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 returned to democratic rule in 1999.
The lawmakers are seeking to establish how much has been recovered, where the assets are currently located, how they have been managed or disposed of, the proceeds generated from their disposal and whether such proceeds were properly accounted for.
The resolution followed growing concerns over the transparency and accountability surrounding the management of assets recovered from corruption, money laundering, financial crimes and other unlawful activities.
Naija News reports that the lawmakers’ demand covers the period from May 29, 1999, when Nigeria returned to civilian rule under the administration of former President Olusegun Obasanjo, to the present administration led by President Bola Ahmed Tinubu.
The resolution was reached on Tuesday after the House adopted a motion sponsored by the member representing Arochukwu/Ohafia Federal Constituency of Abia State, Ibe Okwara Osonwa.
Osonwa, while presenting the motion, said the absence of a centralised asset register and weak oversight mechanisms had created serious gaps in the management of recovered proceeds of crime.
He 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 lawmaker also referred to the Proceeds of Crime (Recovery and Management) Act, 2022, which established a legal framework for tracing, seizure, forfeiture, recovery, preservation, management and disposal of assets linked to criminal activities.
According to him, the law was also designed to promote transparency and accountability in the handling of recovered assets.
Osonwa 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.”
He noted that the assets recovered over the years included cash, landed properties, shares, petroleum assets, luxury vehicles, vessels, aircraft, investments, digital assets and other movable and immovable properties.
The lawmaker said the combined value of such assets ran into trillions of naira.
No Central Database For Recovered Assets
Despite the huge value of the assets recovered by different government agencies over the years, Osonwa said Nigeria still lacked a centralised database where the public could easily track them.
He 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.”
The lawmaker also raised concerns about what he described as recurring problems in the management of recovered assets.
He listed the challenges to include poor record-keeping, weak valuation procedures, inadequate chain-of-custody systems, deterioration of assets, failure to remit proceeds, conflicts of interest and possible leakages during the management and disposal of recovered properties.
Osonwa 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 had weakened public confidence in Nigeria’s asset recovery system and made it difficult for the National Assembly to effectively monitor recovered public assets.
Lawmakers Demand Comprehensive Audit
Following the adoption of the motion, the House called on the Federal Government to conduct a comprehensive audit and verification of all assets seized, forfeited, recovered, managed, disposed of and repatriated by government institutions.
The audit is expected to cover assets held by ministries, departments and agencies, anti-corruption bodies, security agencies and courts from May 29, 1999, to date.
This means that the proposed audit will cover successive administrations, beginning with the civilian administration of former President Olusegun Obasanjo, who assumed office when Nigeria returned to democratic rule in 1999.
It will also cover the administrations that followed, up to the current government led by President Bola Ahmed Tinubu.
The lawmakers further called for the establishment of a comprehensive digital asset registry to improve transparency, strengthen accountability and ensure proper documentation of recovered assets across government institutions.
Osonwa argued that the use of digital technology could significantly improve the way recovered assets are tracked and managed.
According to him, a central digital system would allow government agencies to share information, reduce duplication and provide reliable data on the location, value, management and eventual disposal of recovered assets.
He said such a system would also make it easier for the public and relevant oversight bodies to know what happened to assets recovered through anti-corruption and financial crime investigations.
The motion received strong support from members and was subsequently adopted through a voice vote presided over by the Speaker of the House, Tajudeen Abbas.
EFCC, ICPC, Police Others Recover Assets
Recovered assets have remained a major part of Nigeria’s fight against corruption and financial crimes.
Over the years, agencies including the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Nigeria Police Force and other security institutions have recovered billions of naira and numerous valuable properties linked to corruption and financial crimes.
The Proceeds of Crime (Recovery and Management) Act, 2022, was enacted to provide a more coordinated legal framework for handling such assets and to improve transparency while reducing the possibility of abuse.
However, concerns have continued over the lack of a single national database containing comprehensive information on recovered assets.
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