Reps Call for Audit of Recovered Assets Since 1999

The Nigerian House of Representatives has initiated a motion for a comprehensive audit of assets recovered since the return to democratic rule in 1999. This motion, sponsored by Arochukwu Osonwa, a member representing the Arochukwu/Ohafia Federal Constituency in Abia State, addresses growing concerns regarding the transparency and management of recovered public assets.

The resolution was adopted on a voice vote led by the Speaker, Tajudeen Abba. Osonwa highlighted the absence of a centralized asset register and weak oversight mechanisms, which create gaps in the management of recovered assets.

The motion advocates for the establishment of a comprehensive digital asset registry to improve transparency and strengthen accountability. It also emphasizes the need for proper documentation and management of assets recovered from corrupt practices, which are estimated to be worth trillions of naira.

Despite the enactment of the Proceeds of Crime (Recovery and Management) Act 2022, concerns persist regarding the lack of a unified national database and comprehensive public records detailing the status and utilization of recovered assets.