Reps move to probe management of recovered assets

From Ndubuisi Orji, Abuja

The House of Representatives has resolved  to investigate the inventory, status, valuation, management, preservation, disposal, utilisation and proceeds of recovered assets across  the country.

The Green Chamber also resolved to review the implementation of the Proceeds of Crime Recovery and Management Act, 2022 and other laws relating to asset recovery and management, so as to identify the gaps, inconsistencies and areas requiring legislative intervention.

It also urged the Federal Government to undertake a comprehensive audit and verification of all seized, forfeited, recovered, managed, disposed of and repatriated assets held by Ministries, Departments and Agencies (MDAs), anti-corruption agencies, security agencies and courts from May 29, 1999 to date.

This followed the adoption of a motion by Ibe Osonwa on the need for a comprehensive audit, digital registry and strengthened accountability framework for seized, forfeited and recovered assets in Nigeria.

Osonwa, in his motion, noted that since the inception of the present democratic dispensation in 1999, various anti-corruption and security agencies, MDAs, regulatory bodies and courts have seized, forfeited, recovered, as well as managed or disposed of substantial assets derived from corruption and other unlawful activities.

According to him,  such assets include cash recoveries, landed properties, shares, petroleum assets, luxury vehicles, vessels, aircraft, investments, digital assets and other movable and immovable properties worth trillions of Naira.

The lawmaker expressed concern that despite the volume and value of recovered 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 pointed out that the Proceeds of Crime Recovery and Management Act, 2022 establishes a legal framework for tracing, seizure, forfeiture, recovery, management, preservation and disposal of proceeds of crime and recovered assets in Nigeria and envisages transparency, accountability and proper record–keeping in the management of such assets.

He lamented that there had been recurring allegations of inadequate record–keeping, poor valuation practices, weak chain-of-custody procedures, asset deterioration, non-remittance of proceeds, conflicts of interest and possible leakages in the management and disposal of recovered assets.

He added that the absence of a unified national database undermines transparency, weakens public confidence in the asset recovery process and impedes effective legislative oversight.

“The deployment of modern digital technology can significantly improve transparency, accountability, inter-agency coordination, public disclosure and efficient management of seized, forfeited and recovered assets,” he stated.