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.
Leading the debate, Senator Adebule argued that the current arrangement had created overlapping responsibilities and inefficiencies, opening the door to mismanagement and corruption.
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 are already empowered to manage recovered assets and warned against the proliferation of government bodies.
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.
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