…Demand Full Disclosure, Audit of Assets Recovered Since 19
The House of Representatives has raised concerns over the absence of comprehensive records for assets recovered from corruption and financial crimes since Nigeria’s return to democratic rule in 1999, calling for a nationwide audit and full disclosure of assets worth trillions of naira seized by government agencies over the past 26 years.
The lawmakers said the lack of a centralised asset register and weak oversight mechanisms have created significant gaps in the management, tracking and utilisation of recovered public assets, undermining transparency and public confidence in the country’s anti-corruption efforts.
The resolution followed the adoption of a motion sponsored by the member representing Arochukwu/Ohafia Federal Constituency of Abia State, Mr. Ibe Okwara Osonwa, during plenary on Tuesday.
Presenting the motion, Osonwa recalled 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.
He noted that since 1999, anti-corruption agencies, security institutions, regulatory bodies, ministries, departments and agencies, as well as courts, have recovered substantial assets linked to corruption, money laundering, illicit financial flows, terrorism financing and other criminal activities.
According to him, the recovered assets include cash, landed properties, petroleum assets, shares, luxury vehicles, aircraft, vessels, investments and digital assets collectively valued at trillions of naira.
Despite the huge value of the assets, Osonwa said Nigeria still lacks a unified system for tracking their status and utilisation.
“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.
The lawmaker expressed concern over what he described as recurring allegations of poor record-keeping, weak valuation processes and inadequate oversight in the management of recovered assets.
“There are 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 stated.
He warned that the situation has weakened public trust in the asset recovery process and limited the National Assembly’s ability to effectively monitor assets recovered on behalf of Nigerians.
The House also stressed the need for greater transparency regarding the whereabouts and utilisation of assets recovered from corruption cases over the years.
Lawmakers argued that Nigerians deserve to know what has become of properties, funds and other valuables recovered by government institutions in the course of anti-corruption investigations and prosecutions.
To address the concerns, the House urged the Federal Government to conduct a comprehensive audit and verification of all assets seized, forfeited, recovered, managed, disposed of or repatriated by ministries, departments and agencies, anti-corruption bodies, security agencies and courts from May 29, 1999, to date.
The lawmakers further called for the establishment of a comprehensive digital asset registry that would provide accurate and accessible records of recovered assets nationwide.
According to Osonwa, deploying digital technology would improve transparency, strengthen accountability, enhance inter-agency coordination and provide citizens with reliable information on recovered public assets.
The motion received overwhelming support from lawmakers and was adopted through a voice vote presided over by Speaker Tajudeen Abbas.
Recovered assets have remained a key component 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 institutions recovering billions of naira and high-value assets over the years.
Although the Proceeds of Crime (Recovery and Management) Act, 2022 was enacted to strengthen transparency and accountability in the management of recovered assets, concerns have persisted over the absence of a unified national database and publicly accessible records detailing the status, disposal and utilisation of such assets.
The latest resolution by the House signals renewed legislative efforts to determine the true value, location and utilisation of recovered assets, while ensuring that proceeds of crime are properly accounted for and managed in the public interest.
