The House of Representatives is considering a bill to establish a central commission that would oversee the registration, valuation, management and disposal of Federal Government assets.
The proposed National Public Assets Management Commission Bill, 2026, sponsored by Lagos lawmakers Ademorin Kuye and Lanre Okunlola, seeks to improve transparency and accountability in the handling of government-owned properties and investments.
Under the proposal, ministries, departments, agencies and government-owned companies would be required to submit details of their assets to a national database and obtain the commission’s approval before selling, leasing or granting concessions over public property.
The planned commission would also be empowered to inspect government institutions, demand asset records, issue directives to address violations and refer persistent non-compliance to the President and the National Assembly.
A key provision is the creation of a National Public Assets Register containing information such as ownership, location, acquisition cost, current market value, physical condition, maintenance history, revenue and outstanding financial obligations.
Existing institutions would have 12 months after the law takes effect to register their assets, while newly acquired properties would need to be recorded within 90 days. Each asset would also receive a unique identification number to support tracking.
The bill proposes making non-sensitive information available through an online portal, while allowing restrictions on records involving national security, defence, intelligence and protected commercial interests. The commission would also publish an annual report detailing the value of federal assets and the financial obligations attached to them.
The proposed legislation seeks to introduce stricter requirements for asset sales and other transactions. These would include independent valuations, competitive bidding processes, assessments of value for money and consideration of the public interest.
Under the bill, government assets could not be sold below their independently assessed market value unless an exception was permitted by law. Key terms of transactions would also be made publicly available, subject to lawful confidentiality restrictions.
The commission would supervise compliance with lease and concession agreements and could recommend corrective measures or termination where serious breaches or public-interest concerns arose. Assets covered by such arrangements would be expected to return to federal ownership when the agreements expired or were terminated.
The proposal also addresses the disposal of obsolete government equipment, including vehicles, machinery and electronic devices. Items would require technical assessments and independent valuations before being classified as scrap.
Assets that were idle or underused would first have to be considered for repair, redeployment, leasing or other uses before being scrapped. Scrap sales would be conducted competitively, with records entered into the national register and movement certificates required before materials could leave government premises.
The bill outlines penalties for theft, concealment, fraudulent valuation and unauthorised disposal of public assets. Individuals convicted of pilfering government property could face fines of at least three times the asset’s assessed value, alongside imprisonment or both, while corporate bodies could face fines of at least five times the value and possible exclusion from future disposal transactions.
Other proposed offences include failure to register assets, making false declarations, conflicts of interest and obstructing inspections. The commission would also be able to impose administrative sanctions and pursue the recovery of losses arising from violations.
To encourage accountability, the bill provides for protection for whistleblowers who report suspected mismanagement or unlawful disposal, as well as a system for receiving and investigating public complaints.
A separate register would cover recovered, seized, confiscated and forfeited assets held by 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 proposed commission would not take over the investigative and prosecutorial responsibilities of the EFCC and ICPC. Existing court orders and judicial processes would remain applicable, while the Auditor-General for the Federation would retain its constitutional functions.
If passed into law, the bill would introduce common standards for managing federal assets across government institutions. Its impact would depend on effective implementation, accurate records and the ability of the proposed commission to coordinate agencies with existing responsibilities in asset management.
