Reps Seek Audit of Seized, Recovered Assets Since 1999

The House of Representatives has resolved to investigate all assets seized, forfeited, recovered and repatriated by government institutions since Nigeria returned to democratic rule in 1999, amid concerns over transparency and accountability in their management.

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The decision followed the adoption of a motion sponsored by Ibe Okwara Osonwa during plenary on Tuesday, calling for a comprehensive audit of assets handled by anti-corruption agencies, security organisations, ministries, departments and agencies, regulatory bodies and the judiciary.

Leading the debate, Osonwa said the National Assembly was constitutionally empowered under Sections 88 and 89 of the 1999 Constitution to scrutinise the activities of public institutions and ensure proper management of public assets.

He noted that the Proceeds of Crime Recovery and Management Act, 2022 established a legal framework for tracing, recovering, preserving, managing and disposing of proceeds of crime while promoting accountability and proper documentation.

According to the lawmaker, numerous public institutions have, since May 29, 1999, recovered and managed assets linked to corruption, money laundering, terrorism financing and other financial crimes.

He added that the assets include cash, landed property, shares, petroleum assets, luxury vehicles, aircraft, vessels, investments, digital assets and other valuable movable and immovable properties collectively valued at trillions of naira.

Following the resolution, the House urged the Federal Government to carry out a thorough audit and verification of all recovered, forfeited, managed, disposed of and repatriated assets in the custody of relevant agencies from May 29, 1999 to date.

Lawmakers also proposed an investigation into the inventory, valuation, preservation, utilisation and disposal of the recovered assets, alongside a review of the implementation of the Proceeds of Crime Recovery and Management Act, 2022, and other laws regulating asset recovery.

However, Speaker Tajudeen Abbas advised against setting up a fresh ad hoc committee, saying the assignment could be handled by an existing standing committee. 

He said the House would decide on Wednesday which committee would conduct the investigation before further legislative action.