Reps propose commission to track federal assets

Nkereuwem Effiong

The House of Representatives has proposed establishing a National Public Assets Management Commission to monitor, value and regulate the management and disposal of Federal Government assets.

The proposed commission would oversee assets held by ministries, departments and agencies, as well as government-owned enterprises, under a central registration and reporting system.

The National Public Assets Management Commission Bill, 2026, sponsored by Lagos lawmakers Ademorin Kuye and Lanre Okunlola, seeks to address gaps in public asset management by creating a national database to track government property, investments, liabilities and revenue.

Under the bill, public institutions would have to register their assets, disclose existing debts and other claims, and obtain the commission’s approval before selling, leasing, granting concessions over, or otherwise disposing of public property.

The proposed commission would coordinate existing institutions, including the Ministry of Finance Incorporated, the Bureau of Public Enterprises, the Asset Management Corporation of Nigeria and the Nigeria Sovereign Investment Authority. These bodies would retain their statutory responsibilities but operate within the commission’s proposed registration, valuation, reporting and approval framework.

Section 16 of the bill empowers the commission to demand asset inventories, inspect government premises and records, issue binding directives and refer persistent violations to the President and the National Assembly.

However, the commission would not directly sell or dispose of government property. The institutions holding the assets would remain responsible for such transactions, subject to the proposed commission’s approval and oversight.

Central database for public assets

A major provision of the bill is the establishment of a National Public Assets Register containing information on the location, ownership, acquisition cost, current value, condition, maintenance history, legal status, revenue and financial obligations associated with each asset.

Every registered asset would receive a unique identification number to facilitate tracking throughout its useful life.

Existing public institutions would have 12 months after the law’s commencement to submit inventories of their assets, while newly acquired assets would have to be registered within 90 days of acquisition, transfer or assumption of control.

The proposed register would incorporate digital records, geographical information systems, electronic title documents, photographs, valuation reports and transaction histories.

Section 25 provides for public access to non-sensitive information through an online portal. Information relating to national security, defence, intelligence and protected commercial interests could be withheld.

The commission would also publish an annual report detailing the total value of federal assets, associated financial obligations and their net unencumbered value. Covered institutions would be required to certify annually that their asset records were complete and accurate.

Stricter rules for asset disposal

The bill proposes tighter controls on the sale, leasing, concession and monetisation of public assets. Transactions would require independent valuations, competitive processes, value-for-money assessments and consideration of the public interest.

Section 77 states that no public asset should be sold below its independently assessed market value unless the law expressly permits an exception.

Material terms of monetisation contracts would be disclosed through a public transaction portal, subject to restrictions on legally protected information.

The commission would monitor compliance with such contracts, direct corrective action and recommend termination where there was a material breach or a public-interest concern.

Assets placed under leases or concessions would revert to Federal Government ownership when the agreements expired or were terminated, according to the bill.

Bill targets illegal scrap sales, missing assets

The proposed legislation also seeks to curb the unauthorised removal, concealment and undervaluation of government property through a national policy on scrapping obsolete vehicles, machinery, industrial equipment and electronic devices.

No asset could be classified as scrap without a technical assessment, verification of its identity and an estimate of its recoverable value.

Idle or underutilised assets would not automatically qualify for scrapping. They would first be assessed for possible repair, redeployment, leasing, concession or disposal.

Section 82 requires scrap to be independently valued and disposed of through a competitive process, with records of its quantity, weight or volume uploaded to the national register.

A Scrap Movement Certificate specifying the quantity, buyer, vehicle and destination would also be required before scrap could leave a government site.

The bill proposes fines of at least three times the assessed value of affected assets or scrap for individuals convicted of pilfering public property, or imprisonment for a term to be prescribed by the National Assembly, or both.

Corporate bodies, including government-owned enterprises and private contractors, could face fines of at least five times the assessed value, as well as suspension or disqualification from future public asset disposal transactions.

Where public officers, security personnel or contractors were implicated, the proposed law provides for the maximum applicable fine, disciplinary referrals for public officers and forfeiture of benefits derived from the offence.

Penalties, whistleblower protection

Other proposed offences include failure to register public assets, concealment, false declarations, fraudulent valuation, unauthorised disposal, conflicts of interest and obstruction of inspections.

Directors and principal officers of corporate bodies could also be held liable where they consented to, connived in or negligently facilitated an offence.

Section 127 targets institutions that knowingly withhold asset records, defy lawful directives or conduct monetisation and disposal transactions without the required approval.

The commission would be empowered to impose administrative sanctions on non-compliant institutions and initiate proceedings to recover losses arising from offences under the proposed law.

The bill also provides for whistleblower protection for people who report the concealment, mismanagement or unlawful disposal of public assets. It proposes a mechanism for receiving and investigating public complaints.

Recovered assets register

The proposed commission would maintain a Recovered Assets Register covering property seized, forfeited, confiscated or recovered under the law, including assets held by the Asset Management Corporation of Nigeria, the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission and the Nigeria Deposit Insurance Corporation.

The bill, however, preserves the investigative and prosecutorial powers of the EFCC and ICPC. The proposed commission would not interfere with investigations, prosecutions or court-supervised processes.

Assets awaiting final forfeiture decisions would have their legal status recorded, while court orders would take precedence where they conflicted with the proposed law’s provisions on custody, preservation or disposal.

The commission would also submit annual reports to the National Assembly on public assets and compliance by institutions responsible for holding them, without displacing the constitutional functions of the Auditor-General for the Federation.

If enacted, the bill would introduce a central framework for registering, valuing and monitoring federal public assets. Its effectiveness would depend on implementation, accurate record-keeping, enforcement and coordination among institutions with overlapping responsibilities.