The Senate has passed for second reading a bill seeking to establish a centralised agency to manage assets recovered from unlawful activities, marking a significant move to strengthen accountability and transparency in Nigeria’s anti-corruption efforts.
This development comes amid fresh revelations by key anti-graft bodies about the scale of corruption plaguing the continent.
At a stakeholders’ forum in Abuja organised by the Centre for Fiscal Transparency and Public Integrity (CeFTPI) with support from the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), the Independent Corrupt Practices and Other Related Offences Commission (ICPC) disclosed a shocking discovery: a foreign national had opened a Nigerian bank account to collect payments from Nigerians seeking fraudulent six-week degrees abroad.
ICPC Chairman, Dr Musa Aliyu, explained: “Within some weeks, we discovered that a foreigner opened an account in Nigeria and was collecting payments from Nigerians for a fake six-week degree programme. We tracked the account and secured a civil forfeiture order. We’re working hard to bring those behind it to justice, even those operating from outside the country.”
He called for stronger collaboration among anti-corruption agencies to ensure looters do not enjoy the proceeds of their crimes.
Similarly, Chairman of the Code of Conduct Bureau (CCB), Dr Abdullahi Bello, disclosed that the Bureau is auditing over 10,000 asset declarations by public officials. He revealed that roughly 20 per cent of the declarations reviewed so far have been found to be false.
Meanwhile, GIABA’s Director-General, Edwin Harris, lamented the enormous wealth stolen from Africa. Referencing a United Nations Economic Commission for Africa (UNECA) report initially led by former South African President Thabo Mbeki, Harris stated that the current estimate of stolen wealth from Africa ranges between $88 billion and $94 billion annually.
“These stolen assets are scattered across the world, and their recovery remains a daunting task,” he said.
The proposed legislation—Proceeds of Crime (Recovery and Management) Bill, 2025 (SB. 343)—was sponsored by Senator Idiat Adebule (APC, Lagos West). During Senate deliberations, Adebule argued that the amendment would resolve inefficiencies in the existing law, which currently assigns asset management duties to 18 different agencies responsible for both prosecution and recovery.
She noted: “This bill aims to enhance efficiency, reduce overlaps, and ensure transparent handling of recovered properties by establishing a dedicated body with clear responsibilities.”
CeFTPI Executive Director, Umar Yakubu, described the gathering as a step towards fostering unity among anti-corruption stakeholders, including law enforcement, the judiciary, civil society, and development partners.
Stakeholders say the proposed agency could become a game-changer in Nigeria’s fight against corruption—if backed with strong legal powers and adequate oversight.
