Reps Propose Commission to Oversee Federal Government Assets

The House of Representatives has proposed the establishment of a National Public Assets Management Commission to oversee the registration, valuation, management and disposal of Federal Government assets.

The proposed legislation, sponsored by Lagos lawmakers Ademorin Kuye and Lanre Okunlola, seeks to create a central system for tracking government property, monitoring its value and preventing unauthorised disposal.

National Asset Register Proposed

The National Public Assets Management Commission Bill, 2026, proposes a central database containing information on federal assets, including their location, ownership, acquisition cost, current value, condition, maintenance history, revenue and outstanding financial obligations.

Under the bill, existing public institutions would have 12 months to submit their asset inventories after the law takes effect, while newly acquired assets would have to be registered within 90 days.

The proposed commission would be empowered to inspect records, demand asset inventories, issue compliance directives and report persistent violations to the President and the National Assembly.

Non-sensitive information would be accessible to the public through an online portal, while information relating to national security and protected commercial interests could be withheld.

Stricter Rules for Asset Disposal

The proposed law would require independent valuations, competitive processes and value-for-money assessments before government assets could be sold, leased, concessioned or otherwise monetised.

It also proposes that public assets should not be sold below independently assessed market value except where expressly permitted by law. Material terms of monetisation contracts would be disclosed through a public transaction portal, subject to applicable restrictions.

The commission would oversee compliance with such agreements, while assets placed under leases or concessions would generally revert to federal ownership when the agreements expire or are terminated.

Penalties for Mismanagement

The bill proposes penalties for offences including concealing assets, submitting false declarations, fraudulent valuation, unauthorised disposal, obstructing inspections and failing to register government property.

It also outlines stricter procedures for scrapping obsolete vehicles, machinery and equipment. Assets would require technical assessment and independent valuation before disposal, while scrap movements would be documented through certificates specifying quantities, buyers, vehicles and destinations.

Individuals convicted of pilfering public assets could face fines of at least three times the assessed value of the affected property, imprisonment or both, subject to the provisions of the enacted law. Corporate bodies could face higher fines and restrictions on future disposal transactions.

Recovered Assets and Accountability

The proposed commission would also maintain a register of recovered, seized, forfeited and confiscated assets held by relevant agencies, including the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission and the Asset Management Corporation of Nigeria.

However, the bill preserves the investigative and prosecutorial responsibilities of the EFCC and ICPC, as well as the constitutional functions of the Auditor-General for the Federation.

If enacted, the legislation would introduce a central oversight framework for federal public assets. Its effectiveness would depend on implementation, accurate records, enforcement and coordination among government institutions with overlapping responsibilities.

Punch Newspapers