The Nigerian Senate has finalized a bill aimed at creating an independent body tasked with the recovery, protection, and management of assets associated with criminal activities. Lawmakers believe this move will bolster the nation’s fight against corruption and ensure greater openness in handling seized properties.
During Thursday’s plenary, the chamber also passed the Legal Practitioners Act (Repeal and Re-enactment) Bill, 2026. This decision followed a comprehensive review by the Senate Committee on Judiciary, Human Rights and Legal Matters. Senator Adeniyi Adegbonmire, who chairs the committee, stated that the legal bill replaces the outdated 2004 framework with a modern system designed to enhance professional standards within the legal industry.
Regarding the Proceeds of Crime Act (Amendment) Bill, Senator Adegbonmire highlighted that it fills a critical void in the anti-corruption sector by establishing a dedicated agency to oversee the entire lifecycle of recovered assets. This amendment addresses persistent concerns regarding the mismanagement and potential loss of properties confiscated by authorities.
Senate President Godswill Akpabio commended his colleagues for their support, noting that the new agency will ensure recovered resources are utilized for the public good. Both the Proceeds of Crime Act (Amendment) Bill, 2026 (SB. 343) and the Legal Practitioners Act (Repeal and Re-enactment) Bill, 2026 (SB. 965) will now move to the House of Representatives for concurrence before they are submitted for presidential assent.
