The Nigerian Senate has passed a bill seeking to establish a central agency responsible for managing assets recovered from criminal activities. The proposed legislation aims to improve transparency, accountability, and efficiency in the handling of forfeited properties and funds.

Sponsored by Idiat Oluranti Adebule, the bill proposes amendments to the Proceeds of Crime (Recovery and Management) Act, 2022. Adebule argued that the current system allows multiple agencies—including the Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission, and the Nigeria Customs Service—to both recover and manage assets, creating overlapping responsibilities and weak oversight.

Under the new proposal, a single independent agency would take over the management, administration, and disposal of recovered assets. The bill also seeks to establish uniform guidelines for handling forfeited properties and create a centralized digital database to track all recovered assets across the country.

Supporters of the bill say separating asset management from investigation and prosecution will reduce abuse, close loopholes, and ensure recovered wealth is properly accounted for and used for national development. Similar systems, they noted, operate in countries such as the United Kingdom, United States, Australia, and South Africa.

While many senators backed the proposal, some lawmakers expressed concerns about creating another government agency and suggested strengthening existing institutions instead. The bill has now been referred to the Senate Committee on Judiciary, Human Rights and Legal Matters for further consideration before a final vote.