The House of Representatives on Tuesday called for a comprehensive audit of all assets seized, forfeited, recovered, managed, disposed of, or repatriated by government agencies from 1999 to date.
The resolution followed the adoption of a motion sponsored by Hon. Ibe Osonwa, who invoked Sections 88 and 89 of the 1999 Constitution (as amended) to justify parliamentary intervention.
Leading the debate, Osonwa raised concerns over the absence of a centralised database for recovered assets, warning that weak documentation and oversight mechanisms had created significant gaps in tracking their value, location, management, and utilisation.
He noted that although Nigeria has recorded substantial recoveries over the years, the lack of a unified system has made it difficult to ascertain the true status and worth of such assets.
The lawmaker referenced the Proceeds of Crime (Recovery and Management) Act, 2022, which provides a legal framework for the tracing, seizure, forfeiture, recovery, preservation, management, and disposal of proceeds of crime.
He commended anti-corruption agencies, security institutions, ministries, departments and agencies, regulatory bodies, and the courts for their roles in recovering assets linked to corruption, money laundering, terrorism financing, and other illicit financial activities.
According to him, the recovered items include cash, landed properties, shares, petroleum assets, vehicles, vessels, aircraft, investments, digital assets, and other movable and immovable properties.
Despite these recoveries, Osonwa lamented that Nigeria lacks a unified national register that can provide comprehensive and accessible data on such assets.
“There is presently no centralised and publicly accessible National Asset Recovery and Management Register capable of providing comprehensive information on the status, value, location, management, disposal, utilisation, and proceeds of recovered assets across the Federation,” he said.
He stressed that the absence of such a system undermines transparency and accountability in the management of recovered assets.
To address the gap, the lawmaker called for the establishment of a comprehensive digital registry that would enhance coordination among government institutions and provide reliable, real-time information.
Following deliberations, the House urged the Federal Government to conduct a nationwide audit and verification of all recovered assets handled by MDAs, anti-corruption agencies, security institutions, and the courts from May 29, 1999, to date.
The lawmakers said the move would strengthen accountability, improve asset tracking, and ensure that recovered proceeds are effectively managed for national development.