The House of Representatives is moving to establish a National Public Assets Management Commission to oversee the registration, valuation, management and disposal of Federal Government assets. The proposed National Public Assets Management Commission Bill, 2026, sponsored by Lagos lawmakers Ademorin Kuye and Lanre Okunlola and introduced on the House floor last week, would cover assets held by ministries, departments and agencies as well as government-owned enterprises. The bill seeks to address gaps in public asset management by establishing a central authority to coordinate records and monitor the value, condition and use of government property.
Under the legislation, public institutions would be required to register their property in a central National Public Assets Register and obtain the commission's approval before selling, leasing, granting concessions or otherwise disposing of public assets. The commission's authority would take precedence 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. Existing institutions would have 12 months from the law's commencement to submit comprehensive asset inventories, while newly acquired assets would have to be registered within 90 days of acquisition or transfer of ownership. Each registered asset would be assigned a Unique Public Asset Identification Number to facilitate tracking throughout its life.
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. 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 allowing information relating to national security, defence, intelligence and protected commercial interests to be withheld. The commission would also publish an annual State of Public Assets Report detailing the total value of federal assets, financial obligations attached to them and their net unencumbered value.
The bill proposes tighter controls on asset sales, leasing, concessions and monetisation. 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 be disclosed through a public asset transaction portal. To curb unauthorised removal and undervaluation of government property, the bill proposes that no asset could be classified as scrap without a technical assessment, verification of its identity and an estimate of its recoverable value. Scrap would be independently valued and sold through a competitive process.
The bill proposes fines of at least three times the assessed value of the affected asset or scrap for individuals convicted of pilfering public assets, in addition to imprisonment for a term to be prescribed by the National Assembly. Corporate bodies, including government-owned enterprises and private contractors, would face fines of at least five times the assessed value, alongside possible suspension or disqualification from future public asset disposal transactions. The proposed legislation identifies failure to register public assets, concealment, false declarations, fraudulent valuation, unauthorised disposal, conflicts of interest and obstruction of inspections as offences. The bill also provides for whistleblower protection for those who report concealment, mismanagement or unlawful disposal of public assets.
For savers, borrowers, business owners and investors, this means the government's property holdings would face greater scrutiny and tighter controls over how they are managed and sold, potentially reducing opportunities for asset misappropriation and improving transparency in how federal resources are deployed. The commission would maintain a Recovered Assets Register covering property seized, forfeited, confiscated or recovered under the law, though the bill preserves the investigative and prosecutorial functions of the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission.