The Nigerian Senate has passed the Proceeds of Crime Act (Amendment) Bill, 2026, paving the way for the establishment of an independent agency that will oversee the recovery, preservation and management of assets linked to criminal activities.
Lawmakers approved the bill during Thursday’s plenary after considering and adopting the report of the Senate Committee on Judiciary, Human Rights and Legal Matters, marking another step in efforts to strengthen Nigeria’s anti-corruption framework.
The proposed legislation is expected to improve transparency and accountability in the management of assets forfeited to the Federal Government through court orders.
What The New Agency Will Do
Presenting the committee’s report, the committee chairman, Senator Adeniyi Adegbonmire, explained that the amendment seeks to establish a dedicated Proceeds of Crime Recovery and Management Agency with full legal responsibility for recovering, preserving and disposing of assets reasonably believed to have been acquired through unlawful activities.
According to him, the committee carefully reviewed the bill and recommended its passage after making necessary amendments.
“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,” Adegbonmire said.
Why The Bill Was Introduced
The bill was sponsored by Senator Idiat Adebule (Lagos West), who argued during the second reading that the current system allows about 18 different government agencies to manage recovered assets, resulting in duplication of responsibilities, poor coordination and weak oversight.
She said the new legislation would separate the prosecution of corruption cases from the management of recovered assets, ensuring a more transparent and efficient process.
The proposed agency will also develop uniform guidelines for handling forfeited assets and establish a digital database to improve accountability and public confidence.
According to Adebule, while the agency will work with existing anti-corruption institutions, it will assume primary responsibility for managing recovered assets on behalf of the Federal Government.
Senate Gives Final Approval
Following consideration of the report, the Senate dissolved into the Committee of the Whole to examine the bill clause by clause before approving it for third reading through a voice vote.
Speaking after its passage, Senate President Godswill Akpabio said the new agency would help ensure that recovered assets are properly managed for the benefit of Nigerians.
“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,” Akpabio said.
He further expressed hope that officials who will eventually oversee the agency would carry out their responsibilities with integrity and always put the nation’s interest first.
If signed into law by the President, the legislation is expected to strengthen Nigeria’s anti-corruption efforts by creating a single institution dedicated to managing proceeds of crime and other forfeited assets.
