The Bill establishing the Nigerian Assets Management Agency and other related matters has scaled second reading in the House of Representatives.

Leading the debate at the plenary session of Wednesday, 4 October 2017, the sponsor of the Bill, Hon. Jones Onyereri (PDP:Imo) stated that the bill is proposed to establish an agency that will be charged with overseeing and managing all Federal Government owned assets. These include assets acquired through court orders, forfeitures and seizure by federal agencies. Elaborating further, he emphasized the inadequacy of the current legal and regulatory framework to create co-ordination between different agencies dealing with government’s assets and address challenges like ascribing the proper value and earning from its assets. He also examined the matter from an economic perspective stating that significant revenue could be generated from federal assets scattered around Government agencies like the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and other related Offences Commission (ICPC), the Police and the Nigeria Customs Service (NCS) if there were structures for its proper management and coordination.

Also contributing to the motion was Hon. Edward Pwajok (APC: Plateau) who cautioned against the creation of another agency to deal with the assets of the Federal Government despite the existence of the Asset Management Company of Nigeria (AMCON). He explained that AMCON is paradoxically saddled with the responsibility that the proposed Bill sought to give the new agency and discouraged against the passage of the Bill. He further illuminated that some of the assets, which appeared to be “scattered” among different agencies, were only temporarily seized and pending the final decision of the Courts.

However, despite Hon. Pwajok’s argument, the Bill was referred to the committee on Banking and currency chaired by the Bill sponsor for further legislative input.