Sponsored by Senator Idiat Adebule (Lagos West), the bill proposes a central agency to oversee the management and disposal of assets recovered from unlawful activities—currently handled by 18 different government agencies.
The Senate has passed the second reading of the Proceeds of Crime (Recovery and Management) Bill 2025, which seeks to amend the Proceeds of Crime Act 2022 to improve transparency and efficiency in managing recovered assets.
Sponsored by Senator Idiat Adebule (Lagos West), the bill proposes a central agency to oversee the management and disposal of assets recovered from unlawful activities—currently handled by 18 different government agencies.
Leading the debate, Adebule said, “The lack of coordination and standardised procedures among the agencies has made asset recovery opaque and unaccountable.”
While Senator Sani Musa backed stronger oversight, he cautioned against creating another agency. Senator Emmanuel Udende opposed the bill, insisting the EFCC is already empowered for the task.
However, Senator Isah Jibrin supported the proposal, saying, “There are leakages by agencies that recover these assets, and we need to block them through an independent agency.”
The bill now moves to the Senate Committee on Human Rights and Legal Matters.