unlawful activities.
The bill, titled Proceeds of Crime (Recovery and Management) Bill, 2025, was sponsored by Senator Idiat Oluranti Adebule (APC – Lagos West). Leading the debate at plenary, Adebule said the amendment aims to promote accountability, transparency, and efficiency in the management of recovered assets by removing such duties from the 18 government agencies currently involved in prosecution and asset administration.
She noted that the existing arrangement has created overlaps in functions, inefficiencies, poor coordination, and a lack of proper oversight.
“The current arrangement deprives the country of the full benefits of recovered assets, as the relevant organizations operate independently and without a standardized mode of engagement,” she said.
According to her, under the 2022 Act, each agency operates its own Proceeds of Crime Directorate, resulting in duplication of roles and inadequate safeguards.
The proposed amendment seeks to establish a single, independent agency responsible for the management, administration, and disposal of recovered assets; introduce clear policies and uniform guidelines for handling forfeited properties; and create a central, automated asset tracking system.
Adebule argued that separating investigation and prosecution from asset management, as is done in countries such as the United States, United Kingdom, Australia, and South Africa, would reduce abuse and mismanagement while enhancing public trust.
“This proposed structure will reduce abuse and opacity in the management of recovered assets,” she said. “It will also ensure that forfeited assets are transparently accounted for and used to advance national development.”
She added that while the bill removes asset management from the portfolios of existing agencies, it still encourages collaboration with them.
Most senators supported the bill, except for Senators Sani Musa and Emmanuel Udende, who raised concerns. Musa called for strengthening existing agencies instead of creating new ones, while Udende opposed the bill outright, warning against the proliferation of government bodies.
In debate, Senator Abdul Ningi (Bauchi Central) supported the bill, arguing that a centralized structure would improve transparency and eliminate bureaucratic delays.
Responding, Senator Isah Jibrin said the bill was designed to “block leakages” in the current asset recovery process, stressing that an independent agency would provide better oversight.
The bill, which was first read on February 14, 2024, has now been referred to the Senate Committee on Judiciary, Human Rights, and Legal Matters. The committee is expected to report back to the Senate within four weeks.
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