The House of Representatives has proposed the establishment of a National Public Assets Management Commission to strengthen oversight of Federal Government property, tighten rules governing asset sales and curb the mismanagement and unauthorised disposal of public resources.
The proposal is contained in the National Public Assets Management Commission Bill, 2026, sponsored by two Lagos lawmakers, Ademorin Kuye and Lanre Okunlola, and introduced in the House last week.
If enacted, the legislation would establish a central regulatory framework for registering, valuing, monitoring and disposing of assets belonging to federal ministries, departments and agencies, as well as government-owned enterprises.
Under the proposed law, public institutions would be required to register their assets in a central database, disclose outstanding debts and other claims against their properties, and obtain the commission’s approval before selling, leasing, granting concessions over or otherwise disposing of public assets.
The bill seeks to address gaps in the management of government property by ensuring that public assets are properly documented, accurately valued and used in ways that protect the public interest.
A copy of the bill indicates that the proposed commission would exercise oversight over existing institutions involved in managing government assets, including the Ministry of Finance Incorporated, the Bureau of Public Enterprises, the Asset Management Corporation of Nigeria and the Nigeria Sovereign Investment Authority.
Although these institutions would retain their specialised statutory functions, they would be required to comply with the commission’s framework for asset registration, valuation, reporting and disposal approvals.
Section 16 of the bill empowers the commission to demand comprehensive asset inventories, inspect institutional premises and records, and issue binding directives to address non-compliance.
Where institutions persistently disregard its directives, the commission could report them to the President and the National Assembly.
The proposed legislation also states that the commission’s directives would take precedence over conflicting internal policies, instructions or rules issued by the institutions under its supervision.
However, the commission would not directly sell or dispose of government property. Such transactions would remain the responsibility of the institutions holding the assets, subject to the commission’s approval and oversight.
National register to track federal assets
A key provision of the bill is the establishment of a National Public Assets Register to serve as a central database for federal government property and investments.
The register would contain information on each asset’s location, ownership, acquisition cost, current value, physical condition, maintenance history, legal status, revenue generated and outstanding financial obligations.
Every registered asset would also receive a Unique Public Asset Identification Number to enable authorities to track it throughout its useful life.
Existing public institutions would have 12 months from the commencement of the proposed law to submit comprehensive inventories of their assets. Newly acquired assets would have to be registered within 90 days of acquisition, completion, ownership transfer or assumption of control.
The database would incorporate digital documentation, geographical information systems, electronic title records, photographs, valuation reports and transaction histories.
Under Section 25, members of the public would be able to access non-sensitive information through an online portal. Information relating to national security, defence, intelligence and protected commercial interests could, however, be withheld.
The commission would also publish an annual State of Public Assets Report detailing the total value of federal assets, their associated financial obligations and their net unencumbered value.
Institutions covered by the law would be required to certify annually that their asset records were complete and accurate.
The proposed legislation seeks to impose more stringent conditions on the sale, leasing, concession and monetisation of public assets.
Transactions would require independent valuation, competitive processes, value-for-money assessments and consideration of the public interest before approval.
Section 77 stipulates that no public asset should be disposed of below its independently assessed market value, except where an express legal provision permits an exception.
Material terms of monetisation contracts would also be published through a public asset transaction portal, subject to restrictions protecting legally classified information.
The commission would monitor compliance with approved contracts and could direct corrective action or recommend termination where there was a material breach or a public-interest concern.
Assets placed under leases or concessions would be required to revert to Federal Government ownership when the agreements expired or were terminated.
Bill targets illegal scrap sales, missing assets
The bill also proposes a national policy to regulate the scrapping of obsolete government vehicles, machinery, industrial equipment, electronic devices and other public property.
Under the proposed rules, no asset could be classified as scrap without a technical assessment, verification of its identity and an estimate of its recoverable value.
Government property would not automatically qualify for scrapping simply because it was idle or underutilised.
Authorities would first have to assess whether it could be repaired, redeployed, leased, placed under concession or disposed of through another approved process.
Section 82 requires scrap materials to be independently valued and sold through a competitive process. Records showing their quantity, weight or volume would have to be uploaded to the national register.
No scrap would be permitted to leave a government facility without a Scrap Movement Certificate specifying the quantity involved, the buyer, the vehicle used for transportation and the destination.
The legislation proposes fines of at least three times the assessed value of affected assets or scrap for individuals convicted of pilfering public property, in addition to 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 are implicated, the bill provides for the maximum applicable fine, disciplinary referrals for public officers and forfeiture of benefits derived from the offence.
The proposed law identifies failure to register public assets, concealment, false declarations, fraudulent valuation, unauthorised disposal, conflicts of interest and obstruction of inspections as offences.
Directors and principal officers of corporate bodies could also be held individually liable if they consented to, connived in or negligently facilitated an offence.
Section 127 specifically targets institutions that knowingly withhold asset registration, resist lawful directives or undertake 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 legislation.
The bill also provides for whistleblower protection for individuals who report concealment, mismanagement or unlawful disposal of public property. A mechanism would be established to receive and investigate complaints from members of the public.
Recovered assets to be documented
The proposed commission would maintain a Recovered Assets Register covering property seized, forfeited, confiscated or recovered under the law.
The register would include 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.
However, the bill preserves the investigative and prosecutorial responsibilities of the EFCC and ICPC, stating that the commission would not interfere with investigations, prosecutions or court-supervised processes.
Assets awaiting final forfeiture decisions would have their legal status documented, while court orders would take precedence where they conflicted with the proposed law’s provisions on custody, preservation or disposal.
The commission would also be required to submit annual reports to the National Assembly on public assets and compliance by institutions holding them.
The bill further provides that the framework would operate without undermining the constitutional responsibilities of the Auditor-General for the Federation.
If passed into law, the proposal would introduce common standards for the registration, valuation, management and disposal of federal public assets.
Its impact would ultimately depend on the accuracy of government asset records, effective enforcement of the proposed sanctions and the commission’s ability to coordinate existing institutions with overlapping responsibilities.
