This bill amends the existing Proceeds of Crime Act 2022 to enhance transparency, accountability, and efficiency in the management of national assets recovered from unlawful activities.
The bill, sponsored by Senator Idiat Adebule, representing Lagos West, proposes the establishment of a central agency to take over the management and disposal of recovered assets, a function currently shared among 18 government agencies.
Leading the debate, 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.
Adebule said lack of coordination and standardized procedures among the agencies has made asset recovery opaque and unaccountable.
The lawmakers held polarized views on the bill.
