Senate has rescinded the passage of the Proceeds of Crime Act (Amendment) Bill, 2026, to allow lawmakers address drafting, legal and policy concerns identified after the legislation was approved last week. The decision followed a motion moved by Senate Leader Opeyemi Bamidele during Thursday’s plenary.
Gatekeepers News reports that Bamidele told lawmakers that a post-passage review of the bill uncovered substantive issues that require further legislative scrutiny to ensure the proposed law aligns with Nigeria’s constitutional framework and international best practices on asset recovery and the management of proceeds of crime. He warned that leaving the flaws unresolved could create legal and operational challenges when the law is implemented.
The bill, sponsored by Senator Idiat Adebule, was passed by the Senate on July 9 after the chamber adopted the report of the Committee on Judiciary, Human Rights and Legal Matters.
It seeks to establish an independent Proceeds of Crime Recovery and Management Agency to oversee the recovery, preservation, management and disposal of assets linked to unlawful activities, replacing the current system where multiple agencies manage recovered assets.
Following the motion, Senate President Godswill Akpabio put the proposal to a voice vote, with lawmakers approving the reversal. The bill has now been referred back to the Senate Committee on Judiciary, Human Rights and Legal Matters for fresh review and necessary corrections before it is reconsidered by the chamber.
