The House of Representatives is seeking the establishment of the National Public Assets Management Commission to oversee the registration, valuation, management, and disposal of Federal Government assets.
CDA News Nigeria gathered that the proposed legislation, sponsored by Lagos lawmakers Ademorin Kuye and Lanre Okunlola, aims to address gaps in public asset management by creating a central national database.
The bill requires public institutions to register their assets, disclose existing debts, and obtain the commission’s approval before undertaking transactions involving the sale, lease, or concession of public property.
A major feature is the National Public Assets Register, which will assign every registered asset a unique identification number. Existing institutions must submit complete asset inventories within 12 months, while newly acquired assets must be registered within 90 days.
To curb the unauthorized removal and undervaluation of government property, the legislation introduces a strict national policy for scrapping obsolete assets. It proposes fines of at least three times the assessed value for individuals convicted of pilfering public assets, and five times for corporate bodies.
Furthermore, the bill establishes a Recovered Assets Register covering property seized or forfeited to agencies like the EFCC and AMCON, while preserving their investigative powers.
CDA News Nigeria
Contact: info@cdanews.ng | www.cdanews.ng | +2348030980314 | 348 Ikwerre Road, Port Harcourt, Rivers State
All rights reserved ©2026 CDA News Nigeria
