The House of Representatives has called for a nationwide audit of all assets recovered, seized, forfeited, managed, disposed of or repatriated by government agencies since Nigeria returned to democratic rule in 1999.
The lawmakers said the move is necessary to improve transparency and accountability in the handling of recovered public assets, amid persistent concerns over how such properties have been managed over the years.
The resolution was adopted on Tuesday, July 21, after the House considered a motion sponsored by Ibe Okwara Osonwa, who represents Arochukwu/Ohafia Federal Constituency of Abia State.
Presenting the motion, Osonwa said Nigeria’s current asset recovery system lacks effective oversight and a centralised database capable of tracking recovered assets.
He reminded lawmakers that Sections 88 and 89 of the 1999 Constitution empower the National Assembly to investigate public institutions and monitor the management of public resources.
The lawmaker also pointed to the Proceeds of Crime (Recovery and Management) Act, 2022, which provides the legal framework for tracing, recovering, preserving and disposing of assets obtained through criminal activities while promoting 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.”
According to him, the recovered assets include cash, landed properties, company shares, petroleum assets, luxury vehicles, aircraft, vessels, investments, digital assets and other movable and immovable properties worth trillions of naira.
Despite the enormous value of these recoveries, Osonwa lamented the absence of a comprehensive national register to account for them.
“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 said.
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He also raised concerns about alleged lapses in the management of recovered assets.
The House, he said, 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.”
Osonwa argued that such shortcomings have weakened public confidence in the country’s asset recovery process and made legislative oversight more difficult.
He urged the government to adopt digital technology to strengthen accountability, improve coordination among agencies and provide citizens with accurate information on recovered assets.
Following widespread support from lawmakers, the motion was adopted through a voice vote presided over by Speaker Tajudeen Abbas.
The House subsequently called on the Federal Government to carry out a comprehensive audit and verification of all recovered assets handled by ministries, departments and agencies, anti-corruption bodies, security agencies and the courts from May 29, 1999, to date.
Lawmakers also recommended the creation of a comprehensive digital asset registry to ensure proper documentation, improve transparency and strengthen accountability in the management of recovered public assets.
Recovered assets have remained a key part of Nigeria’s anti-corruption campaign, with agencies such as the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Nigeria Police Force and other security agencies recovering billions of naira and numerous high-value assets linked to corruption and financial crimes.
Although the Proceeds of Crime (Recovery and Management) Act, 2022 was enacted to standardise the management of recovered assets, concerns have continued over the absence of a unified national database and publicly accessible records showing how such assets have been managed or utilised.