Senate Passes Bill to Establish Agency for Management of Recovered Assets

The Nigerian Senate passed a bill on Thursday aimed at creating an independent agency dedicated to the recovery, preservation, and management of assets linked to unlawful activities. This legislation is part of a broader effort to strengthen the nation’s anti-corruption framework and ensure greater transparency in handling seized properties.

The proposed agency will be tasked with overseeing the entire lifecycle of recovered assets—from initial recovery to their eventual disposal. Lawmakers noted that the bill addresses a significant institutional gap, as the country has long grappled with challenges regarding the custody, maintenance, and potential deterioration of properties seized by various anti-graft agencies. By centralizing these responsibilities, the government aims to prevent the duplication of efforts and the mismanagement of public assets.

During the same plenary session, the Senate also passed the Legal Practitioners Act (Repeal and Re-enactment) Bill, 2026. This legislation seeks to modernize the regulatory framework governing the legal profession in Nigeria, ensuring that standards remain consistent with contemporary demands and that the justice system maintains public confidence.

Both bills were passed following the adoption of reports presented by the Senate Committee on Judiciary, Human Rights, and Legal Matters. Senator Adeniyi Adegbonmire, chairman of the committee, emphasized that both pieces of legislation are vital for maintaining the rule of law and improving administrative efficiency within the judicial and anti-corruption sectors.

Senate President Godswill Akpabio lauded the passage of the measures, particularly the creation of the new asset management agency. He noted that the body would ensure that recovered properties are managed transparently and used for the benefit of the Nigerian people.

The two bills will now be transmitted to the House of Representatives for concurrence before being forwarded to the President for his signature.