The Senate has passed a bill to create an independent agency responsible for recovering, managing and disposing of assets linked to criminal activity.
The Proceeds of Crime Act (Amendment) Bill, originally sponsored by Senator Idiat Adebule, was passed alongside a separate bill overhauling the regulation of the legal profession.
Presenting both committee reports, Senator Adeniyi Adegbonmire said the new Proceeds of Crime Recovery and Management Agency would consolidate a process currently scattered across roughly 18 government agencies, which lawmakers said had created inefficiency and opportunities for mismanagement.
Some senators had previously opposed creating a new agency, arguing existing bodies like the EFCC should retain the role, but the bill scaled through committee and passed Thursday’s plenary by voice vote.
Senate President Godswill Akpabio said the agency would ensure recovered assets are managed transparently for Nigerians’ benefit. Both bills now proceed to the House of Representatives for concurrence before transmission to President Tinubu for assent.
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