Reps Launch Historic Probe into Trillions in Recovered Assets Since 1999, Demand Full Audit of Anti-Corruption Agencies

• House orders unprecedented probe into all seized, forfeited, recovered and repatriated assets managed by government institutions since 1999.

• Investigation targets trillions of naira in cash, properties, oil assets, luxury vehicles, aircraft, vessels, shares and digital assets recovered over 27 years.

• Lawmakers raise concerns over weak transparency, poor record-keeping and the absence of a comprehensive national register of recovered assets.

• Speaker Abbas rejects immediate creation of an ad hoc committee, insisting existing House committees are capable of handling the high-profile investigation.

July 22 , () — The House of Representatives has initiated what is expected to be the most comprehensive legislative investigation into Nigeria’s recovered assets regime since the country’s return to democratic rule, ordering a nationwide audit of all seized, forfeited, recovered and repatriated assets managed by government institutions from May 29, 1999, to date.

reports that the sweeping investigation, approved during plenary on Tuesday, follows mounting concerns over transparency, accountability, poor record-keeping and the management of public assets worth trillions of naira recovered through anti-corruption efforts over the past 27 years.

The resolution was reached after the House unanimously adopted a motion sponsored by Hon. Ibe Okwara Osonwa, who urged lawmakers to scrutinise assets held by anti-corruption agencies, security institutions, ministries, departments and agencies (MDAs), regulatory bodies and the judiciary.

Presenting the motion, Osonwa argued that the National Assembly derives its investigative powers from Sections 88 and 89 of the 1999 Constitution, which empower it to examine the activities of public authorities and ensure accountability in the management of public resources.

He noted that although the Proceeds of Crime Recovery and Management Act, 2022 established a legal framework for tracing, seizing, forfeiting, recovering, preserving, managing and disposing of proceeds of crime, questions continue to surround the implementation of the law and the accountability of institutions entrusted with recovered assets.

“The law specifically provides for transparency, accountability and proper record-keeping in the management of recovered assets,” he said.

According to the lawmaker, successive administrations have, since 1999, recovered enormous assets from corruption, money laundering, illicit financial flows, terrorism financing and other criminal activities through various government agencies.

He listed the recovered assets to include cash, landed properties, shares, petroleum assets, luxury vehicles, vessels, aircraft, investments, digital assets and numerous other movable and immovable properties collectively valued at trillions of naira.

Despite the magnitude of these recoveries, Osonwa lamented the absence of a comprehensive inventory showing the exact quantity, location, valuation, utilisation or disposal of many of the assets.

He warned that inadequate documentation and poor institutional coordination have fuelled public concerns over whether recovered assets are being properly preserved and utilised in the national interest.

House Demands Comprehensive Audit

Following the adoption of the motion, the House urged the Federal Government to immediately undertake a comprehensive audit and verification of all seized, forfeited, recovered, managed, disposed of and repatriated assets under the custody of anti-corruption agencies, security agencies, MDAs, regulatory bodies and the courts from May 29, 1999, to date.

The lawmakers also resolved that the investigation should cover the inventory, valuation, management, preservation, disposal and utilisation of recovered assets across the country.

In addition, the House directed that proceeds realised from disposed assets should be thoroughly examined to determine whether they were properly remitted into government coffers and utilised in accordance with the law.

The investigation will also review the implementation of the Proceeds of Crime Recovery and Management Act, 2022, as well as other relevant laws regulating asset recovery and management in Nigeria.

Speaker Rejects Fresh Committee

Although the motion sought the establishment of a special ad hoc committee to conduct the investigation, Speaker Abbas Tajudeen ruled that the House should not rush into creating another panel when existing standing committees possess the constitutional mandate and technical capacity to handle the assignment.

He said the House leadership would, on Wednesday, determine the most appropriate standing committee to undertake the investigation before the legislative process proceeds.

His ruling effectively postponed the constitution of the investigative panel while keeping the probe firmly on course.

Background

Nigeria has recovered billions of dollars and trillions of naira in stolen public funds and assets over the past two decades through agencies including the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Nigeria Police Force, the National Drug Law Enforcement Agency (NDLEA), the Nigeria Customs Service and other law enforcement institutions.

The country has also secured the repatriation of several high-profile assets from foreign jurisdictions, including multiple tranches of the Abacha loot returned from Switzerland, the United States, the United Kingdom and the Bailiwick of Jersey. Successive administrations have pledged to channel such recoveries into infrastructure, healthcare, education and social investment programmes.

However, concerns have persisted over the absence of a unified national register of recovered assets, inconsistencies in official records and limited public disclosure regarding the management and disposal of recovered wealth.

Anti-corruption organisations and civil society groups have repeatedly called for stronger oversight mechanisms, arguing that recovered assets should be managed with the same level of transparency and accountability expected in public finance.

The latest House resolution is therefore expected to trigger an extensive review of Nigeria’s asset recovery architecture and could lead to significant reforms aimed at strengthening transparency, enhancing institutional accountability and ensuring that recovered public assets are deployed solely for the benefit of the Nigerian people.