The Senate is proposing to strip the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and other similar bodies of their powers to manage the proceeds of crime.
Under the proposed bill, their roles would be limited to the investigation, prosecution of suspects, and recovery of the proceeds of crime.
The bill seeks to amend the Proceeds of Crime (Recovery and Management) Act 2022, transferring the authority to manage recovered assets from anti-graft agencies to a new agency that would be established under the legislation.
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The proposed legislation passed second reading on Tuesday.
The EFCC, ICPC, Nigeria Customs Service (NCS), and 15 other agencies are currently listed in Sections 2, 3, and 4 of the existing Act, with responsibilities ranging from investigation to seizure, recovery, and management of criminal proceeds.
The sponsor of the new bill, Senator Adebule Idiat Oluranti (APC, Lagos-West), in her lead debate, argued that transferring the power to manage recovered assets to a separate agency would promote efficiency and transparency.
She noted:
“This amendment seeks to ensure transparency and checks and balances in the management of recovered assets designated as proceeds of crime, as well as the introduction of policies and guiding principles to create unified regulations and processes for the management and disposal of forfeited assets.
“It proposes the establishment of an agency responsible for the administration and management of forfeited or recovered assets and properties designated as proceeds of crime. This centralized agency will collaborate with the directorates of proceeds of crime within the 18 government agencies referred to in the POCA Act as ‘relevant organisations.’
“Furthermore, it seeks to strengthen the Proceeds of Crime Act by introducing amendments that provide for the creation of a databank for all assets and properties forfeited to the Federal Government of Nigeria, under an Automated Forfeited Assets Management System.
“This provision will be a significant addition, as the automated system will securely store information about all assets and properties that are proceeds of crime, offering controlled access to authorized institutions and agencies. This will enhance effectiveness, efficiency, transparency, and accountability.”
A few senators raised objections, arguing that the bill would duplicate the functions of the EFCC and other agencies currently fighting corruption and economic crimes.
However, the majority supported the bill, which subsequently passed second reading.
The session was presided over by the Deputy Senate President, Senator Barau Jibrin.
The bill was referred to the Committee on Justice, Human Rights and Legal Matters for further legislative consideration.
NIGERIAN TRIBUNE
