Senate Passes Proceeds of Crime Amendment Bill as Adegbonmire SAN Presents Report

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Adegbonmire SAN Leads Senate Committee to Back New Agency for Management of Recovered Assets 



The Senate on Thursday passed the Proceeds of Crime Act (Amendment) Bill, 2026, seeking to establish an independent agency to recover, preserve, manage and dispose of assets linked to unlawful activities.


The upper chamber also passed the Legal Practitioners Act (Repeal and Re-enactment) Bill, 2026, during plenary after adopting reports from the Senate Committee on Judiciary, Human Rights and Legal Matters.


Presenting the reports, the Chairman of the Committee, Senator Adeniyi Adegbonmire, SAN, said the Legal Practitioners Bill is designed to repeal the 2004 Act and replace it with a modern framework to strengthen regulation of the legal profession.


On the Proceeds of Crime Bill, Senator Adegbonmire, SAN, explained that the legislation addresses longstanding concerns about the management of recovered assets by creating a central agency to oversee the process and prevent abuse.


Senate President Godswill Akpabio, speaking after the passage, said the new agency would ensure recovered properties are managed transparently for the benefit of Nigerians.


The bills will now be transmitted to the House of Representatives for concurrence before presidential assent.



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