The Proceeds of Crime (Recovery and Management) Bill 2025 has passed its second reading in the Senate, aiming to amend the existing Proceeds of Crime Act 2022 to improve transparency, accountability, and efficiency in managing assets recovered from illegal activities.
Sponsored by Senator Idiat Adebule (Lagos West), the bill proposes establishing a central agency to oversee the management and disposal of recovered assets, a role currently fragmented across 18 government agencies. During the debate, Adebule highlighted that the current system’s overlapping responsibilities have led to inefficiencies, mismanagement, and potential corruption. “The lack of coordination and standardized procedures among the agencies has made asset recovery opaque and unaccountable,” she stated, emphasizing the need for an independent body to streamline processes and curb leakages.
The bill sparked mixed reactions among senators. Senator Sani Musa expressed partial support, advocating for stronger oversight but cautioning against creating a new agency. Senator Emmanuel Udende opposed the bill, arguing that agencies like the Economic and Financial Crimes Commission (EFCC) are already equipped to handle recovered assets and warning against expanding government bodies. However, Senator Isah Jibrin strongly backed the proposal, stating, “There are leakages by agencies that recover these assets, and we need to block them through an independent agency.”
Despite the polarized views, the bill successfully passed its second reading and has been referred to the Senate Committee on Human Rights and Legal Matters for further review. The committee is expected to report back within four weeks.
