Senate Passes Proceeds of Crime Bill 2025 to Enhance Asset Recovery Transparency and Efficiency
Abuja, May 22, 2025 – The Nigerian Senate has passed the Proceeds of Crime (Recovery and Management) Bill 2025 for second reading, marking a significant step toward reforming the country’s asset recovery framework. Sponsored by Senator Idiat Oluranti Adebule (Lagos West), the bill seeks to amend the existing Proceeds of Crime Act 2022 to enhance transparency, accountability, and efficiency in managing national assets recovered from unlawful activities.
Key Features and Objectives
The bill proposes the establishment of a single, independent central agency responsible for the management and disposal of recovered assets. Currently, this function is fragmented among 18 government agencies, including the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Nigeria Customs Service, and others.
Senator Adebule highlighted that the current arrangement has led to overlapping responsibilities, inefficiencies, and opportunities for mismanagement and corruption. She said,
“The lack of coordination and standardized procedures among the agencies has made asset recovery opaque and unaccountable.”
The new agency would introduce standardized procedures, a digital asset management platform, and a centralized database to track all forfeited and recovered assets. This separation aims to allow investigative and prosecutorial agencies to focus on their core mandates while ensuring recovered assets are transparently managed and used for public good.
Background of the Existing Law
The Proceeds of Crime (Recovery and Management) Act 2022 currently provides a comprehensive legal framework for seizure, confiscation, forfeiture, and management of properties suspected to be derived from unlawful activities. It includes provisions for non-conviction based recovery, preservation orders, confiscation procedures, and cooperation among relevant organizations.
The 2022 Act empowers various agencies to detect, investigate, and recover proceeds of crime, but the management of forfeited assets remains divided, leading to inefficiencies and potential leakages.
Legislative Debate and Reactions
The bill sparked mixed reactions among lawmakers. Senator Sani Musa expressed partial support, advocating for stronger oversight but cautioning against creating another government agency. Senator Emmanuel Udende opposed the bill, arguing that existing agencies like the EFCC already have the mandate to manage recovered assets and warned against bureaucratic proliferation.
Conversely, Senators Isah Jibrin and Abdul Ningi strongly supported the bill, citing documented leakages in the current system and the need for an independent agency to block them and ensure accountability.
Despite dissenting voices, the Senate passed the bill for second reading and referred it to the Committee on Judiciary, Human Rights, and Legal Matters for further scrutiny. The committee is expected to report back within four weeks.
Implications for Nigeria’s Anti-Corruption Efforts
If enacted, the bill promises to redefine Nigeria’s asset recovery landscape by creating a transparent, technology-driven, and accountable system. This would ensure that recovered wealth is efficiently returned to the public and reinvested in national development, reducing opportunities for corruption and abuse.
