The Senate on Tuesday passed for second reading a bill seeking to amend the Proceeds of Crime (Recovery and Management) Act, 2022, proposing the creation of a centralized agency dedicated to managing assets recovered from unlawful activities.
Titled Proceeds of Crime (Recovery and Management) Bill, 2025, the legislation is sponsored by Senator Idiat Oluranti Adebule (APC – Lagos West). Leading the debate, Adebule said the amendment is designed to promote accountability, transparency, and operational efficiency by removing asset management duties from the 18 different government agencies currently involved.
She noted that the current system has led to overlapping responsibilities, poor coordination, and weak oversight, depriving the nation of the full value of recovered assets.
“The relevant organizations operate independently and without a standardized mode of engagement,” she said. “This results in duplication of roles and inadequate safeguards.”
Under the existing 2022 Act, each agency maintains its own Proceeds of Crime Directorate. The proposed amendment aims to replace this fragmented model with a single, independent agency responsible for the management, administration, and disposal of recovered assets. It also seeks to establish clear policies, uniform guidelines, and a centralized, automated asset-tracking system.
Drawing on global examples, Adebule argued that separating investigation and prosecution from asset management—as practiced in the U.S., U.K., Australia, and South Africa—would help reduce abuse and mismanagement while boosting public confidence.
“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.”
While the bill removes asset management responsibilities from existing agencies, Adebule emphasized that it still encourages inter-agency collaboration.
The proposal received broad support during the debate. However, Senators Sani Musa and Emmanuel Udende voiced objections. Musa advocated for strengthening existing institutions rather than creating a new one, while Udende warned against the proliferation of government bodies.
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In contrast, Senator Abdul Ningi (Bauchi Central) backed the bill, asserting that a centralized approach would streamline operations and improve transparency. Senator Isah Jibrin described the bill as a measure to “block leakages” and enhance oversight in asset recovery.
The bill, which had its first reading on February 14, 2024, has been referred to the Senate Committee on Judiciary, Human Rights, and Legal Matters. The committee is expected to submit its report within four weeks.
