If passed into law, the Proceeds of Crime Bill 2020 will be Nigeria’s first comprehensive legislation that deals with the seizure, forfeiture, and management of assets derived from unlawful activities. This article reviews the core provisions of the Bill and analyses its ability to deliver on its aims. It contends that whilst the Bill signals laudable progress and political will in the country’s fight against financial crime, it is fraught with challenges that the legislature must address to ensure its efficacy.