The Senate has reversed its earlier approval of the Proceeds of Crime Act (Amendment) Bill, 2026, after lawmakers identified significant legal, policy and drafting issues that require further review.
The decision, taken during Thursday’s plenary, paves the way for another round of legislative scrutiny before the bill can move forward.
Moving the motion, Senate Leader Opeyemi Bamidele said lawmakers uncovered several shortcomings in the private member’s bill after it was passed. According to him, the issues are substantial enough to affect how the proposed law would work if enacted.
Bamidele warned that leaving the identified flaws unresolved could undermine the purpose of the legislation and create legal and operational challenges during implementation.
He said the Senate considered it necessary to revisit the bill in the interest of passing a law that is clear, practical and capable of achieving its intended objectives.
Lawmakers also noted that parts of the proposed amendment fall short of international best practices on asset recovery and the management of proceeds of crime, making further legislative work unavoidable.
The bill will now undergo additional review to address the legal, policy and drafting concerns before it is returned to the Senate for fresh consideration.
Once revised, lawmakers expect the amended legislation to better align with Nigeria’s constitutional framework as well as globally accepted standards on the recovery and management of criminal assets.
