By OBSERVERS TIMES
The Nigerian Senate yesterday moved closer to establishing a dedicated agency for managing assets recovered from illicit activities, as a bill seeking to create a centralized Asset Recovery Agency passed its second reading.
The proposed legislation aims to streamline the often-criticized process of managing seized properties, currently spread across 18 different agencies.
Sponsored by Senator Idiat Oluranti Adebule (Lagos West), the “Proceeds of Crime (Recovery and Management) Bill, 2025,” seeks to amend the existing 2022 Act. Senator Adebule argued that the current system, where agencies like the EFCC, ICPC, and Nigeria Customs Service handle both prosecution and asset management, leads to poor coordination, transparency issues, and ultimately deprives the nation of the full benefits of recovered assets.
“The current arrangement deprives the country of the full benefits of recovered assets, as the relevant organizations operate independently and without a standardized mode of engagement,” Senator Adebule stated during the debate. She highlighted that the 2022 Act’s provision for each of the 18 designated agencies to establish their own Proceeds of Crime Directorates has resulted in duplicated roles, a lack of synergy, and inadequate safeguards for seized properties.
The proposed agency would be solely responsible for the management, administration, and disposal of recovered assets, introducing clear policies and uniform guidelines. It also aims to create an automated forfeited assets management system and a central database to track all seized and recovered assets.
This would allow investigating and prosecuting agencies to focus exclusively on tracing and recovery, leaving asset management to a separate, independent institution.
Senator Adebule cited successful models in countries like the United Kingdom, the United States, Australia, and South Africa, where prosecution and asset management responsibilities are distinct. She believes this structure will “reduce abuse and opacity in the management of recovered assets, which has been a major source of public concern,” ensuring transparent accounting and utilization of forfeited assets for national development.
While the bill garnered significant support, it faced some dissent. Senator Sani Musa expressed partial support, advocating for the strengthening of existing agencies rather than creating new ones. Senator Emmanuel Udende outright opposed the bill, arguing that current agencies like the EFCC are already equipped to manage recovered assets and cautioning against the proliferation of government bodies.
However, Senator Isah Jibrin countered these arguments, emphasizing that the bill’s core purpose is to “block leakages by agencies that recover these assets” through an independent body.
The bill, first read on February 14, 2024, has now been referred to the Senate Committee on Judiciary, Human Rights, and Legal Matters, which is expected to complete its legislative work within four weeks. The move signifies a strong legislative push to enhance accountability and efficiency in the nation’s asset recovery efforts.
