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The Senate has initiated plans to discuss the 2025 Proceeds of Crime bill, which is sponsored by Dr. Idiat Adebule, a representative from the Lagos West senatorial district.
The bill aims to amend the existing Proceeds of Crime Act 2022, ensuring it aligns with global standards and enhances the management of looted national assets.
If passed, it is expected to improve transparency, accountability, and efficiency in handling these assets, which are currently managed by 18 different government agencies, leading to overlapping duties and potential corruption.
During the plenary session, Adebule proposed establishing a central agency dedicated to the management and disposal of recovered assets to streamline processes and prevent mismanagement.
She noted that the lack of coordination among current agencies has rendered asset recovery unclear and unaccountable.
While opinions among lawmakers varied, with some, like Sani Musa, expressing mixed feelings and cautioning against creating a new agency, others, like Senator Abdul Ningi, praised the bill as a vital step towards preventing leaks in the recovery process.
Senator Emmanuel Udende highlighted that existing agencies, such as the EFCC, already possess the authority to manage these recovered assets and cautioned against the creation of additional governmental bodies.
However, several lawmakers, including Isah Jibrin, showed strong support for the proposed independent agency, emphasizing the need to block existing leakages.
Despite some opposition, the bill successfully passed its second reading and has now been sent to the Senate Committee on Judiciary and Legal Matters for further consideration, with a report due in four weeks.
