The House of Representatives has called for a comprehensive audit of all assets seized, forfeited, recovered, managed, disposed of and repatriated by government institutions since Nigeria’s return to democratic rule in 1999, in a move aimed at strengthening transparency and accountability in the country’s asset recovery system.

The resolution followed the adoption of a motion sponsored by the lawmaker representing Arochukwu/Ohafia Federal Constituency of Abia State, Hon. Ibe Okwara Osonwa, during Tuesday’s plenary presided over by Speaker Tajudeen Abbas.

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Lawmakers said the proposed audit would examine assets recovered from May 29, 1999, under the administration of former President Olusegun Obasanjo, through successive governments up to the current administration of President Bola Ahmed Tinubu.

The House is seeking detailed information on the total value of recovered assets, their current locations, how they have been managed or disposed of, the proceeds generated from their sale, and whether such proceeds were properly remitted into government coffers.

Presenting the motion, Osonwa expressed concern over the absence of a centralized asset register and weak oversight mechanisms, which he said have created significant gaps in the management of proceeds recovered from corruption, money laundering, terrorism financing and other financial crimes.

He noted that while the Proceeds of Crime (Recovery and Management) Act, 2022 established a legal framework for tracing, preserving, managing and disposing of recovered assets, implementation has been hampered by poor record-keeping and inadequate accountability measures.

According to the lawmaker, Nigeria has recovered assets worth trillions of naira, including cash, landed properties, shares, petroleum assets, luxury vehicles, aircraft, vessels, investments, digital assets and other movable and immovable properties through anti-corruption agencies, security institutions and the courts.

Despite these recoveries, Osonwa lamented that there is still no centralized and publicly accessible National Asset Recovery and Management Register, making it difficult for the public and oversight institutions to track the status, value and management of recovered assets.

He also raised concerns over recurring allegations of poor valuation practices, weak chain-of-custody procedures, deterioration of recovered assets, failure to remit proceeds from disposed properties, conflicts of interest and possible leakages in the asset management process.

Following the adoption of the motion, the House urged the Federal Government to conduct a comprehensive verification and audit of all recovered assets held by ministries, departments and agencies, anti-corruption bodies, security agencies and the courts.

The lawmakers also called for the establishment of a comprehensive digital asset registry to improve transparency, strengthen accountability and provide real-time documentation of recovered assets across government institutions.

According to Osonwa, a centralized digital system would enable agencies to share information efficiently, reduce duplication, improve asset tracking and provide reliable data on the location, value, management and eventual disposal of recovered properties.

The motion received overwhelming support from members and was adopted through a voice vote.

Over the years, agencies such as the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Nigeria Police Force and other security institutions have recovered billions of naira and valuable assets linked to corruption and financial crimes.

However, despite the enactment of the Proceeds of Crime (Recovery and Management) Act, 2022, concerns have persisted over the absence of a unified national database to ensure transparency and accountability in the management of recovered public assets.