Reps Order Probe Of Recovered Assets Since 1999

The House of Representatives on Tuesday resolved to investigate all seized, forfeited, recovered and repatriated assets managed by government institutions since Nigeria’s return to democratic rule in 1999, citing concerns over transparency, accountability and poor record-keeping.

The resolution followed the adoption of a motion sponsored by Hon. Ibe Okwara Osonwa, who called for a comprehensive audit and verification of recovered assets held by anti-corruption agencies, security agencies, ministries, departments and agencies (MDAs), regulatory bodies and the courts.

Presenting the motion, Osonwa said Sections 88 and 89 of the 1999 Constitution empower the National Assembly to investigate the activities of public authorities and the management of public assets.

He noted that the Proceeds of Crime Recovery and Management Act, 2022 provides a legal framework for the tracing, seizure, forfeiture, recovery, management, preservation and disposal of proceeds of crime, while also requiring transparency, accountability and proper record-keeping.

The lawmaker said that since May 29, 1999, various anti-corruption and security agencies, MDAs, regulatory bodies and the courts had seized, forfeited, recovered, managed, disposed of and repatriated assets derived from corruption, money laundering, financial crimes, illicit financial flows, terrorism financing and other unlawful activities.

According to him, the recovered assets comprise cash, landed properties, shares, petroleum assets, luxury vehicles, vessels, aircraft, investments, digital assets and other movable and immovable properties worth trillions of naira.

Following the adoption of the motion, the House 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, anti-corruption agencies, security agencies and the courts from May 29, 1999 to date.

The motion also proposed the constitution of an ad hoc committee to investigate the inventory, status, valuation, management, preservation, disposal, utilisation and proceeds of recovered assets nationwide, as well as review 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 be in a hurry to constitute a new ad hoc committee when there are existing standing committees 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, noting that the House would determine the most suitable committee to undertake the investigation before proceeding with the legislative process.