The Senate has passed the Proceeds of Crime Act (Amendment) Bill, 2026, seeking to establish an independent agency to manage assets recovered from unlawful activities.
The bill, sponsored by Idiat Adebule, senator representing
Lagos west, was passed on Thursday after lawmakers considered and adopted the
report of the senate committee on judiciary, human rights and legal matters.
Adeniyi Adegbonmire, chairman of the committee, presented
the report during plenary.
Presenting the committee’s recommendations, Adegbonmire said
the bill seeks to amend the existing law by establishing a proceeds of crime
recovery and management agency with legal responsibility for the recovery,
preservation and disposal of properties reasonably suspected to have been
derived from unlawful activities.
He said the committee recommended the passage of the bill
subject to the observations, findings and amendments contained in its report.
“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 set out in this
report,” he said.
Adegbonmire said the legislation addresses a critical gap in
Nigeria’s anti-corruption framework.
“The bill addresses a genuine and long-standing gap in
Nigeria’s anti-corruption architecture,” he said.
“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.”
The bill passed second reading earlier this year after
Adebule argued that the current arrangement, under which about 18 agencies
manage recovered assets, had resulted in duplication of functions, poor
oversight and weak accountability.
She said the proposed legislation would separate prosecution
from asset management, establish uniform guidelines for handling forfeited
assets and create an automated database to improve transparency.
Adebule also said the proposed agency would collaborate with
existing agencies while taking over direct responsibility for the management of
recovered assets.
The senate subsequently dissolved into the committee of the
whole, considered the bill clause-by-clause and passed it for third reading
through a voice vote.
Senate President Godswill Akpabio said the legislation would
ensure that recovered assets are managed in the interest of Nigerians.
“Let me thank the senate committee on judiciary, human
rights and legal matters and congratulate the senate,” he said.
“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 these agencies will have
the best interest of this nation at heart and act with integrity for the
benefit of Nigeria.”
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