House of Reps launches investigation into government-managed forfeited assets since 1999

The House of Representatives has agreed to launch an investigation into all the assets that have been seized, forfeited, recovered, and repatriated by government agencies from the time Nigeria returned to democracy in 1999, as there were doubts regarding lack of transparency, accountability, and proper record-keeping.

This resolution was made after a motion tabled by Hon. Ibe Okwara Osonwa, who proposed a full audit and verification of the recovered assets by anti-corruption agencies, security agencies, MDAs, regulatory agencies, and the courts.

In moving the motion on Tuesday, he pointed out that Sections 88 and 89 of the 1999 Constitution confer powers on the National Assembly to conduct investigations on the conduct of the activities of any public agency or on the management of public property.

He explained that the Proceeds of Crime Recovery and Management Act, 2022 provides the legal basis for conducting trace, seizure, forfeiture, recovery, management, preservation, and disposal of proceeds of crime with proper record-keeping and transparency.

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.