ABUJA — The Senate has passed for second reading a bill seeking to amend the Proceeds of Crime (Recovery and Management) Act, 2022, with the aim of creating a dedicated agency to oversee the administration of recovered assets in Nigeria.
The proposed legislation, sponsored by Senator Idiat Adebule (APC, Lagos West), was debated during Tuesday’s plenary and received significant support from lawmakers across party lines.
Leading the debate, Senator Adebule argued that the current arrangement, which allows up to 18 agencies to independently manage recovered proceeds of crime, has led to administrative overlaps, inefficiencies, and accountability gaps.
“The absence of a central authority has resulted in conflicting mandates, lack of transparency, and in some cases, the mismanagement of recovered assets,” she said. “This bill seeks to establish a more effective, unified approach.”
While several senators supported the bill, noting its potential to enhance transparency and coordination, others raised concerns about duplicating the roles of existing anti-corruption bodies such as the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
Senator Emmanuel Udende (APC, Benue North East) cautioned against the proliferation of agencies, arguing that empowering existing institutions with clearer mandates may be a more cost-effective solution.
Nevertheless, the Senate agreed to refer the bill to its Committees on Judiciary, Human Rights and Legal Matters; and Anti-Corruption and Financial Crimes for further legislative work.
The proposed amendment is expected to go through further scrutiny at the committee level before returning for third reading and final passage.
