The Senate has passed the second reading of the Proceeds of Crime (Recovery and Management) Bill 2025, aimed at amending the existing 2022 Act to improve transparency, accountability, and efficiency in the handling of assets recovered from unlawful activities.
Sponsored by Senator Idiat Adebule (Lagos West), the bill proposes the creation of a central agency to manage and dispose of recovered assets — a role currently fragmented across 18 government bodies.
Leading the debate, Adebule argued that the current multi-agency system fosters inefficiencies and opens the door to mismanagement and corruption. “The lack of coordination and standardised procedures has made asset recovery opaque and unaccountable,” she stated.
The bill sparked mixed reactions in the chamber. While Senator Sani Musa supported the need for greater oversight, he cautioned against expanding government bureaucracy. Senator Emmanuel Udende outright opposed the bill, insisting that agencies like the EFCC are already empowered to handle asset recovery.
However, proponents such as Senator Isah Jibrin backed the proposal, citing widespread leakages and the need for a dedicated agency to ensure proper oversight.
Despite the divided opinions, the bill was referred to the Senate Committee on Human Rights and Legal Matters, which is expected to report back in four weeks.
