The Senate on Tuesday passed for second reading a bill seeking to amend the Proceeds of Crime (Recovery and Management) Act, 2022.

The bill proposes the establishment of a single, independent agency to take full charge of managing assets recovered from unlawful activities.

Sponsored by Senator Idiat Oluranti Adebule (APC, Lagos West), the Proceeds of Crime (Recovery and Management) (Amendment) Bill, 2025 (SB. 343) aims to eliminate duplication, curb abuse, and bring transparency to the process of managing forfeited properties.

Leading the debate on the floor, Senator Adebule criticized the current system as fragmented and inefficient, with 18 different agencies—including the EFCC, ICPC, and Nigeria Customs Service—currently empowered to recover and manage assets.

“Assigning investigative, prosecutorial, and management roles to the same agencies has led to operational overlaps, institutional rivalries, and poor accountability,” she said.

“What we have today is a patchwork of loosely coordinated efforts that leaves room for abuse, mismanagement, and public mistrust.”

The proposed amendment seeks to establish a centralized and autonomous asset management agency, introduce standardized procedures for the administration and disposal of recovered properties, Create a digital asset management platform and centralized database and Refocus investigative and prosecutorial agencies strictly on tracing and recovery.

Adebule emphasized that the bill is modelled after global best practices in countries like the United Kingdom, United States, and South Africa, where asset management is handled separately from law enforcement functions to promote integrity and oversight.

“This is not about weakening existing institutions. It’s about making them more effective by letting them focus on their core mandates while ensuring that recovered assets are transparently tracked and used for public good,” she added.

While the bill enjoyed overwhelming support, it also sparked a lively debate.

Senator Sani Musa (APC, Niger East) expressed cautious optimism, warning against the unchecked proliferation of government agencies.

“We must be careful not to bloat the bureaucracy. Perhaps the solution lies in strengthening existing institutions rather than creating new ones,” he said.

But Senator Isah Jibrin (APC, Kogi East) pushed back, insisting that only a truly independent agency could plug the current loopholes.

“There are well-documented leakages in the system. This bill offers a clear pathway to end the impunity surrounding asset recovery,” he argued.

Senator Emmanuel Udende (APC, Benue North-East), however, rejected the bill outright, maintaining that agencies like the EFCC already possess the mandate and capacity to manage recovered assets effectively.

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 submit its report within four weeks.

If passed, the bill promises to redefine Nigeria’s asset recovery landscape by creating a transparent, technology-driven, and accountable system—one that ensures recovered wealth is returned to the people and put to meaningful use.