A bill seeking to strip the Economic and Financial Crimes Commission(EFCC) the Independent Corrupt Practices and Other Offences Commission(ICPC) and other anti-graft agencies of the power to manage proceeds of crime has passed second reading in the Senate.
The bill, titled the Proceeds of Crime (Recovery and Management) Act Amendment Bill, seeks to create a centralized, independent agency responsible for the management of all assets and funds recovered from unlawful activities.
Sponsored by Senator Idiat Adebule (APC, Lagos West), the legislation is designed to promote transparency, accountability, and ensure proper handling of recovered proceeds of crime.
Senator Adebule argued that the current setup, where up to 18 different government agencies including the EFCC, ICPC, and Nigeria Customs Service investigate, recover, manage, and dispose of assets, has led to overlapping responsibilities, inefficiency, and opportunities for corruption and abuse.
She stressed that separating the powers of investigation and prosecution from asset management will align Nigeria’s practices with international standards, as seen in countries like the United Kingdom, United States, and South Africa.
The proposed amendments also seek to create a national databank and an Automated Forfeited Assets Management System
The bill sparked mixed reactions from senators during debate.
Senator Abdul Ningi (PDP, Bauchi Central) supported the bill, describing it as a welcome development.
He expressed concern over the lack of public information about recovered assets and questioned why no comprehensive data exists on what has been seized or how it’s been disposed of.
Senator Tahir Monguno (APC, Borno North) echoed the sentiment, saying the bill would separate investigative powers from adjudication and bring Nigeria in line with global best practices.
However, Senator Sani Musa (APC, Niger East) opposed the move, arguing that existing agencies should retain control and that recovered assets should simply be remitted to the federal government treasury.
He emphasized the need to strengthen current laws, not create new bureaucracies.
Senator Emmanuel Udende (APC, Benue North East) also spoke against the bill, warning against the creation of more agencies that could further strain government resources.
He advocated for reinforcing the mandates of current anti-graft bodies instead.
On the other hand, Senator Isah Jibrin (APC, Kogi East) backed the bill, citing instances where recovered properties were allegedly diverted or sold to insiders.
He called for an independent authority to handle proceeds of crime transparently.
After extensive deliberation, the Senate passed the bill for second reading and referred it to the Senate Committee on Judiciary, Human Rights and Legal Matters for further scrutiny.
The committee is expected to report back in four weeks.
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