The Senate has passed the Proceeds of Crime Act (Amendment) Bill, 2026, clearing the path for the creation of an independent agency to manage assets recovered from unlawful activities.
The bill was passed on Thursday, July 9, after lawmakers considered and adopted the report of the Senate Committee on Judiciary, Human Rights and Legal Matters. Chairman of the committee, Adeniyi Adegbonmire, presented the report during plenary.
According to the report, the bill seeks to amend the existing law by establishing a Proceeds of Crime Recovery and Management Agency. The agency will have full legal responsibility for the recovery, preservation and disposal of properties reasonably suspected to have been derived from unlawful activities.
Adegbonmire said the legislation addresses a long-standing gap in Nigeria’s anti-corruption structure.
“The bill addresses a genuine and long-standing gap in Nigeria’s anti-corruption architecture. Its objectives are laudable, its need is urgent, and the committee is satisfied that, with the amendments recommended in this report, it will serve the public interest well,” he said.
The bill was sponsored by Senator Idiat Adebule, representing Lagos West. She told the Senate earlier this year that the current arrangement, where about 18 agencies manage recovered assets, has caused duplication of functions, poor oversight and weak accountability.
Adebule said the new law will separate prosecution from asset management, provide uniform guidelines for handling forfeited assets, and create an automated database to improve transparency. The proposed agency will also collaborate with existing anti-graft bodies while taking direct responsibility for managing recovered assets.
After considering the bill clause-by-clause in the Committee of the Whole, the Senate passed it for third reading through a voice vote.
Senate President Godswill Akpabio commended the committee and said the agency will ensure recovered assets are managed for the benefit of Nigerians.
“Now we have an agency that will manage those properties for the benefit of Nigerians. I pray that those going to manage these agencies will have the best interest of this nation at heart and act with integrity,” he said.
The bill will now be transmitted to the House of Representatives for concurrence before it is forwarded to the President for assent.
