The House of Representatives has called for a comprehensive audit of all assets seized, forfeited, recovered, managed, disposed of or repatriated by government institutions since the country’s return to democratic rule in 1999.
This comes against the backdrop of growing concerns over transparency and accountability in the management of recovered public assets.
The resolution followed the adoption on Tuesday of a motion sponsored by the member representing Arochukwu/Ohafia Federal Constituency of Abia State, Ibe Okwara Osonwa, who said the absence of a centralised asset register and weak oversight mechanisms had created gaps in the management of recovered proceeds of crime.
Justifying the rationale of the bill, Osonwa recalled that Sections 88 and 89 of the 1999 Constitution (as amended) empower the National Assembly to investigate the activities of public institutions and scrutinise the management of public funds and assets.
The enactment of the Proceeds of Crime (Recovery and Management) Act, 2022 established a legal framework for the tracing, seizure, forfeiture, recovery, preservation, management and disposal of assets derived from criminal activities, with clear provisions on transparency and accountability.
He said, “Since the return to democratic governance in 1999, various anti-corruption and security agencies, Ministries, Departments and Agencies, regulatory bodies and courts have seized, forfeited, recovered, managed, disposed of and repatriated substantial assets derived from corruption, money laundering, financial crimes, illicit financial flows, terrorism financing and other unlawful activities.”
The lawmaker said the recovered assets include cash, landed properties, shares, petroleum assets, luxury vehicles, vessels, aircraft, investments, digital assets and other movable and immovable properties collectively worth trillions of naira.
He expressed concern, however, that despite the enormous value of the recovered assets, Nigeria still lacks a centralised database to track their status and utilisation.
Osonwa said, “There is presently no centralised and publicly accessible National Asset Recovery and Management Register capable of providing comprehensive information on the status, value, location, management, disposal, utilisation and proceeds of recovered assets across the Federation.”
He further decried recurring allegations of poor record-keeping, weak asset valuation procedures and inadequate oversight.
The lawmaker said the House was concerned by “recurring allegations of inadequate record-keeping, poor valuation practices, weak chain-of-custody procedures, asset deterioration, non-remittance of proceeds, conflicts of interest and possible leakages in the management and disposal of recovered assets.”
According to him, the situation has undermined public confidence in Nigeria’s asset recovery process and limited the ability of the National Assembly to exercise effective oversight over recovered public assets.
Osonwa argued that deploying digital technology would significantly improve transparency, accountability and inter-agency coordination while providing the public with reliable information on recovered assets.
The motion received overwhelming support from lawmakers and was adopted through a voice vote presided over by the Speaker, Tajudeen Abbas.
Following its adoption, the House urged the Federal Government to conduct a comprehensive audit and verification of all seized, forfeited, recovered, managed, disposed of and repatriated assets held by ministries, departments and agencies, anti-corruption bodies, security agencies and courts from May 29, 1999 to date.
The lawmakers also advocated the establishment of a comprehensive digital asset registry to improve transparency, strengthen accountability and ensure proper documentation of recovered assets across government institutions.
Recovered assets have remained a major component of Nigeria’s anti-corruption efforts, with agencies such as the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission, the Nigeria Police Force and other security institutions recovering billions of naira and numerous high-value assets linked to corruption and financial crimes over the years.
The enactment of the Proceeds of Crime (Recovery and Management) Act, 2022 was intended to harmonise the management of such assets, improve transparency and prevent abuse.
However, concerns have persisted over the absence of a unified national database and the lack of comprehensive public records detailing the status, disposal and utilisation of recovered assets.
About the Author
