Senate passes legislation to establish agency for management of proceeds of crime, forfeited assets
by The Eagle Online · The Eagle OnlineA bill seeking to establish an agency to manage assets recovered from unlawful activities has passed into third reading in the Senate.
The bill is named ” Establishment of Proceeds of Crime Act (Amendment) Bill, 2026.
The bill, sponsored by Senator Idiat Adebule, was passed on Thursday after lawmakers considered and adopted the report of the senate committee on judiciary, human rights and legal matters.
Chairman of the Committee, Adeniyi Adegbonmire who presented the report during plenary explained that the bill sought 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.
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In his words, “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.
Adegbonmire said the legislation addresses a critical gap in Nigeria’s anti-corruption framework.
According to him, 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.”
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