The House of Representatives on Tuesday called for a comprehensive audit of all assets seized, forfeited, recovered, managed, disposed of, or repatriated by government agencies since 1999.
The resolution followed the adoption of a motion sponsored by Hon. Ibe Osonwa, who sought the House’s intervention in line with Sections 88 and 89 of the 1999 Constitution (as amended).
Leading the debate, Hon. Osonwa expressed concern over the absence of a centralised database for recovered assets, arguing that weak documentation and oversight mechanisms had created gaps in tracking their value, location, management, and utilisation.
The lawmaker also referenced the Proceeds of Crime (Recovery and Management) Act, 2022, which provides a framework for the tracing, seizure, forfeiture, recovery, preservation, management, and disposal of proceeds of crime.
He specifically commended anti-corruption agencies, security institutions, ministries, departments and agencies (MDAs), regulatory bodies, and the courts for recovering substantial assets since 1999 from corruption, money laundering, terrorism financing, illicit financial activities, and other criminal offences.
The recovered assets include cash, landed properties, shares, petroleum assets, vehicles, vessels, aircraft, investments, digital assets, and other movable and immovable properties.
However, he noted that Nigeria currently lacks a unified national register capable of providing comprehensive information on recovered assets.
“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 therefore called for the establishment of a comprehensive digital registry that would strengthen accountability, improve coordination among government institutions, and provide reliable information on recovered assets.
Consequently, the House urged the Federal Government to carry out a nationwide audit and verification of all assets seized, forfeited, recovered, managed, disposed of, or repatriated by MDAs, anti-corruption agencies, security institutions, and the courts from May 29, 1999, to date.
