The House of Representatives yesterday called for a comprehensive audit and verification of all seized, forfeited, recovered, managed, disposed of and repatriated assets held by Ministries, Departments and Agencies (MDAs), anti-corruption agencies, security agencies and courts from May 29, 1999 to date.
The House resolution followed the adoption of a motion sponsored by Ibe Okwara Osonwa, representing Arochukwu/Ohafia Federal Constituency of Abia State, on the need for a comprehensive audit, digital registry and strengthened accountability framework for seized, forfeited and recovered assets in Nigeria.
The Green Chamber also resolved to constitute an ad hoc committee to investigate the inventory, valuation, management, preservation, disposal, utilisation and proceeds of recovered assets across the country, with a mandate to report within four weeks for further legislative action. Moving the motion, Osonwa noted that sections 88 and 89 of the 1999 Constitution empower the National Assembly to investigate the activities of authorities responsible for implementing laws enacted by the legislature, including matters relating to the management of public funds and assets.
The lawmaker also recalled that the Proceeds of Crime Recovery and Management Act, 2022, provides the legal framework for tracing, seizure, forfeiture, recovery, management, preservation and disposal of proceeds of crime and recovered assets, while promoting transparency, accountability and proper record-keeping.
According to him, since Nigeria’s return to democratic rule in 1999, anti-corruption agencies, security agencies, regulatory bodies, MDAs and the courts have recovered assets worth trillions of naira from corruption, money laundering, terrorism financing, illicit financial flows and other criminal activities.
He said the recovered assets include cash, landed properties, shares, petroleum assets, luxury vehicles, vessels, aircraft, investments, digital assets and other movable and immovable properties.
Osonwa expressed concern that despite the enormous value of the assets recovered over the years, Nigeria still lacks a centralised and publicly accessible National Asset Recovery and Management Register capable of providing comprehensive information on their status, value, location, management, disposal, utilisation and proceeds.
Our correspondent in the state house reported that the lawmaker also raised concerns over recurring allegations of poor record-keeping, inadequate asset valuation, weak chain-of-custody procedures, deterioration of recovered assets, non-remittance of proceeds, conflicts of interest and possible leakages in the management and disposal process.
He argued that the absence of a unified national database has weakened transparency, undermined public confidence in the asset recovery process and hindered effective legislative oversight.
The House urged the Federal Government to conduct a comprehensive audit and verification of all recovered assets held by relevant institutions from May 29, 1999 to date.
It also resolved to establish an ad hoc committee to review the implementation of the Proceeds of Crime Recovery and Management Act, 2022 and other relevant laws governing asset recovery and management, identify gaps and inconsistencies in the existing framework, and recommend appropriate legislative interventions.
The committee is expected to submit its report to the House within four weeks.
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