Reps Demand Audit of Recovered Assets Since 1999

The House of Representatives has called for a comprehensive audit of all assets seized, forfeited, recovered, managed, disposed of, or repatriated by government institutions since Nigeria's return to democratic rule in 1999. This resolution was adopted following a motion sponsored by Ibe Osonwa, the member representing Arochukwu/Ohafia Federal Constituency of Abia State.

Osonwa highlighted the lack of a centralized asset register and weak oversight mechanisms as significant issues in managing recovered proceeds of crime. He referenced Sections 88 and 89 of the 1999 Constitution, which empower the National Assembly to investigate public institutions and scrutinize public funds.

The Proceeds of Crime (Recovery and Management) Act, 2022, provides a legal framework for asset management but has not addressed the absence of a centralized database for tracking recovered assets. Osonwa expressed concerns over poor record-keeping, weak asset valuation, and inadequate oversight, which undermine public confidence in the asset recovery process.