The Senate has passed the Proceeds of Crime Act (Amendment) Bill, 2026, paving the way for the establishment of an independent agency to oversee the recovery, preservation, management and disposal of assets confiscated from unlawful activities.
Gatekeepers News reports that the bill was passed during Thursday’s plenary after lawmakers adopted the report of the Senate Committee on Judiciary, Human Rights and Legal Matters.
The proposed legislation, sponsored by Senator Idiat Adebule (APC, Lagos West), seeks to amend the existing law by creating a central agency with full legal responsibility for managing properties reasonably suspected to have been derived from criminal activities. Chairman of the Senate Committee on Judiciary, Human Rights and Legal Matters, Senator Adeniyi Adegbonmire, said the amendment is aimed at closing long-standing gaps in Nigeria’s asset recovery framework and improving transparency and accountability.
According to the committee, the new agency will be responsible for the recovery, preservation and disposal of forfeited assets, allowing anti-graft and investigative agencies to concentrate on tracing and recovering proceeds of crime while a dedicated body manages the assets. Lawmakers said the move would help eliminate inefficiencies and ensure recovered properties are properly accounted for and utilised in the public interest.
Following the bill’s passage, Senate President Godswill Akpabio commended the judiciary committee and lawmakers for supporting the legislation, expressing optimism that the agency would manage recovered assets with integrity and in the best interest of Nigerians. The bill will now proceed to the next stage of the legislative process before it can become law.
