Senate has rescinded its earlier passage of the Proceeds of Crime Act (Amendment) Bill, 2026, to allow for further legislative scrutiny and refinement of the proposed legislation.
The decision followed the adoption of a motion moved by the Senate Leader, Sen. Opeyemi Bamidele, during plenary.
Presenting the motion, Bamidele recalled that after the bill was passed, lawmakers identified substantive legal, policy and drafting issues requiring further legislative consideration.
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He said the identified concerns were fundamental to the effective implementation of the proposed legislation and, if left unresolved, could undermine the objectives of the bill and create unintended legal and operational consequences.
According to him, revisiting the legislation is in the overriding public interest and reflects the Senate’s commitment to enacting sound, coherent and implementable laws.
The upper legislative chamber noted that the decision became necessary following concerns over fundamental defects identified in the private member’s bill after its passage.
Lawmakers also observed that some provisions of the bill were inconsistent with international best practices on asset recovery and the management of proceeds of crime.
They stressed that further legislative review would ensure that the proposed amendment aligns with Nigeria’s constitutional framework and internationally accepted standards.
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The Senate expressed confidence that addressing the identified shortcomings would strengthen the legislation and enhance its effectiveness when eventually enacted.
The amended bill is expected to be resubmitted to the Senate after the legal, policy and drafting issues have been resolved.
