BY AHMED AKANBI
The Senate has withdrawn its earlier passage of the Proceeds of Crime Act, Amendment Bill, 2026, to allow for further legislative scrutiny and refinement.
Presenting the motion on Thursday, the Senate Leader, Senator Opeyemi Bamidele, said lawmakers identified substantive drafting, legal and policy issues after the bill was passed.
He noted that the concerns were fundamental to the effective implementation of the proposed law.
According to him, if left unresolved, the defects could undermine the objectives of the bill and create unintended legal and operational consequences.
The Senate observed that revisiting the legislation was in the overriding public interest, stressing that the move aligns with its commitment to enacting sound, coherent and implementable laws.
The decision followed the discovery of fundamental defects in the private member’s bill after passage.
Lawmakers stated that the flaws were inconsistent with international best practices on asset recovery and the management of proceeds of crime.
They argued that proceeding with the defective draft would expose Nigeria to legal and policy risks in its asset forfeiture regime.
The Senate stressed that further legislative review was necessary to ensure the law meets both constitutional requirements and global standards.
The amended bill is expected to be resubmitted to the Senate after the identified legal, policy and drafting issues have been addressed.