Determined to ensure the country’s assets looted were recovered and managed better to perform reasons for their procurement, the Senate has concluded plans to debate the 2025 Proceeds of Crime bill sponsored by a lawmaker representing Lagos West senatorial district, Dr Idiat Adebule.
The lawmakers indicated plans to debate the bill brought before it by the Lagos State former deputy governor who seek to ensure that the existing Proceeds of Crime Act 2022 is amended by the Red Cham to ensure the law remain relevant and in tune with the global standards after approving it for second reading.
According to the lawmaker, the amendment if passed would enhance transparency, accountability, and efficiency in the management of national assets recovered from unlawful activities.
Speaking during the plenary on the bill on Tuesday, the lawmaker proposed the establishment of a central agency to take over the management and disposal of recovered assets, a function currently shared among 18 government agencies.
She argued that the current arrangement had created overlapping responsibilities and inefficiencies, opening the door to mismanagement and corruption; hence, the bill seeks to create an independent body to streamline the process and block leakages.
“The lack of coordination and standardised procedures among the agencies has made asset recovery opaque and unaccountable,” Senator Adebule said.
The bill elicited divergent views among the the lawmakers.
a lawmaker, Sani Musa, expressed partial support for the bill.
He stressed the need for stronger oversight but cautioning against the creation of a new agency.
Senator Abdul Ningi commended Senator Adebule for a well thought-out Idea.
He described the bill as the missing link to block the leakages.
Senator Emmanuel Udende argued that existing agencies like the Economic and Financial Crimes Commission (EFCC) are already empowered to manage recovered assets and warned against the proliferation of government bodies.
Some lawmakers like Isah Jibrin showed massive support for the bill, arguing that “there are leakages by agencies that recover these assets, and we need to block them through an independent agency.”
In spite of the opposition, the bill scaled second reading and has been referred to the Senate Committee on Judiciary and Legal Matters for further legislative work and is expected to report back in four weeks.
