May 20, (THEWILL) – The Senate has passed the Proceeds of Crime (Recovery and Management) Amendment Bill 2025 for second reading.
The bill seeks to amend the existing Proceeds of Crime Act 2022 to improve transparency, accountability, and efficiency in the management of assets recovered from unlawful activities.
Sponsored by Senator Idiat Adebule (Lagos West), the proposed legislation aims to establish a central agency responsible for managing and disposing of recovered assets.
Leading the debate on the floor of the Senate, Adebule argued that the current framework creates overlapping responsibilities among agencies, resulting in inefficiencies, lack of transparency, and potential for corruption.
“The lack of coordination and standardised procedures among the agencies has made asset recovery opaque and unaccountable,” she said, adding that a dedicated agency would streamline the process and block financial leakages.
While the bill successfully passed second reading, it faced some resistance from lawmakers who expressed concern over the creation of another government agency.
Senator Sani Musa emphasised the need for greater oversight but cautioned against establishing a new institution.
Also opposing the bill, Senator Emmanuel Udende argued that existing bodies such as the Economic and Financial Crimes Commission (EFCC) already have the mandate to manage recovered assets. He warned against the proliferation of agencies, which he said could lead to redundancy and waste.
The bill now proceeds to the Senate Committee on Judiciary, Human Rights and Legal Matters for further legislative action.
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