The proposed legislation, sponsored by Lagos lawmakers Ademorin Kuye and Lanre Okunlola, seeks to create a central framework for tracking public property, improving accountability and preventing the unauthorised sale or mismanagement of government assets.
The National Public Assets Management Commission Bill, 2026, would cover assets belonging to ministries, departments and agencies, as well as government-owned enterprises.
Under the proposal, public institutions would be required to register their assets in a central database, disclose outstanding debts and claims against their properties, and obtain the commission’s approval before selling, leasing or otherwise disposing of public assets.
A copy of the bill obtained by Sunday PUNCH indicates that the commission’s authority would take precedence where its provisions conflict with existing laws governing institutions such as the Ministry of Finance Incorporated, the Bureau of Public Enterprises, the Asset Management Corporation of Nigeria and the Nigeria Sovereign Investment Authority.
However, the institutions would retain their specialised statutory responsibilities while operating within the proposed oversight framework.
Section 16 empowers the commission to demand detailed asset inventories, inspect premises and records, issue binding directives and report persistent violations to the President and the National Assembly.
The commission would not directly sell or dispose of government property. Such transactions would remain the responsibility of the institutions holding the assets, subject to the commission’s approval.
A major provision of the bill is the establishment of a National Public Assets Register to provide a central record of federal government property.
The database would contain information on each asset’s location, ownership, acquisition cost, current value, physical condition, maintenance history, legal status, revenue generated and outstanding obligations. Each property would also receive a Unique Public Asset Identification Number to facilitate tracking.
Existing public institutions would have 12 months from the law’s commencement to submit comprehensive inventories, while newly acquired assets would have to be registered within 90 days.
The proposed register would incorporate digital documents, geographic information systems, electronic title records, photographs and valuation reports.
Section 25 provides for public access to non-sensitive information through an online portal. However, records relating to national security, defence, intelligence and protected commercial interests would be exempt from public disclosure.
The commission would also be required to publish an annual State of Public Assets Report, providing information on the condition and management of government property.
The proposed legislation seeks to introduce tighter controls on the sale, leasing, concession and monetisation of public assets.
Under the bill, such transactions would require independent valuation, competitive processes and assessments to determine whether the government was receiving value for money.
Section 77 stipulates that public assets must not be disposed of below their independently assessed market value, except where expressly permitted by law.
The commission would also monitor compliance with monetisation agreements and could order corrective measures or recommend the termination of contracts where material breaches occur.
These provisions are intended to strengthen oversight of transactions involving public property and establish clearer procedures for determining asset values and approving disposals.
The bill also proposes a national policy to regulate the scrapping of obsolete government vehicles, machinery and equipment.
Under the proposed rules, no public asset could be classified as scrap without a technical assessment and verification. Idle assets would first be examined to determine whether they could be repaired, redeployed or otherwise utilised before being discarded.
Scrap materials would require independent valuation and competitive sale procedures. A Scrap Movement Certificate would also be mandatory before such materials could be removed from government premises.
The legislation proposes substantial penalties for the theft or pilfering of public assets.
Individuals convicted of such offences could face fines of at least three times the assessed value of the assets, in addition to possible imprisonment. Corporate bodies could face fines of at least five times the value, as well as possible suspension from future asset disposal transactions.
Public officers, security personnel and contractors implicated in the offences could face the maximum applicable fines, disciplinary referrals and forfeiture of benefits obtained from the misconduct.
Other offences identified in the bill include failure to register public assets, concealment, false declarations, fraudulent valuation, unauthorised disposal, conflicts of interest and obstruction of inspections.
The proposed legislation would also extend liability to directors and principal officers who knowingly consent to, or negligently facilitate, such offences.
Section 127 specifically addresses institutions that fail to register their assets or carry out transactions without the required approval.
The bill further proposes whistleblower protections for individuals who report the concealment or mismanagement of public property.
The proposed commission would maintain a separate Recovered Assets Register covering property seized, forfeited or recovered under the law.
The register would include assets held by institutions such as the Asset Management Corporation of Nigeria, the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission, and the Nigeria Deposit Insurance Corporation.
The bill provides for the preservation of the investigative and prosecutorial powers of the EFCC and ICPC, stating that the proposed commission would not interfere with investigations or court-supervised proceedings.
It also stipulates that court orders would prevail where they conflict with the requirements of the proposed law.
In addition, the commission would submit annual reports to the National Assembly on public assets and institutional compliance, while the constitutional responsibilities of the Auditor-General for the Federation would remain intact.
If passed into law, the bill would introduce a central oversight structure for federal government assets, bringing registration, valuation and disposal procedures under a common framework.
Its implementation would depend on the accuracy of asset records, effective coordination among existing institutions and the commission’s ability to exercise its proposed powers across government agencies.
