The House of Representatives is considering a bill to create a single body to oversee federal government property. The National Public Assets Management Commission would register, value, manage and approve the disposal of assets held by ministries, agencies and government-owned enterprises.
Lagos lawmakers Ademorin Kuye and Lanre Okunlola sponsor the National Public Assets Management Commission Bill, 2026. It was introduced on the floor of the House on Tuesday. The sponsors say it will close gaps in how the government manages public property. The commission would coordinate records and track each asset’s value, condition and use.
Under the bill, the commission’s authority would override conflicting laws. This includes laws governing the Ministry of Finance Incorporated, the Bureau of Public Enterprises, the Asset Management Corporation of Nigeria and the Nigeria Sovereign Investment Authority. These bodies would keep their statutory roles. However, they would have to work within the commission’s rules on registration, valuation, reporting and approval.
Section 16 gives the commission strong powers. It could demand full asset inventories, inspect premises and records and issue binding directives. It could also refer repeat offenders to the President and the National Assembly.
The commission would not sell government property itself. Custodians would still handle sales, but only with its prior approval.
A national register
The bill creates a National Public Assets Register as the official database of federal property and investments. Each entry would record an asset’s location, ownership, cost, current value, condition, maintenance history, legal status, income and debts. Every asset would also get a unique identification number for tracking.
Existing institutions would have 12 months from the law’s start to submit full inventories. New assets would have to be registered within 90 days of acquisition, completion, transfer or takeover. Institutions would also have to certify every year that their records are complete and accurate.
The commission would publish an annual report on the state of public assets. It would show their total value, the debts attached to them and their net unencumbered worth. Section 25 would also open non-sensitive data to the public through an online portal. Information on national security, defence, intelligence and protected commercial interests could be withheld.
Stricter rules on sales and scrap
The bill sets tougher conditions for selling, leasing or conceding public assets. These include independent valuation, competitive bidding, value-for-money checks and a public-interest test. Section 77 bars the sale of any asset below its independently assessed market value, unless the law expressly allows it. Assets under lease or concession would return to government ownership when the deal ends.
The commission would publish the main terms of monetisation contracts on a public portal. It could also order corrective action and recommend termination for serious breaches.
The bill also covers scrap. No asset could be declared scrap without a technical assessment, identity check and estimate of recoverable value. Idle assets would first be checked for repair, redeployment, leasing or concession. Under Section 82, scrap would need independent valuation and competitive sale. No scrap could leave a government site without a Scrap Movement Certificate.
Fines and offences
Individuals convicted of stealing public assets would face a fine of at least three times the assessed value. They could also face a prison term set by the National Assembly. Corporate bodies would pay at least five times the value and could be barred from future disposal deals. Public officers, security personnel or contractors found involved would face the maximum fine. Officers would also face disciplinary referral and forfeit any benefits from the offence.
The bill lists several other offences. They include failing to register assets, hiding them, making false declarations, fraudulent valuation, unauthorised disposal, conflicts of interest and blocking inspections. Directors and principal officers could be held personally liable. Section 127 targets institutions that knowingly withhold registration or sell without approval. The commission could sanction them and go to court to recover losses. The bill also protects whistleblowers and creates a channel for public complaints.
Recovered assets and limits
The commission would keep a separate register of seized, forfeited or recovered property. This covers assets held by AMCON, the EFCC, the ICPC and the Nigeria Deposit Insurance Corporation. Even so, it could not interfere with investigations, prosecutions or court-supervised processes. Court orders would override the bill where they conflict on custody, preservation or disposal. The commission would report annually to the National Assembly. The Auditor-General’s constitutional role would stay in place.
If passed, the law would put federal assets under one set of standards. However, its impact would depend on enforcement, the accuracy of asset records and how well the commission works with institutions whose duties overlap.
