Nigeria House of Reps: Advances National Public Assets Management Commission Bill

• The House of Representatives has introduced the National Public Assets Management Commission Bill, 2026, to centralize the oversight of federal assets.
• The proposed commission will mandate registration, valuation, management, and disposal approval for all assets held by federal ministries, departments, agencies, and government-owned enterprises.
• A key feature is the establishment of a National Public Assets Register, a central database for all federal property, requiring unique identification numbers and detailed records.
• The commission's authority will supersede conflicting provisions in existing Nigerian federal asset management legislation, requiring other bodies to operate within its framework.
• Institutions will face strict deadlines for asset registration and must obtain commission approval for any disposal, leasing, or concession of public property.

The proposed commission's authority is designed to take precedence over any conflicting provisions within existing Nigerian federal asset management legislation, thereby establishing a unified framework for asset oversight.

The Nigerian House of Representatives is advancing a significant legislative proposal, the National Public Assets Management Commission Bill, 2026, aimed at fundamentally restructuring the management of federal government property. This initiative seeks to establish a dedicated National Public Assets Management Commission, a new body tasked with comprehensive oversight of the registration, valuation, ongoing management, and eventual disposal of all assets belonging to the Federal Government. The bill, introduced by Lagos lawmakers Ademorin Kuye and Lanre Okunlola, addresses identified deficiencies in the current system by creating a centralized authority to coordinate records and continuously monitor the value, condition, and utilization of public property.

The scope of this proposed Nigerian federal asset management legislation is broad, encompassing all assets held by federal ministries, departments, and agencies (MDAs), as well as government-owned enterprises (GOEs). Under its provisions, these public institutions would be compelled to register their entire property portfolio within a new central national database. Furthermore, the legislation mandates the disclosure of any existing debts or claims associated with these assets and requires institutions to secure explicit approval from the commission before undertaking any sale, lease, concession, or other form of disposal of public property.

A core tenet of the National Public Assets Management Commission Bill is the establishment of a robust regulatory framework designed to streamline and standardize asset management practices across the federal government. The proposed commission's authority is designed to take precedence over any conflicting provisions within existing Nigerian federal asset management legislation, thereby establishing a unified framework for asset oversight. While specialized bodies such as the Ministry of Finance Incorporated, the Bureau of Public Enterprises (BPE), the Asset Management Corporation of Nigeria (AMCON), and the Nigeria Sovereign Investment Authority (NSIA) will retain their specific statutory functions, they will be required to operate strictly within the commission's guidelines for asset registration, valuation, reporting, and approval processes.

Section 16 of the bill explicitly empowers the new commission with significant authority. It can demand comprehensive inventories of assets from any government institution, conduct inspections of their premises and records, and issue binding directives to rectify instances of non-compliance. Persistent violations could lead to referrals to both the President and the National Assembly. Crucially, the commission's directives will override any contradictory instructions, policies, or internal rules issued by the individual institutions. It is important to note, however, that the commission itself will not directly engage in the sale or disposal of government property; these transactions will remain the responsibility of the relevant custodial institutions, albeit subject to the commission's mandatory prior approval and ongoing oversight.

Central to this new framework is the creation of the National Public Assets Register Nigeria, envisioned as the definitive central database for all Federal Government property and investments. This register will meticulously detail each asset, including its precise location, ownership, initial acquisition cost, current valuation, physical condition, maintenance history, legal status, revenue generation, and any outstanding financial obligations. To facilitate efficient tracking throughout an asset's lifecycle, each entry will be assigned a Unique Public Asset Identification Number. The register is designed to be comprehensive, integrating digital documentation, geographical information systems, electronic title records, photographic evidence, valuation reports, and complete transaction histories.

The enactment of the Ademorin Kuye Lanre Okunlola assets bill will introduce stringent new compliance requirements for all federal MDAs and GOEs. Existing public institutions will be granted a 12-month grace period from the law's commencement to submit their comprehensive asset inventories to the National Public Assets Register. For newly acquired assets, a much tighter deadline of 90 days will apply for registration following acquisition, completion, transfer of ownership, or assumption of control. These mandatory registration and reporting timelines underscore the bill's commitment to enhancing transparency and accountability in Nigeria government asset valuation management.

Beyond internal government operations, the bill also promotes public transparency. Section 25 outlines provisions for public access to non-sensitive information contained within the National Public Assets Register through an online portal. However, information deemed critical for national security, defense, intelligence operations, or protected commercial interests will be withheld from public view. The commission is also mandated to publish an annual "State of Public Assets Report," which will provide a detailed overview of the total value of federal assets and associated financial obligations, further contributing to public accountability and informed governance.

Lawyers and compliance officers advising Nigerian federal ministries, departments, agencies, and government-owned enterprises must prepare for new mandatory asset registration, valuation, and disposal approval processes under the proposed National Public Assets Management Commission Bill, which will supersede conflicting existing laws. Compliance with the new central database and commission directives will be critical to avoid penalties.

Source: Original reporting via Sunday PUNCH