Senate moves against mismanaging recovered assets as Adebule bill scales second reading

Senate moves against mismanaging recovered assets as Adebule bill scales second reading 

 

A central agency to manage all recovered government’s assets for efficiency and transparency purposes is in the offing, senator representing Lagos West District, Dr Idiat Adebule, has hinted.

She disclosed this while speaking at the plenary on the Proceeds of Crime (Recovery and Management) Bill 2025, sponsored by her, which has passed second reading in the Senate.

This bill is an amendment to the existing Proceeds of Crime Act 2022.

According to Adebule, the amendment if passed will enhance transparency, accountability, and efficiency in the management of national assets recovered from unlawful activities.

The proposed central agency is meant to take over the management and disposal of recovered assets, a function currently shared among 18 government agencies.

Senator Adebule 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.

Senator Sani Musa expressed partial support for the bill.

He stressed the need for stronger oversight but cautioned 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 Senator 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.