The Nigerian Senate is pushing forward a bill that seeks to strip the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and other anti-graft agencies of the authority to manage recovered proceeds of crime.
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The proposed legislation, which passed second reading on Tuesday, aims to amend the Proceeds of Crime (Recovery and Management) Act, 2022, effectively limiting the role of these agencies to investigation, prosecution, and recovery, while transferring the management and disposal of recovered assets to a newly proposed centralized agency.
Under the current law, agencies such as the EFCC, ICPC, Nigeria Customs Service (NCS), and 15 others listed in Sections 2, 3, and 4 of the Act are empowered to investigate, seize, recover, and manage assets suspected to be proceeds of crime.
The new bill, sponsored by Senator Idiat Oluranti Adebule (APC, Lagos-West), proposes the establishment of a dedicated agency to handle the administration and management of forfeited assets, in a bid to enhance transparency, efficiency, and accountability.
“This amendment seeks to ensure transparency and checks and balances in the management of recovered assets designated as proceeds of crime,” Senator Adebule stated during the lead debate.
She added that the bill would introduce guiding principles and unified regulations for asset management, as well as create a centralized databank of all forfeited assets through an Automated Forfeited Assets Management System.
“The automated system will securely store information on all assets and properties that are proceeds of crime, with controlled access for authorized institutions and agencies,” she explained. “This will significantly improve effectiveness and public trust in the process.”
While a few senators raised concerns that the proposed law could duplicate the responsibilities of the EFCC and similar bodies, the majority backed the initiative, citing the need for independent oversight and better coordination of asset recovery efforts.
The bill was subsequently referred to the Senate Committee on Justice, Human Rights and Legal Matters for further legislative work.
The session was presided over by Deputy Senate President, Senator Barau Jibrin.
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