Reps order probe of all recovered, forfeited assets managed by government since 1999

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.

Presenting the motion on Tuesday, Osonwa said Sections 88 and 89 of the 1999 Constitution empower the National Assembly to investigate the activities of public authorities and the management of public assets.

He noted that the Proceeds of Crime Recovery and Management Act, 2022 provides the legal framework for tracing, seizure, forfeiture, recovery, management, preservation and disposal of proceeds of crime, while also requiring transparency, accountability and proper record-keeping.

According to the lawmaker, since May 29, 1999, various anti-corruption agencies, security agencies, MDAs, regulatory bodies and the courts have seized, forfeited, recovered, managed, disposed of and repatriated assets linked to corruption, money laundering, financial crimes, illicit financial flows, terrorism financing and other unlawful activities.

He said the recovered assets include 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 under the custody of ministries, departments and agencies, anti-corruption agencies, security agencies and the courts from May 29, 1999 to date.

The lawmakers also proposed an investigation into the inventory, status, valuation, management, preservation, disposal, utilisation and proceeds of recovered assets across the country, as well as a review of the implementation of the Proceeds of Crime Recovery and Management Act, 2022 and other relevant laws governing asset recovery and management.

However, Speaker Abbas Tajudeen ruled that the House should not hastily constitute a new ad hoc committee when existing standing committees are capable of handling the assignment.

The Speaker said a decision on the appropriate committee to which the motion would be referred would be taken on Wednesday, after the House determines the most suitable committee to undertake the investigation.

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