The Senate has advanced a bill seeking to amend the Proceeds of Crime Act for the establishment of a central agency to manage and dispose forfeited assets acquired from unlawful activities.

The proposed legislation is sponsored by Senator Idiayat Adebule.

Declaring the public hearing open, the Senate Chief Whip, Senator Tahir Monguno, who represented the President of the Senate, Godswill Akpabio, said the 10th Senate remains committed to strengthening transparency and accountability in the management of forfeited assets.

He stressed that the amendment is aimed at addressing gaps in the current legal framework and ensuring that asset recovery processes are in line with constitutional provisions and global best practices.

In his submission, the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, explained that the existing Proceeds of Crime Act 2022 adopted a multi-agency framework which mandates each relevant agency to establish its own proceeds of crime management directorate.

According to him, the decentralized model has proven inadequate for effective transfer, coordination and management of forfeited assets, thereby, necessitating the proposed amendment to create a centralised structure.

Also, the Attorney-General of Lagos State, Lawal Pedro, SAN, called for clearer delineation of the role of the Nigeria Police Force in enforcement. He proposed the establishment of a special police unit to oversee enforcement under the supervision of the state judiciary.

The report of the public hearing will be submitted to the Senate by the Chairman of the Senate Committee on Judiciary, Human Rights and Legal Matters, Senator Ayo Adegbomire, for further legislative scrutiny.