The Nigerian Senate has passed the Proceeds of Crime (Recovery and Management) Bill 2025 through its second reading, aiming to improve transparency and efficiency in the handling of assets recovered from unlawful activities.
Sponsored by Senator Idiat Adebule of Lagos West, the bill seeks to amend the Proceeds of Crime Act 2022 by proposing the creation of a central agency to manage and dispose of recovered assets. This move would replace the current system, where 18 government agencies share that responsibility, a structure critics say breeds duplication, inefficiency, and corruption.
Leading the debate, Senator Adebule emphasized that overlapping responsibilities among agencies have made the recovery process “opaque and unaccountable,” and argued that a single independent body would help plug financial leakages and establish clear accountability.
Reactions among senators were mixed. Senator Sani Musa voiced partial support for the bill, acknowledging the need for stronger oversight but expressing caution over adding another agency to the government payroll. Senator Emmanuel Udende outright opposed the bill, insisting that institutions like the EFCC are already mandated to handle recovered assets and warning against government over-expansion.
On the other hand, Senator Isah Jibrin strongly backed the proposal, stating that “there are leakages by agencies that recover these assets, and we need to block them through an independent agency.”
Despite the debate, the bill passed its second reading and has been referred to the Senate Committee on Human Rights and Legal Matters. The committee is expected to return with its findings and recommendations within four weeks.
What you should know
The Proceeds of Crime Bill 2025 aims to consolidate asset recovery under one independent body to reduce mismanagement. While some lawmakers see it as a solution to corruption, others caution against duplicating existing structures like the EFCC.
ALSO READ TOP STORIES FROM VERILY NEWS
