Idiat Adebule, senator representing Lagos west, sponsored the proceeds of crime (recovery and management) bill 2025, which seeks to amend the Proceeds of Crime Act 2022.

The bill proposes a new legal framework to enhance transparency, accountability and efficiency in the handling of recovered assets.

Leading the debate on the floor during the plenary on Tuesday, Adebule said the current structure, where 18 agencies manage forfeited assets through their directorates, has resulted in duplication of functions, poor oversight and corruption.

She said the existing law allows investigative and prosecuting agencies like the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Nigeria Customs Service to also manage assets, creating a lack of coordination and weakening transparency.

“The current arrangement deprives the country of the full benefits of recovered assets, as the relevant organisations operate independently and without a standardised mode of engagement,” the senator said.

Adebule explained that the proposed law would separate the functions of prosecution from asset management to eliminate inefficiencies.

She said the new agency will introduce clear policies, uniform guidelines and an automated database to track all forfeited and recovered assets.

“This proposed structure will reduce abuse and opacity in the management of recovered assets, which has been a major source of public concern,” she said.

“It will also ensure that forfeited assets are transparently accounted for and used to advance national development.”

She added that similar models exist in the United States, United Kingdom, Australia and South Africa.

“These are examples of countries that have separated the responsibilities of prosecution of illicit activities and recovery of assets,” she said.

The senator said the new agency would not work in isolation but collaborate with the existing 18 agencies while taking over direct asset management from them.

“The speedy passage of this bill, with your support, will not only confirm our readiness to strengthen and refocus the country’s institutions charged with the responsibility of prevention, detection and prosecution of illicit and corrupt practices but will also ensure monies and assets recovered from such activities are accounted for, managed judiciously and ploughed back to the economy for the growth and development of our country,” she added.

During the debate, the bill drew mixed reactions from lawmakers.

Abdul Ningi, senator representing Bauchi central, said it has been “almost impossible to identify proceeds of crime.

“There are no clear joint efforts by these agencies in bringing to the attention of the general public these identifiable proceeds that have been collected for financial crimes,” Ningi said.

Sani Musa, senator from Niger east, who expressed partial support for the bill, warned against the proliferation of agencies while also admitting the need to improve oversight functions.

Emmanuel Udende, senator from Benue north-east, opposed the bill completely, noting that the EFCC and other bodies are already empowered to manage recovered assets.

Udende warned that creating a new agency could worsen bureaucratic overlap.

In support of the bill, Isah Jibrin, senator from Kogi east, said there are “leakages by agencies that recover these assets, and we need to block them through an independent agency”.

The bill, which was first read on February 14, 2024, has now been referred to the senate committee on judiciary, human rights and legal matters.

The committee is expected to report back in four weeks.