Breaking: Senate passes Bill to establish agency for managing recovered criminal 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 and proceeds recovered from criminal activities across the country.

The bill, sponsored by Idiat Adebule, was passed on Thursday after lawmakers considered and adopted the report of the Senate Committee on Judiciary, Human Rights and Legal Matters.

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The proposed legislation seeks to create a dedicated agency responsible for the management, preservation and disposal of assets forfeited through criminal investigations and court orders.

Supporters of the bill say the new agency is expected to strengthen transparency, accountability and efficiency in the administration of recovered assets, while ensuring that proceeds of crime are properly managed in accordance with the law.

The bill will now proceed to the next stage of the legislative process before it can become law.