A proposed amendment seeking to overhaul Nigeria’s system for recovering and managing proceeds of crime has been withdrawn by the Senate, amid allegations that the Economic and Financial Crimes Commission (EFCC) and Senate President Godswill Akpabio opposed the reform.
The investigation by The ICIR reports that the Senate passed the Proceeds of Crime Act (Amendment) Bill, 2026, on July 9, 2026. The legislation, sponsored by Senator Idiat Adebule, sought to establish a dedicated Proceeds of Crime Recovery and Management Agency responsible for recovering, preserving, managing and disposing of assets linked to unlawful activities.
The proposed law was designed to change the current arrangement under the 2022 Proceeds of Crime (Recovery and Management) Act, which gives about 18 government organisations responsibilities for managing proceeds of crime. These include the EFCC, Independent Corrupt Practices and Other Related Offences Commission (ICPC), Nigeria Police Force, National Drug Law Enforcement Agency (NDLEA), Nigeria Customs Service, Nigerian Financial Intelligence Unit (NFIU) and Department of State Services (DSS).
According to The ICIR, the proposed agency would have separated asset management from criminal investigation and prosecution. Existing law-enforcement agencies would retain their investigative and prosecutorial duties, while the new body would take responsibility for recovered and forfeited assets.
The report said the proposed agency would also maintain a central database of recovered properties and publish details of disposed assets, including the method of disposal, proceeds realised and funds paid into government accounts. It further proposed independent performance and value-for-money audits as well as an oversight advisory panel.
However, the EFCC reportedly opposed the proposal, arguing that a new agency could duplicate existing institutions, create jurisdictional conflicts and increase government expenditure. The commission also raised concerns that concentrating recovered assets under one institution could expose them to corruption and political interference.
The ICIR, however, reported that documents it reviewed showed that several of these concerns were addressed in the proposed legislation through transparency, auditing and reporting provisions.
The report also raised questions about the EFCC’s historical management of recovered assets. It cited findings that some properties listed by the commission could not be traced, while others had deteriorated, remained occupied or lacked adequate disposal records.
A presidential panel also reportedly identified discrepancies between amounts the EFCC declared as recovered and evidence of funds lodged into bank accounts. The panel identified differences involving both foreign-currency and naira recoveries, including an approximately ₦39.36 billion discrepancy in reported naira recoveries.
The Senate eventually rescinded its passage of the bill about a week after approving it, citing “drafting, legal and policy” concerns. The ICIR reported allegations from a source familiar with the matter that Akpabio played a role in the reversal after pressure from the EFCC and other powerful interests.
However, the report noted that the EFCC and Senate did not respond to requests for comment on the allegations before publication. Therefore, the claims about their roles remain allegations and should not be presented as established facts.
