Reps Propose Threefold Fines, Jail Terms for Theft of Federal Government Assets

The House of Representatives has proposed fines of at least three times the assessed value of stolen or pilfered Federal Government assets, alongside possible imprisonment, as part of efforts to strengthen accountability and curb the mismanagement of public property.

The proposed penalties are contained in the National Public Assets Management Commission Bill, 2026, which also recommends fines of at least five times the assessed value of affected assets for corporate bodies found culpable of offences involving public property.

Sponsored by Lagos lawmakers Ademorin Kuye and Lanre Okunlola, the bill seeks to establish a National Public Assets Management Commission with powers to oversee the registration, valuation, management and disposal of Federal Government assets.

According to a copy of the bill obtained by The PUNCH, individuals convicted of pilfering public assets would face fines of at least three times the assessed value of the affected property, imprisonment for a term to be prescribed by the National Assembly, or both.

Corporate bodies, including government-owned enterprises and private contractors, would face fines of at least five times the assessed value of the assets involved, in addition to possible suspension or disqualification from future public asset disposal transactions.

Where public officers, security personnel or contractors are implicated, the proposed legislation provides for the maximum applicable fine, disciplinary referrals in the case of public officers and forfeiture of benefits derived from the offence.

The bill also identifies failure to register public assets, concealment, false declarations, fraudulent valuation, unauthorised disposal, conflicts of interest and obstruction of inspections as offences.

It further provides for individual liability where directors or principal officers of corporate bodies consent to, connive in or negligently facilitate an offence.

Section 127 specifically targets custodial institutions that knowingly withhold asset registration information, resist lawful directives or undertake monetisation and disposal transactions without the required approval.

The proposed commission would be empowered to impose administrative sanctions on non-compliant institutions and institute proceedings to recover losses arising from offences under the legislation.

Central Register for Government Assets

Beyond the proposed penalties, the bill seeks to establish a National Public Assets Register to serve as a central database for Federal Government property and investments.

The register would contain details of each asset, including its location, ownership, acquisition cost, current value, condition, maintenance history, legal status, revenue generated and outstanding financial obligations.

Each registered asset would be assigned a unique public asset identification number to facilitate tracking throughout its useful life.

Under the proposal, existing public institutions would be required to submit complete inventories of their assets within 12 months of the law’s commencement, while newly acquired assets would have to be registered within 90 days of acquisition, completion, transfer of ownership or assumption of control.

The register would incorporate digital documentation, geographical information systems, electronic title records, photographs, valuation reports and transaction histories.

Section 25 provides for public access to non-sensitive information through an online portal, while permitting restrictions on information relating to national security, defence, intelligence and protected commercial interests.

The commission would also publish an annual report on the state of public assets, detailing their total value, associated financial obligations and net unencumbered value. Covered institutions would be required to certify annually that their asset records were complete and accurate.

Commission to Oversee Asset Disposal

The proposed legislation would empower the commission to oversee the sale, leasing, concession and monetisation of public assets through stricter requirements, including independent valuation, competitive processes, value-for-money assessments and consideration of the public interest.

Section 77 provides that no public asset should be disposed of below its independently assessed market value, except where the law expressly permits an exception.

Material terms of monetisation contracts would also be disclosed through a public asset transaction portal, subject to restrictions necessary to protect legally classified information.

The commission would monitor compliance with such contracts, direct corrective action and recommend termination where there is a material breach or a public-interest concern.

The bill further provides that assets placed under leases or concessions should revert to Federal Government ownership when the agreements expire or are terminated.

It also proposes a national policy for scrapping obsolete vehicles, machinery, industrial equipment, electronic devices and other public assets to curb unauthorised removal and undervaluation.

Under the proposed framework, no asset could be classified as scrap without a technical assessment, verification of its identity and an estimate of its recoverable value.

Assets that are idle or underutilised would first be assessed for possible repairs, redeployment, leasing, concession or disposal before being classified as scrap.

Section 82 requires scrap to be independently valued and disposed of through a competitive process, with records of its quantity, weight or volume uploaded to the national register.

It also provides that no scrap should leave a government site without a Scrap Movement Certificate specifying the quantity, buyer, vehicle and destination.

Recovered Assets and Existing Institutions

The proposed commission would also maintain a Recovered Assets Register covering property seized, forfeited, confiscated or recovered under the law, including 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 proposed commission would not interfere with investigations, prosecutions or court-supervised processes.

Assets awaiting final forfeiture decisions would have their legal status recorded, while court orders would prevail where they conflict 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 custodial institutions, without undermining the constitutional functions of the Auditor-General for the Federation.

The bill proposes that the commission’s authority should prevail where its provisions conflict with existing laws governing asset management by institutions such as the Ministry of Finance Incorporated, the Bureau of Public Enterprises, the Asset Management Corporation of Nigeria and the Nigeria Sovereign Investment Authority.

These institutions would, however, retain their specialised statutory responsibilities while operating within the commission’s proposed registration, valuation, reporting and approval framework.

If enacted, the legislation would establish a central oversight system for Federal Government assets, with the stated objective of improving transparency, preventing unauthorised disposal and strengthening accountability in the management of public property.