ABUJA, Nigeria (VOICE OF NAIJA)-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 Nigeria’s return to democratic rule in 1999.
The move follows growing concerns over transparency and accountability in the handling of recovered public assets.
The resolution was adopted on Tuesday after lawmakers approved a motion sponsored by the member representing Arochukwu/Ohafia Federal Constituency of Abia State, Ibe Osonwa, who argued that the absence of a centralised asset register and weak oversight mechanisms had created significant gaps in the management of recovered proceeds of crime.
Explaining the basis for the motion, Osonwa noted 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.
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He also pointed to the Proceeds of Crime (Recovery and Management) Act, 2022, which established a legal framework for tracing, seizing, forfeiting, recovering, preserving, managing and disposing of assets derived from criminal activities, with clear provisions promoting transparency and accountability.
According to him, “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 valued at trillions of naira.
Despite the huge value of the recovered assets, Osonwa expressed concern that Nigeria still lacks a centralised database to monitor their status and utilisation.
He stated, “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.”
The lawmaker also raised concerns over repeated allegations of poor record-keeping, inadequate asset valuation procedures and weak oversight.
According to him, the House was troubled 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.”
He argued that these shortcomings had weakened public confidence in Nigeria’s asset recovery process and limited the National Assembly’s ability to effectively oversee recovered public assets.
Osonwa further maintained that deploying digital technology would improve transparency, accountability and coordination among agencies 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 Speaker Tajudeen Abbas.
Following its adoption, the House urged the Federal Government to carry out a comprehensive audit and verification of all assets seized, forfeited, recovered, managed, disposed of and repatriated by ministries, departments and agencies, anti-corruption bodies, security agencies and courts from May 29, 1999, to date.
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Lawmakers also called for the establishment of a comprehensive digital asset registry to strengthen transparency, improve accountability and ensure proper documentation of recovered assets across government institutions.
Recovered assets have remained a key part of Nigeria’s anti-corruption campaign, with agencies including 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.
Among recent forfeitures, former Attorney General of the Federation and Minister of Justice, Abubakar Malami, forfeited 48 properties, including a university, to the Federal Government, while former Central Bank of Nigeria Governor, Godwin Emefiele, also forfeited properties and cash to the government.
Although the Proceeds of Crime (Recovery and Management) Act, 2022 was enacted to harmonise the management of recovered assets, improve transparency and prevent abuse, concerns have continued over the absence of a unified national database and the lack of comprehensive public records on the status, disposal and utilisation of recovered assets.