Reps push for nationwide audit of recovered assets since 1999

The House of Representatives on Tuesday resolved to push for a comprehensive audit of all assets recovered, seized, forfeited, managed, disposed of or repatriated by government institutions since Nigeria’s return to democratic governance in 1999, citing concerns over transparency and accountability.

The resolution followed the adoption of a motion sponsored by Ibe Okwara Osonwa, representing Arochukwu/Ohafia Federal Constituency of Abia State, who argued that the absence of a centralised asset register and inadequate oversight had created significant accountability gaps in the management of recovered assets.

Presenting 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 assets and funds.

He also referenced the Proceeds of Crime (Recovery and Management) Act, 2022, which provides a legal framework for the tracing, seizure, forfeiture, recovery, preservation, management and disposal of assets linked to criminal activities, with provisions aimed at ensuring 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.”

He explained that the recovered assets include cash, landed property, shares, petroleum assets, luxury vehicles, aircraft, vessels, investments, digital assets and other movable and immovable property collectively valued at trillions of naira.

Despite the huge volume of assets recovered, Osonwa lamented that Nigeria still lacks a unified system for tracking 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 further raised concerns over alleged deficiencies in the management of recovered assets.

According to him, the House was disturbed 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 maintained that these shortcomings had weakened public confidence in the asset recovery system while limiting the National Assembly’s oversight responsibilities.

Osonwa added that adopting a digital asset management system would improve transparency, accountability and coordination among government agencies, while making information on recovered assets more accessible.

The motion was unanimously adopted through a voice vote presided over by the Speaker, Tajudeen Abbas.

Consequently, the House urged the Federal Government to carry out a comprehensive audit and verification of all assets seized, forfeited, recovered, managed, disposed of or repatriated by ministries, departments and agencies, anti-corruption agencies, security institutions and the courts from May 29, 1999 to date.

Lawmakers also called for the establishment of a comprehensive digital asset registry to strengthen accountability, enhance transparency and ensure proper documentation of recovered assets across public institutions.