The Senate has rescinded its earlier passage of the Proceeds of Crime Act (Amendment) Bill, 2026, to allow for further legislative scrutiny and refinement of the proposed law.

Presenting the motion, Senator Opeyemi Bamidele recalled that following the passage of the bill, lawmakers identified substantive drafting, legal and policy issues requiring further legislative consideration.

He noted that the concerns were fundamental to the effective implementation of the proposed legislation and, if left unresolved, 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 and consistent with its commitment to enacting sound, coherent and implementable laws.

The decision followed concerns over fundamental defects identified in the private member’s bill after its passage.

Lawmakers also stated that the flaws were inconsistent with international best practices on asset recovery and the management of proceeds of crime, making further legislative review necessary.

The amended bill is expected to be resubmitted to the Senate after the identified legal, policy and drafting issues have been addressed to ensure it aligns with Nigeria’s constitutional framework and global standards. (Channels TV)