The House of Representatives has passed for second reading a bill to amend the Money Laundering (Prevention and Prohibition) Act, 2022, aimed at strengthening Nigeria’s anti-corruption framework and asset recovery system.
Sponsored by Hon. Yusuf Gagdi of Plateau State, the bill seeks to modernise anti-graft laws amid rising sophistication in financial crimes. Gagdi said the amendment introduces a civil recovery mechanism allowing the government to reclaim assets linked to unexplained wealth without criminal proceedings.
“The current law makes it difficult for agencies to recover stolen assets quickly,” Gagdi said, noting that the new model would shift the burden of proof to individuals with questionable wealth. He cited successful use of similar systems in the U.K., Kenya, and South Africa.
The proposed reforms will empower agencies like the EFCC to seek court orders on assets inconsistent with legitimate income while ensuring transparency and due process.
Speaker Tajudeen Abbas presided over the session, where lawmakers unanimously backed the bill, describing it as a major step toward curbing corruption and illicit financial flows in Nigeria.
