Nigerian bill would subject public asset sales to commission approval
By the AFREEQUE newsroom, based on Punch
A Nigerian bill provides for a commission to register, assess and monitor public assets, with a centralised national database. It would also require public bodies to obtain its approval before selling or granting a concession for an asset, according to the draft seen by Punch.
Nigeria’s House of Representatives is considering a bill that would subject the sale, lease and concession of federal public assets to the prior approval of a new National Public Assets Management Commission. The bill, presented last week by Lagos lawmakers Ademorin Kuye and Lanre Okunlola, would also provide for the registration of these assets in a national database, Sunday PUNCH reports.
The bill would cover the properties of federal ministries, departments and agencies, as well as those of public companies. Institutions would have to declare debts and other rights attached to their assets, while the commission could require complete inventories, inspect premises and records, and issue binding directives in cases of non-compliance.
The commission would not sell public assets directly. Transactions would remain the responsibility of the institutions that hold them, but under the supervision of and with the prior authorisation of the new body. Its rules would take precedence in the event of a conflict over internal instructions and certain provisions applicable to specialised bodies, including the Bureau of Public Enterprises and the Nigeria Sovereign Investment Authority.
