Stakeholders have called for the establishment of a centralised agency to manage assets recovered from proceeds of crime in line with global best practices.

The call was made during a dialogue on the Proceeds of Crime (Recovery and Management) Act, 2022 (POCA), organised by the (ANEEJ) with the support of the United Kingdom Foreign Commonwealth Development Office.

Participants at the meeting included representatives of the , the (EFCC), the (ICPC), civil society organisations, development partners and members of the National Assembly.

The Deputy Executive Director of ANEEJ, Leo Atakpu, said although 18 agencies are listed under POCA as responsible for recovering and managing assets, but there was still a need for a centralised body to coordinate and manage such assets effectively.

According to him, the current framework is fraught with challenges, including weak inter-agency collaboration, inadequate capacity and the absence of a centralised database for recovered assets.

He noted that poor asset management has led to depreciation and waste, citing instances where seized luxury vehicles were left to deteriorate for years, while recovered businesses such as hotels were shut down without proper transitional management.

Atakpu said amending the Act would strengthen Nigeria’s asset recovery regime and align it with international standards. He explained that while the Financial Action Task Force recommends, but does not mandate, centralised asset recovery and management agencies, such structures enhance transparency and accountability.

He added that deliberations from the dialogue would form part of submissions at a public hearing at the National Assembly on a private amendment bill before lawmakers.

The representative of the Federal Ministry of Justice mentioned that over the years Proceeds derived from crime and unlawful activities have been one of the sources of government financing conditional cash transfers, construction of third Niger bridge, NELFUND, rural electrification project among other programs . He however emphasized the need for proper framework for harnessing the resources for the common food of the people

He said “amendment of the present program will surely align Nigeria’s anti-corruption matrix with international best practices”

Also speaking, representatives of the Nigeria Police Force pledged support for the objectives of the Act, describing it as a vital tool in the fight against corruption, organised crime and money laundering.

The police, however, highlighted challenges hindering effective implementation, including inadequate funding for asset recovery operations, slow judicial processes, difficulties in managing seized assets and weak witness protection mechanisms.

They called for improved funding, strengthened legal provisions on asset management and disposal, enhanced international cooperation for cross-border asset recovery, and robust whistleblower protections.

Executive Director of the Civil Society Legislative Advocacy Centre and Head of Transparency International Nigeria, Auwal Musa Rafsanjani, stressed the need for greater transparency and public awareness regarding recovered assets.

He said civil society groups would push for improved coordination among recovery agencies, the creation of a centralised database and stronger enforcement of the Act.

Rafsanjani also emphasised the importance of preventive measures to block opportunities for asset theft, noting that asset recovery processes are often costly and time-consuming.

Stakeholders agreed that amending the Proceeds of Crime Act would help align Nigeria’s anti-corruption framework with global best practices and ensure that recovered assets are transparently managed and deployed for public benefit.