RismadarVoice Reporters
October 25, 2026
The House of Representatives is considering legislation to establish a National Public Assets Management Commission to strengthen oversight of Federal Government property and prevent the unauthorised sale, leasing and disposal of public assets.
The proposed National Public Assets Management Commission Bill, 2026, sponsored by Lagos lawmakers Ademorin Kuye and Lanre Okunlola, was introduced in the House last week.
According to details of the bill reported by Sunday PUNCH, the commission would oversee the registration, valuation, management and monitoring of assets belonging to federal ministries, departments, agencies and government-owned enterprises.
Public institutions would be required to register their assets in a central database and disclose outstanding debts or legal claims affecting government property.
The bill also proposes mandatory approval from the commission before public assets can be sold, leased, concessioned or otherwise disposed of.
Under the proposed framework, the commission would supervise transactions but would not directly sell government property.
A major provision is the creation of a National Public Assets Register containing information about government assets, including their location, ownership, value, condition, maintenance history and financial obligations.
Each asset would receive a unique identification number to improve documentation and tracking.
Existing institutions would have 12 months after the law takes effect to submit comprehensive asset inventories, while newly acquired assets would require registration within 90 days.
The legislation also proposes public access to non-sensitive asset information through an online portal, subject to national security and other lawful restrictions.
To prevent undervaluation, institutions seeking to dispose of public property would be required to obtain independent valuations and follow competitive procedures.
The bill further proposes stricter controls on the sale of obsolete vehicles, machinery and other government equipment classified as scrap.
Such assets would require technical assessments and independent valuations before disposal, while their movement from government facilities would be documented.
Individuals and corporate organisations found guilty of stealing or unlawfully disposing of public assets could face substantial financial penalties and other sanctions.
The proposed commission would also maintain records of recovered and forfeited assets while preserving the investigative and prosecutorial responsibilities of existing anti-corruption agencies.
It would submit annual reports to the National Assembly and provide mechanisms for whistleblower protection and public complaints.
If enacted, the legislation would introduce additional oversight requirements for federal asset management.
However, the bill must complete the legislative process and receive presidential assent before its provisions can become law.
