The House of Representatives, on Tuesday, passed for the second reading a bill seeking to strengthen the recovery and management of proceeds of crimes in Nigeria.
The bill, sponsored by Hon. Yusuf Adams Gagdi (APC, Plateau), proposes amendments to the Proceeds of Crime (Recovery and Management) Act No. 92 of 2022, with the aim of enhancing its effectiveness in tackling corruption and ensuring proper management of recovered assets.
Leading the debate on the general principles of the bill, Gagdi said the proposed amendment would provide clearer legal and institutional frameworks for tracing, confiscating, and managing assets linked to criminal activities.
He noted that although the existing law was a significant step in Nigeria’s anti-corruption fight, gaps in its implementation had hindered transparency and accountability in asset recovery.
“The essence of this amendment is to make the law more responsive and transparent in the recovery and utilization of proceeds of crime. We must ensure that recovered assets are not re-looted or mismanaged, but used for the benefit of all Nigerians,” Gagdi stated.
Lawmakers who contributed to the debate expressed strong support for the bill, describing it as timely and essential for strengthening Nigeria’s anti-corruption framework.
They emphasized the need for proper coordination among agencies such as the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Nigerian Financial Intelligence Unit (NFIU).
The bill was subsequently referred to the House Committee on Financial Crimes for further legislative scrutiny and public hearing.
