Senate passes bill to create agency for managing recovered assets

The Senate has passed the Proceeds of Crime Act (Amendment) Bill, 2026, paving the way for the establishment of an independent agency to manage assets recovered from criminal activities across the country.

The bill, sponsored by Senator Idiat Adebule (Lagos West), was passed on Thursday after the Senate considered and adopted the report of its Committee on Judiciary, Human Rights and Legal Matters.

Presenting the committee’s report during plenary, Senator Adeniyi Adegbonmire, chairman of the committee, said the proposed legislation seeks to create a dedicated agency with the legal responsibility to recover, preserve, manage and dispose of assets reasonably suspected to have been derived from unlawful activities.

According to him, the committee recommended the bill for passage after making necessary observations and 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.

He explained that the proposed agency would streamline the management of recovered assets, improve accountability and ensure proper oversight of properties forfeited to the Federal Government.

Earlier during the bill’s second reading, Adebule argued that the current arrangement, under which about 18 government agencies manage recovered assets, had created duplication of responsibilities, weak accountability and poor coordination.

She said the new agency would separate criminal prosecution from asset management, introduce uniform procedures for handling forfeited assets and establish an automated database to improve transparency.

The lawmaker added that the agency would work with existing anti-corruption institutions while assuming direct responsibility for managing recovered assets.

Following a clause-by-clause consideration in the Committee of the Whole, the Senate passed the bill through a voice vote.

Senate President Godswill Akpabio said the legislation would ensure that 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 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,” Akpabio said.