Lawmakers Demand inventory of seized assets worth trillions of naira
The House of Representatives has directed the Federal Government to carry out a comprehensive audit and verification of all seized, forfeited and recovered assets in the custody of ministries, departments and agencies (MDAs) since 1999.
The resolution followed the adoption of a motion moved by the member representing Arochukwu/Ohafia Federal Constituency of Abia State, Ibe Osonwa, during Tuesday’s plenary.
Osonwa noted that over the years, anti-corruption agencies have recovered large amounts of cash, luxury properties, vehicles and other assets linked to individuals convicted or accused of corruption and financial crimes.
According to him, the recovered assets, which include cash, landed properties, shares, petroleum assets, luxury vehicles, aircraft, investments and digital assets, are collectively worth trillions of naira.
Lawmaker Raises Concerns Over Poor Asset Management
Despite the huge value of the assets, Osonwa said Nigeria still lacks a centralised and publicly accessible register that captures their status, value, location, management, disposal and the proceeds generated from them.
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He also expressed concern over allegations of poor record-keeping, weak valuation processes, inadequate chain-of-custody procedures, deterioration of recovered assets, failure to remit proceeds, conflicts of interest and possible leakages in the management system.
The lawmaker stressed that the Proceeds of Crime Recovery and Management Act, 2022 provides clear guidelines for the preservation, management, disposal and accountability of recovered assets, adding that effective institutional oversight is needed to ensure compliance with the law.
“The deployment of modern digital technology can significantly improve transparency, accountability, inter-agency coordination, public disclosure, and efficient management of seized, forfeited, and recovered assets,” Osonwa said.
House sets up investigative committee
Following a voice vote conducted by Speaker Tajudeen Abbas, the House unanimously adopted the motion.
The lawmakers subsequently resolved to establish a committee to investigate the inventory, valuation, management, status and proceeds of recovered assets across the country.
The committee is also expected to review the implementation of the Proceeds of Crime Recovery and Management Act, 2022, as well as other laws regulating the recovery and management of seized and forfeited assets.
Rafiyat Sadiq is a political, justice, and human rights reporter with Pinnacle Daily, known for fearless reporting and impactful storytelling. At Pinnacle Daily, she brings clarity and depth to issues shaping governance, democracy, and the protection of citizens’ rights.