The House of Representatives has passed a Bill for an Act to Amend the Proceeds of Crime (Recovery and Management) Act (HB. 2447) after considering and adopting the report of the House Committee on Financial Crime on Thursday, July 23, 2026.
The motion for the consideration of the report was moved by the Chairman of the Committee on Financial Crime, Hon. Ginger Onwusibe, following its initial laying before the House on July 22, 2026.
Upon consideration in the Committee of the Whole, the House approved the recommendations contained in the report, marking a pivotal step forward in strengthening Nigeria’s legal framework for asset recovery, management, and the overall fight against financial crimes.
The proposed amendments to the Proceeds of Crime (Recovery and Management) Act aim to plug existing legal loopholes, enhance inter-agency coordination in the management of forfeited assets, and ensure greater transparency and accountability in handling proceeds generated from unlawful activities.
Speaking on the adoption, Hon. Ginger Onwusibe highlighted the critical role of robust legislative frameworks in curbing financial corruption and ensuring that illicit gains are effectively recovered and channeled towards national development.
Following the consideration of the recommendations in the Committee of the Whole, the bill was read for the Third Time and successfully passed by the House.
With its passage in the House of Representatives, the bill now awaits concurrence by the Senate before transmission to the President for assent.
