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 said the audit is intended to determine the total value of assets recovered over the years, where they are currently located, how they have been managed or disposed of, the proceeds realised from their disposal, and whether such proceeds were properly remitted and accounted for.
The resolution followed 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 audit will cover the period from May 29, 1999, when Nigeria returned to civilian rule under former President Olusegun Obasanjo, to the present administration of President Bola Ahmed Tinubu.
The resolution was adopted on Tuesday after the House considered a motion sponsored by the lawmaker representing Arochukwu/Ohafia Federal Constituency of Abia State, Ibe Okwara Osonwa.
Lawmaker Raises Transparency Concerns
While presenting the motion, Osonwa said the absence of a centralised asset register and weak oversight mechanisms had created significant gaps in the management of recovered assets.
He noted that Sections 88 and 89 of the 1999 Constitution empower the National Assembly to investigate the activities of public institutions and scrutinise the management of public funds and assets.
The lawmaker also referenced the Proceeds of Crime (Recovery and Management) Act, 2022, which established a legal framework for the tracing, seizure, forfeiture, recovery, preservation, management and disposal of assets linked to criminal activities.
According to him, the legislation was enacted to strengthen transparency and accountability in the handling of recovered assets.
Osonwa said that since Nigeria’s return to democracy in 1999, various anti-corruption agencies, security institutions, ministries, departments, agencies, regulatory bodies and courts had recovered substantial assets derived from corruption, money laundering, illicit financial flows, terrorism financing and other crimes.
He explained that the recovered assets include cash, landed properties, company shares, petroleum assets, luxury vehicles, vessels, aircraft, investments, digital assets and other movable and immovable properties valued at trillions of naira.
No Central Database for Recovered Assets
Despite the enormous value of assets recovered by different government agencies over the years, Osonwa lamented that Nigeria still lacks a centralised and publicly accessible database for tracking 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.
He further expressed concern over recurring allegations of poor record-keeping, inadequate valuation procedures, weak chain-of-custody systems, deterioration of recovered assets, non-remittance of proceeds, conflicts of interest and possible leakages during the management and disposal process.
According to him, these shortcomings have weakened public confidence in Nigeria’s asset recovery system and limited effective legislative oversight.
Reps Demand Nationwide Audit
Following the adoption of the motion, 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.
The audit will span successive administrations beginning with that of former President Olusegun Obasanjo and extending through subsequent governments to the current administration of President Bola Tinubu.
Lawmakers also called for the establishment of a comprehensive digital national asset registry to improve transparency, strengthen accountability and ensure proper documentation of recovered assets across government institutions.
Osonwa argued that deploying digital technology would enhance the tracking and management of recovered assets, facilitate information sharing among agencies, minimise duplication and provide accurate records on the value, location, management and disposal of recovered properties.
He added that such a system would also enable the public and oversight institutions to monitor assets recovered through anti-corruption and financial crime investigations.
The motion received overwhelming support from members and was adopted through a voice vote presided over by the Speaker of the House of Representatives, Tajudeen Abbas.
Anti-Corruption Agencies Recover Trillions in Assets
Recovered assets have remained a key component of Nigeria’s anti-corruption campaign.
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 institutions have recovered billions of naira and numerous valuable assets 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 managing such assets while promoting transparency and reducing opportunities for abuse.
However, despite the legislation, concerns persist over the absence of a single national database containing comprehensive information on recovered assets, their current status and how they have been managed over the years.
