The Senate has taken a significant step toward reforming Nigeria’s asset recovery framework as the Proceeds of Crime (Recovery and Management) Amendment Bill 2025 successfully scaled its second reading.
Sponsored by Senator Idiat Adebule (Lagos West), the bill seeks to amend the Proceeds of Crime Act 2022 to enhance transparency, accountability, and efficiency in the handling of assets recovered from illicit activities.
At the heart of the proposal is the creation of a central, independent agency to manage and dispose of recovered assets — a task currently fragmented across 18 different government agencies.
Leading the debate, Senator Adebule highlighted the inefficiencies and lack of coordination in the current system.
“The overlapping responsibilities have led to mismanagement, corruption, and zero accountability,” she said. “This bill aims to streamline processes and block financial leakages.”
The debate sparked mixed reactions across the chamber.
Senator Sani Musa voiced partial support, advocating for greater oversight but warning against establishing new bureaucracies.
Meanwhile, Senator Emmanuel Udende opposed the bill outright, insisting that agencies like the EFCC are already empowered to handle asset management.
“Creating another agency will only increase government redundancy,” he cautioned.
On the other hand, Senator Isah Jibrin strongly backed the bill, stating:
“There are clear leakages in the current system. An independent agency is necessary to plug them and restore public confidence.”
Despite the divide, the bill passed its second reading and has been referred to the Senate Committee on Human Rights and Legal Matters for further scrutiny. The committee is expected to present its findings within four weeks.
