Nigerian House Seeks Nationwide Audit of Recovered Assets Since 1999

The Nigerian House of Representatives has called for a comprehensive audit of all assets seized, forfeited, recovered, managed, disposed of or repatriated by government agencies since 1999, citing concerns over transparency and accountability. A digital national asset recovery and management registry would be established to improve transparency, oversight, and proper documentation. The motion, sponsored by Rep. Ibe Okwara Osonwa, grounds the push in Sections 88 and 89 of the 1999 Constitution and the Proceeds of Crime Recovery and Management Act of 2022. Lawmakers note that recovered assets range from cash and landed properties to shares, petroleum assets, luxury vehicles, vessels, aircraft, investments and digital assets, collectively valued in trillions of naira. They emphasize the absence of a centralized asset register and weak oversight as key gaps, prompting the creation of an ad hoc committee to inventory, value, manage, dispose of assets and report within four weeks. The effort underscores ongoing parliamentary scrutiny of how proceeds of crime are tracked and whether proceeds are properly accounted for.