The Senate has advanced a bill proposing amendments to the Proceeds of Crime (Recovery and Management) Act, 2022, aimed at establishing a centralized agency to oversee the management of assets seized from criminal activities. The proposed legislation, titled the *Proceeds of Crime (Recovery and Management) Bill, 2025 (SB. 343)*, is sponsored by Senator Idiat Oluranti Adebule, representing Lagos West. During the second reading on Tuesday, Senator Adebule explained that the amendment seeks to enhance transparency, accountability, and efficiency by removing asset management responsibilities from the 18 different agencies currently handling both prosecution and property oversight.
She stated that the existing framework creates overlaps and inefficiencies, as investigative, prosecutorial, and management tasks are handled by the same bodies, including the EFCC, ICPC, and Nigeria Customs Service. This structure, she argued, results in poor coordination and minimal oversight. “The current setup denies the nation the full benefits of recovered assets, as these agencies operate independently with no standardized procedures,” she said.
Adebule noted that under the 2022 Act, each of the designated agencies had set up separate Proceeds of Crime Directorates, leading to duplicated roles and weak asset protection measures.Her proposed amendments include:* Establishing a single, independent agency responsible for managing and disposing of all recovered assets;* Implementing standardized policies and clear operational guidelines for forfeited property;* Creating an automated system and centralized database to monitor all recovered assets;* Allowing law enforcement agencies to concentrate on investigation and prosecution, while asset management is handled separately.
She added that this model aligns with international best practices adopted in countries such as the United Kingdom, United States, South Africa, and Australia, where asset management is detached from investigative and prosecutorial responsibilities.
“This will curb misuse and improve public confidence in the handling of forfeited properties,” Adebule stated. She further assured that the bill would foster cooperation between the new agency and the current 18 bodies, without duplicating responsibilities. While most senators supported the bill, two lawmakers — Sani Musa and Emmanuel Udende — raised concerns. Musa partly backed the motion but suggested enhancing the capabilities of existing institutions instead of establishing a new one. Udende opposed the bill entirely, arguing that agencies like the EFCC already have adequate powers for asset recovery and warning against the unnecessary expansion of government bodies.
Senator Isah Jibrin countered these objections by emphasizing that the bill is meant to address existing inefficiencies and eliminate leakages in asset recovery.“There are clear gaps and mismanagement in the current process. A neutral agency can close those gaps,” Jibrin said.
The bill, which was introduced on February 14, 2024, has now passed the second reading and has been referred to the Senate Committee on Judiciary, Human Rights, and Legal Matters for further consideration. The committee is expected to submit its findings within four weeks.
