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Nigeria is in the process of establishing an agency to manage all assets seized by the state, as well those recovered by various security agencies and courts, according to BusinessDay findings.
Already, a legislative framework for the establishment of a National Asset Record and Management Centre (NARMC), a proposed agency to manage such assets, is already being debated at the National Assembly and has passed first reading.
Experts say that the NARMC, when operational, should put to rest controversies trailing the utilisation of over N3.4 trillion seized by various security and anti-graft agencies just within one year.
The monies recovered exclude the sum of N83 billion recovered from the late Gen. Sani Abacha’s loot repatriated by the Swiss Government, as well as several billions of naira and multi-million dollars recovered by previous administrations since President Olusegun Obasanjo’s regime, some of which it is said, cannot be appropriately accounted for today.
During the celebration of his administration’s one year anniversary, President Muhammadu Buhari’s government confirmed the recovery of cash amount N78 billion as well as over $185 million, in addition to £3.5 million and €11, 250 between May 29, 2015 and May 25, 2016.
Also released were recoveries under interim forfeiture, which were a combination of cash and assets, during the same period: N126.5 billion, over $9billion as well as £2.48 million and €303,399.17 while anticipated repatriation from foreign countries include: over $321million, in addition to £6.9 million and €11,826.11.
The present administration also confirmed the recovery of 239 non-cash assets, including farmlands, plots of land, uncompleted buildings, completed buildings, vehicles and maritime vessels, within one year.
Some of Nigeria’s security and paramilitary agencies including the Economic and Financial Crimes Commission (EFCC); Independent Corrupt Practices and other Related Offences Commission (ICPC); Nigeria Security Civil Defence Corps (NSCDC); Nigerian Drug Law Enforcement Agency (NDLEA); Nigeria Police; Nigerian Ports Authority; National Aviation Authority, as well as the Nigerian Customs Service (NSC) are currently in possession of several impounded vehicles and funds.
But in carrying out its operations, the proposed agency would be empowered to collaborate with government bodies within and outside Nigeria, identify and determine the whereabouts of Federal Government property and assets located or situated in any part of the world.
The agency, according to Section 1c of the bill seen by BusinessDay, would be saddled with the responsibility of “managing the various Federal Government assets acquired within and outside the country, through seizure, forfeiture, take-over or transfer by security agencies empowered to do so.”
NARMC would also coordinate and enforce of all Federal Government assets management laws and enforcement functions conferred on any person or authority; and obtain the best achievable monetary returns on the said Federal Government assets.
It is also expected to protect or enhance the long term viable economic value of those assets, the cost of acquiring and managing the assets, adoption of measures to identify, trace, freeze, confiscated or seize proceeds derived from rental and sales activities of Federal Government assets related, or the properties, the value of which corresponds to such proceeds.
To forestall abuse of office through acquisition or transfer of seized assets, section 12 provides that all members of the NARMC board, “shall before assumption of duty declare their assets in accordance with the Code of Conduct Act, as well as those of their family members or any company or firm in which they own such shareholding as may beprescribed.”
Section 22b(1) of the bill, however imposes the sum of N250,000 fine or five years imprisonment on any person who sells, disposes, misappropriates, damages, or destroys willfully, any asset(s) formally seized, forfeited, taken over or transferred to it.
Section 22b(2) however provides that any government agency or body corporate is liable to a fine of N10 million and in addition, the directors of the corporate body or principal officers of such agency shall each be liable to pay a fine of not less than N250,000 or five years imprisonment, or both.
KEHINDE AKINTOLA
