Efforts to enhance accountability and streamline the administration of public property have prompted the House of Representatives to consider creating a National Public Assets Management Commission.
This proposed body would oversee the documentation, evaluation, administration, and sale of government-owned assets across various ministries, departments, agencies, and public enterprises. Under the proposed framework, all public bodies would be required to register their property holdings within a central national database.
The proposed legislation was introduced on the floor of the House last week. In addition to mandatory registration, public institutions would need to disclose any existing liabilities or legal claims tied to their holdings. They would also be required to secure approval from the commission prior to selling, leasing, granting concessions over, or otherwise disposing of any government asset.
Sponsored by Lagos lawmakers Ademorin Kuye and Lanre Okunlola, the National Public Assets Management Commission Bill, 2026, aims to resolve gaps in public property management by creating a single coordinating authority to track asset conditions, valuations, and overall usage.
According to a copy of the bill obtained exclusively by Sunday PUNCH, the commission’s authority would override conflicting provisions in existing laws that regulate asset management for bodies such as the Ministry of Finance Incorporated, the Bureau of Public Enterprises, the Asset Management Corporation of Nigeria, and the Nigeria Sovereign Investment Authority. While these specialized entities would retain their statutory duties, they would have to align with the commission’s rules regarding valuation, registration, reporting, and approvals.
Section 16 of the bill authorizes the proposed agency to request full asset inventories from institutions, inspect property and records, issue binding compliance directives, and refer persistent non-compliance to the President and the National Assembly. Directives issued by the commission would also supersede any conflicting internal policies or instructions from individual institutions.
The commission itself would not directly execute sales or disposals. Instead, the relevant custodial institutions would continue to handle transactions, subject to oversight and prior approval from the commission.
A central element of the draft law is the creation of a National Public Assets Register to act as the master repository for Federal Government properties and investments. This register would store detailed data for each entry, including its location, ownership details, purchase cost, current evaluation, physical condition, maintenance history, legal status, generated revenue, and tied financial obligations. Every listed property would also be assigned a Unique Public Asset Identification Number to simplify tracking across its lifespan.
Following the enactment of the law, existing public institutions would have a 12-month window to submit complete inventories of their holdings. Any newly acquired assets would need to be logged within 90 days of acquisition, completion, transfer of ownership, or assumption of control.
The system would incorporate digital documentation, geographical information systems, electronic title records, photos, valuation reports, and transaction logs to maintain precise records. Section 25 outlines public access to non-sensitive records via an online portal, while allowing exceptions for details connected to national security, defense, intelligence, or protected commercial interests.
Additionally, the commission would be tasked with issuing an annual State of Public Assets Report detailing the total value of government holdings, attached financial obligations, and net unencumbered value. Covered institutions would also be required to submit annual certifications confirming that their asset records are complete and accurate to foster reliable reporting.
If passed into law, the legislation will establish a unified structure for monitoring federal properties while placing new approval and reporting standards on public bodies handling their administration and disposal.
