Proceeds of crime amendment bill passes second reading at Senate

The Proceeds of Crime (Recovery and Management) Bill 2025 has scaled second reading in the Senate.

This bill amends the existing Proceeds of Crime Act 2022 to enhance transparency, accountability, and efficiency in the management of national assets recovered from unlawful activities.

The bill sponsored by Senator Idiat Adebule, representing Lagos West, proposes the establishment of a central agency to take over the management and disposal of recovered assets, a function currently shared among 18 government agencies.

Leading the debate, Senator Adebule argued that the current arrangement had created overlapping responsibilities and inefficiencies, opening the door to mismanagement and corruption; hence, the bill seeks to create an independent body to streamline the process and block leakages.

“The lack of coordination and standardised procedures among the agencies has made asset recovery opaque and unaccountable,” Adebule said.

The lawmakers instantly held polarised views on the bill.

While Senator Sani Musa expressed partial support, stressing the need for stronger oversight but cautioning against the creation of a new agency, Senator Emmanuel Udende opposed the bill.

Udende argued that existing agencies like the Economic and Financial Crimes Commission, EFCC, are already empowered to manage recovered assets and warned against the proliferation of government bodies.

Lawmakers like Senator Isah Jibrin have massive support for the bill, arguing that “there are leakages by agencies that recover these assets, and we need to block them through an independent agency”.

In spite of the opposition, the bill scaled second reading and has been referred to the Senate Committee on Human Rights and Legal Matters for further legislative work and is expected to report back in four weeks.

Proceeds of crime amendment bill passes second reading at Senate