The House of Representatives has resolved to investigate all seized, forfeited, recovered and repatriated assets managed by government institutions since Nigeria’s return to democratic rule in 1999, citing concerns over transparency, accountability and inadequate record-keeping.
The resolution followed the adoption of a motion sponsored by Hon. Ibe Okwara Osonwa, who called for a comprehensive audit and verification of recovered assets held by anti-corruption agencies, security agencies, ministries, departments and agencies (MDAs), regulatory bodies and the courts.
Moving the motion on Tuesday, Osonwa said Sections 88 and 89 of the 1999 Constitution empowered the National Assembly to investigate the activities of public institutions and the management of public assets.
He also cited the Proceeds of Crime Recovery and Management Act, 2022, which provides a framework for the tracing, seizure, forfeiture, recovery, management, preservation and disposal of proceeds of crime, while requiring transparency, accountability and proper documentation.
The lawmaker said that since 29 May 1999, various government institutions had recovered, forfeited, managed, disposed of and repatriated assets linked to corruption, money laundering, financial crimes, illicit financial flows, terrorism financing and other illegal activities.
He said the assets included cash, landed properties, shares, petroleum assets, luxury vehicles, vessels, aircraft, investments, digital assets and other movable and immovable properties valued at trillions of naira.
Following the adoption of the motion, the House urged the Federal Government to conduct a comprehensive audit and verification of all seized, forfeited, recovered, managed, disposed of and repatriated assets held by government institutions from 29 May 1999 to date.
The lawmakers also proposed the establishment of an ad hoc committee to investigate the inventory, valuation, status, management, preservation, disposal, utilisation and proceeds of recovered assets across the country.
The proposed committee would also review the implementation of the Proceeds of Crime Recovery and Management Act, 2022, and other laws governing asset recovery and management.
However, Speaker Abbas Tajudeen cautioned against immediately creating a new ad hoc committee, noting that existing standing committees could be assigned to handle the investigation.
The Speaker said the House would decide on Wednesday which committee was most appropriate to undertake the assignment before the legislative process continues.
