Reps seek audit of recovered assets since 1999, demand digital national registry

By Gift ChapiOdekina, Abuja

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 Nigeria’s return to democratic rule in 1999.

The House also pushed for the establishment of a digital national asset recovery and management registry to improve transparency, accountability and oversight in the handling of recovered public assets.

The resolutions followed the adoption of a motion sponsored by Rep. Ibe Okwara Osonwa, representing Arochukwu/Ohafia Federal Constituency of Abia State.

Moving the motion, Osonwa expressed concern over the absence of a centralized database for recovered assets, arguing that weak documentation and oversight mechanisms had created gaps in tracking their value, location, management and utilization.

He cited Sections 88 and 89 of the 1999 Constitution (as amended), which empower the National Assembly to investigate the activities of public institutions and examine the management of public funds and assets.

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.

According to Osonwa, anti-corruption agencies, security institutions, ministries, departments and agencies (MDAs), regulatory bodies and courts have recovered substantial assets since 1999 from corruption, money laundering, terrorism financing, illicit financial activities and other criminal offences.

He listed recovered assets to 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 centralized 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.

Osonwa also raised concerns over alleged challenges associated with recovered assets management, including inadequate record-keeping, valuation difficulties, weak monitoring systems, asset deterioration and possible revenue leakages.

He argued that the absence of a coordinated digital system had weakened public confidence and limited effective legislative oversight.

The lawmaker said a comprehensive digital registry would strengthen accountability, improve coordination among government institutions and provide reliable information on recovered assets.

The motion was overwhelmingly supported by lawmakers and adopted through a voice vote presided over by Speaker Tajudeen Abbas.

Following the adoption, the House urged the Federal Government to carry out a nationwide audit and verification of all seized, forfeited, recovered, managed, disposed of and repatriated assets held by MDAs, anti-corruption agencies, security institutions and courts from May 29, 1999, to date.

The lawmakers further called for the creation of a digital asset registry to ensure proper documentation, transparency and accountability in the management of recovered assets.

Recovered assets have remained central to Nigeria’s anti-corruption efforts, with agencies such as the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Nigeria Police Force and other security institutions recording recoveries over the years.

However, concerns over fragmented records and the absence of a unified national database have continued to fuel calls for stronger oversight and improved management of recovered assets.

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