New Bill Targets Leakages in Nigeria’s Asset Recovery System

A landmark bill aiming to centralize and enhance transparency in the management of national assets recovered from illicit activities has successfully scaled its second reading in the Senate. The Proceeds of Crime (Recovery and Management) Bill 2025, sponsored by Senator representing Lagos West District, Dr. Idiat Adebule
proposes significant amendments to the existing Proceeds of Crime Act 2022.

Adebule championed the bill during plenary, arguing that the current system, which sees 18 different government agencies managing recovered assets, is riddled with inefficiencies and susceptible to corruption. “The lack of coordination and standardised procedures among the agencies has made asset recovery opaque and unaccountable,” she stated, emphasizing that the proposed amendment would “enhance transparency, accountability, and efficiency.”

The cornerstone of Adebule’s bill is the establishment of a central agency tasked with the sole responsibility of managing and disposing of these recovered assets. She contends that the existing fragmented approach has led to “overlapping responsibilities and inefficiencies,” creating avenues for mismanagement and leakages. An independent body, she believes, would streamline the process and effectively plug these gaps.

While the bill garnered considerable support, it also sparked a lively debate among senators, highlighting divergent views on the best approach to asset management.

Senator Sani Musa expressed partial support, acknowledging the need for stronger oversight but cautioning against the creation of yet another government agency. Conversely, Senator Abdul Ningi lauded Senator Adebule’s initiative, describing the bill as “the missing link to block the leakages.”

However, Senator Emmanuel Udende raised concerns about the potential proliferation of government bodies, arguing that existing agencies like the Economic and Financial Crimes Commission (EFCC) are already empowered to manage recovered assets. Despite this, strong advocates like Senator Isah Jibrin echoed Senator Adebule’s sentiment, asserting, “there are leakages by agencies that recover these assets, and we need to block them through an independent agency.”

Despite the varying opinions, the bill successfully passed its second reading. It has now been referred to the Senate Committee on Judiciary and Legal Matters for further legislative work and is expected to report back to the full Senate within four weeks. The progress of this bill will be closely watched as it seeks to redefine how Nigeria manages assets recovered from unlawful activities.