The Nigerian Senate has passed the second reading of a controversial bill seeking to strip the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Offences Commission (ICPC), and other agencies of their authority to manage recovered proceeds of crime.
The proposed legislation, titled the Proceeds of Crime (Recovery and Management) Act Amendment Bill, aims to create a centralized and independent agency solely responsible for handling all assets and funds recovered from criminal activities across the country. Spearheaded by Senator Idiat Adebule (APC, Lagos West), the bill is designed to enhance transparency, eliminate overlapping responsibilities, and improve accountability in the management of looted assets.
Senator Adebule argued that Nigeria’s current asset recovery structure spread across no fewer than 18 government agencies, including the EFCC, ICPC, and Nigeria Customs Service, has led to confusion, duplication of efforts, and in some cases, outright abuse of power. She maintained that separating investigation and prosecution from asset management would align Nigeria’s anti-corruption process with global best practices, as already adopted in countries like the United Kingdom, United States, and South Africa.
The proposed amendment also outlines the establishment of a national asset databank and an Automated Forfeited Assets Management System to streamline tracking and prevent mismanagement of recovered wealth.
The bill sparked intense debate on the Senate floor, with lawmakers offering mixed reactions. Senator Abdul Ningi (PDP, Bauchi Central) welcomed the bill, noting the lack of transparency and public awareness about recovered assets. He emphasized the urgent need for accurate data on what has been seized and how such assets are being utilized.
Supporting the motion, Senator Tahir Monguno (APC, Borno North) echoed the importance of delineating investigative duties from legal adjudication, asserting that the bill would bring Nigeria closer to international anti-corruption standards.
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However, opposition voices were not silent. Senator Sani Musa (APC, Niger East) strongly criticized the proposal, warning that the creation of a new agency could complicate existing anti-graft efforts. He stressed the need to empower and reform current institutions rather than introduce additional layers of bureaucracy. Senator Emmanuel Udende (APC, Benue North East) also opposed the bill, citing the risk of bloated government spending and advocating for strengthening the operational capacity of agencies like the EFCC and ICPC.
In contrast, Senator Isah Jibrin (APC, Kogi East) lent his full support to the legislation, revealing troubling reports that some recovered assets were being discreetly sold or handed to associates of those in power. He insisted on the need for an independent and transparent mechanism to manage forfeited properties without political interference.
Despite the split opinions, the bill successfully scaled its second reading and was referred to the Senate Committee on Judiciary, Human Rights and Legal Matters for further legislative scrutiny. The committee is expected to submit its report within the next four weeks.
As the debate intensifies nationwide, this development could mark a pivotal turning point in Nigeria’s fight against corruption, raising questions about the future roles of the EFCC and ICPC in asset recovery and the broader quest for institutional accountability.
