The Nigerian Senate on Tuesday passed for second reading a bill seeking to amend the Proceeds of Crime (Recovery and Management) Act, 2022, in a move that may strip agencies like the EFCC and ICPC of their current powers to manage assets recovered from corruption and other crimes.
The bill, titled Proceeds of Crime (Recovery and Management) Bill, 2025 (SB. 343), is sponsored by Senator Idiat Oluranti Adebule (Lagos West). It proposes the creation of a new, independent agency to take over the management, administration, and disposal of all forfeited assets across Nigeria.
Senator Adebule argued that the current law, which allows 18 different agencies to manage recovered assets independently, has led to duplication of roles, lack of transparency, and poor coordination.
“This bill will create a central agency to handle recovered assets, freeing EFCC, ICPC, Customs and others to focus solely on investigations and prosecution,” she said.
She noted that under the 2022 Act, each agency created its own Proceeds of Crime Directorate, a system she described as wasteful and inefficient. The new bill seeks to streamline this by:
– Establishing one asset recovery agency,
– Creating an automated tracking system,
– And introducing unified policies for asset disposal.
The model, Adebule said, mirrors global best practices in countries like the UK, US, and South Africa, where asset management and prosecution are handled separately.
While most lawmakers supported the proposal, a few raised concerns. Senator Sani Musa called for strengthening existing agencies rather than creating a new one. Senator Emmanuel Udende outright opposed the bill, warning against unnecessary government expansion.
Senator Isah Jibrin, however, defended the move, stating it would close leakages and abuses in how seized assets are currently managed.
The bill, which was first read in February 2024, has now been referred to the Senate Committee on Judiciary, Human Rights and Legal Matters. The committee has four weeks to report back to the Senate for further legislative action.
