Senate Passes Bill to Create Agency for Management of Recovered Assets

The Senate on Thursday passed the Proceeds of Crime Act (Amendment) Bill, 2026, clearing the path for the establishment of an independent agency to manage assets and properties recovered from criminal activities across the country.

The proposed legislation, sponsored by Senator Idiat Adebule (APC, Lagos West), was passed after the Senate considered and adopted the report of the Committee on Judiciary, Human Rights and Legal Matters, chaired by Senator Adeniyi Adegbonmire.

Presenting the committee's report during plenary, Adegbonmire said the bill seeks to amend the existing law by creating a Proceeds of Crime Recovery and Management Agency with full legal responsibility for the recovery, preservation, management and disposal of assets reasonably suspected to have been derived from unlawful activities.

He said the committee recommended the passage of the bill after making several amendments.

"The Senate Committee on Judiciary, Human Rights and Legal Matters recommends that the Senate do consider and pass the bill for an Act to amend the Proceeds of Crime Recovery and Management Act by establishing a Proceeds of Crime Recovery and Management Agency with full legal responsibility to manage the recovery, preservation and disposal of properties reasonably suspected to have been derived from unlawful activities and for related matters, subject to the observations, findings and amendments contained in this report," Adegbonmire said.

The committee chairman described the legislation as a significant step toward strengthening Nigeria's anti-corruption framework.

"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 added.

During the bill's second reading earlier this year, Senator Adebule argued that the current system, where approximately 18 government agencies are involved in managing recovered assets has led to duplication of responsibilities, weak oversight and poor accountability.

According to her, the proposed legislation will separate the prosecution of financial crimes from the management of recovered assets, establish uniform procedures for handling forfeited properties and introduce an automated database to improve transparency.

She added that while the proposed agency would work closely with existing anti-corruption and law enforcement institutions, it would assume primary responsibility for the management of recovered assets nationwide.

Following the presentation of the committee's report, the Senate dissolved into the Committee of the Whole, considered the bill clause-by-clause and subsequently passed it for third reading through a voice vote.

Commending lawmakers after the passage of the bill, Senate President Godswill Akpabio said the new agency would help ensure that recovered assets are managed transparently and for the benefit of Nigerians.

"Let me thank the Senate Committee on Judiciary, Human Rights and Legal Matters and congratulate the Senate. Now we have an agency that will manage those properties for the benefit of Nigerians. I also thank my colleagues for rising to the occasion and seeing the need to conclude this.

"I pray that those going to manage this agency will have the best interest of this nation at heart and act with integrity for the benefit of Nigeria," Akpabio said.