Senate Reopens Review of Crime Proceeds Bill

The Senate has rescinded its earlier passage of the Proceeds of Crime Act (Amendment) Bill, 2026, to allow for further legislative review and address concerns identified after its approval.

Presenting the motion, Senate Leader Opeyemi Bamidele said lawmakers discovered significant drafting, legal and policy issues in the private member’s bill following its passage, necessitating a fresh review.

According to him, the identified shortcomings are critical to the effective implementation of the proposed legislation and, if left unresolved, could undermine the bill’s objectives and result in unintended legal and operational consequences.

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Credit: Supreme Magazine

The Senate said reopening consideration of the bill was in the public interest and aligned with its responsibility to enact clear, coherent and enforceable laws.

Lawmakers also noted that some provisions of the bill were inconsistent with international best practices on asset recovery and the management of proceeds of crime, making further legislative scrutiny necessary.

The amended bill is expected to be reintroduced after the identified legal, policy and drafting issues have been addressed to ensure compliance with Nigeria’s constitutional framework and global standards.

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