Senate withdraws Proceeds of Crime Act Amendment Bill for further review
The Senate has rescinded its earlier passage of the Proceeds of Crime Act (Amendment) Bill, 2026, to allow for further legislative scrutiny and refinement. Senator Opeyemi Bamidele presented the motion, noting that lawmakers identified substantive drafting, legal and policy issues that require additional consideration. He warned that if left unresolved, these flaws could undermine the bill’s objectives and create unintended legal and operational consequences. The Senate said revisiting the legislation serves the overriding public interest and aligns with its commitment to enacting sound, coherent and implementable laws. Lawmakers also pointed out that the current draft contradicts international best practices on asset recovery and the management of proceeds of crime, making a thorough review necessary. The amended bill is expected to be resubmitted once the identified legal, policy and drafting issues have been addressed, ensuring it conforms to Nigeria’s constitutional framework and global standards. This development means the proposed changes to how Nigeria recovers stolen assets and handles criminal proceeds are on hold, pending a stronger version. For citizens concerned about anti‑corruption efforts, this signals a cautious approach to avoid weak legislation that could be exploited. Keep an eye on National Assembly updates or trusted news sources for when the revised bill returns, as its final shape will directly affect Nigeria’s ability to trace, freeze and repatriate illicit funds.