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 lawmakers said the proposed audit aims to determine the total value of assets recovered over the years, their current locations, how they have been managed or disposed of, the revenue generated from their disposal, and whether such proceeds were properly accounted for.
The resolution follows growing concerns over transparency and accountability in the management of assets recovered from corruption, money laundering, financial crimes, terrorism financing, and other unlawful activities.
The proposed review will cover the period from May 29, 1999, when former President Olusegun Obasanjo assumed office, through successive administrations, up to the current government of President Bola Ahmed Tinubu.
The decision 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.
While presenting the motion, Osonwa argued that the absence of a centralized asset register and weak oversight mechanisms have created significant gaps in the management of recovered assets.
He cited Sections 88 and 89 of the 1999 Constitution, which empower the National Assembly to investigate public institutions and oversee the management of public funds and assets.
The lawmaker also referenced the Proceeds of Crime (Recovery and Management) Act, 2022, noting that the legislation provides a legal framework for tracing, recovering, preserving, managing, and disposing of assets linked to criminal activities while promoting transparency and accountability.
According to Osonwa, government agencies—including anti-corruption bodies, security agencies, ministries, departments, regulatory agencies, and the courts—have recovered assets worth trillions of naira since 1999.
He said the recovered assets include cash, landed properties, company shares, petroleum assets, luxury vehicles, aircraft, vessels, investments, digital assets, and other movable and immovable properties.
Lawmakers Raise Concerns Over Lack of Central Database
Despite the large volume of recovered assets, Osonwa said Nigeria still lacks a centralized and publicly accessible register that provides comprehensive information on the status, value, location, management, disposal, and proceeds of such assets.
He also expressed concern over recurring issues such as poor record-keeping, weak valuation processes, inadequate chain-of-custody procedures, asset deterioration, non-remittance of proceeds, conflicts of interest, and possible leakages during the management and disposal of recovered assets.
According to him, these challenges have weakened public confidence in Nigeria’s asset recovery system and made effective legislative oversight more difficult.
House Seeks Digital Asset Registry
Following the adoption of the motion, the House urged the Federal Government to conduct a comprehensive audit and verification of all recovered assets held by ministries, departments, agencies, anti-corruption bodies, security institutions, and the courts from 1999 to date.
The lawmakers also called for the creation of a comprehensive digital asset registry to improve transparency, accountability, and proper documentation of recovered assets across government institutions.
Osonwa said a centralized digital platform would enable government agencies to share information more efficiently, eliminate duplication, improve asset tracking, and provide reliable records on the value, location, management, and disposal of recovered assets.
He added that such a system would also enhance public access to information and strengthen oversight of assets recovered through anti-corruption and financial crime investigations.
The motion received overwhelming support from lawmakers and was adopted through a voice vote presided over by the Speaker of the House, Tajudeen Abbas.
Anti-Corruption Agencies Recover Billions in Assets
Over the years, 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 have recovered billions of naira and valuable assets linked to corruption and financial crimes.
Although the Proceeds of Crime (Recovery and Management) Act, 2022 was enacted to strengthen the legal framework for managing recovered assets, concerns have persisted over the absence of a single national database providing comprehensive information on assets recovered by government institutions.