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Business

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Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

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ICT

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NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

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VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

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SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

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Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

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Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

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Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

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Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

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Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

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VerveLife 5.0 Gears Up for Nairobi, Lagos Events

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Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

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Capital Market

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ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

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SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

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Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

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Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

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Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

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Sovereign Trust Insurance Celebrates 2025 Customer Service Week

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Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

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‘FG Should Dispose Recovered Assets in a Transparent Manner’

BudgIT tasks President Buhari to carry out the disposal of recovered assets in a transparent manner, in line with Nigeria’s Open Government Partnership National Action Plan.

The news on the sale of recovered assets which the President has directed the Ministry of Finance to carry out within six (6) months was received with mixed feelings due to the non-disclosure of information on assets recovered.

With this development, BudgIT wants to remind the Federal Government on its commitment to Open Government partnership, which relates to asset recovery – to strengthen Nigeria’s asset recovery legislation including non-conviction based confiscation powers and the introduction of unexplained wealth orders.

A favourable framework would have been the enactment of the Proceeds of Crime Act (POCA), which has been passed by the Senate but awaiting passage by the House of Representatives.

If the bill was passed, it would have provided for an effective legal and institutional framework for the recovery and management of the proceeds of crime or benefits derived from unlawful activities.

We have not seen increased interest in the Nigerian government to institutionalize the process of disposing of assets recovered as proceeds of crime.

We also notice that the monthly publication of reports of the recovered assets and utilisation as provided by the OGP secretariat, stated that an audit committee set up by the President is verifying all recovered assets.

However, we are yet to see the report of the committee. Government’s commitment to Open Government means that information should be disclosed proactively yet, vital information of recovered assets is not accessible to citizens.

The Federal Ministry of Justice has been tasked to develop guidelines for transparent management of recovered assets pending the enactment of the law but assets recovered should not be sold without a transparent management framework.

With this in mind, BudgIT calls on President/Federal Government to develop the guidelines for the management of assets recovered. Likewise, we encourage the House of Representatives to pass the POCA bill into law.

We also encourage the federal government to be transparent on sales and management of recovered assets so as not to create a scenario where looted funds are used to repurchase public assets.

We strongly believe that these recommendations, if implemented, will go a long way in enhancing good governance and help in institutionalising asset management in the country.

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Topics

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