The recent announcement by the Federal government that it has commenced the process of disposing final forfeited assets currently situated in 25 locations across the country is a reminder, once again, that Nigeria remains a reference point in corruption by depraved leaders, who engaged in willful despoliation of the national patrimony. But the opaque circumstances surrounding the forfeited assets make it incumbent on the government to be transparent in fully disclosing its liquidation: who is buying which assets and at what price. It is cheering that the illegally acquired assets from stolen public funds have been returned to the Nigerian people, but the government owes a corresponding duty to account fully for the proceeds of the sale. Nigerians deserve to know how the government will utilize the money. On what projects will it be spent? Nevertheless, it is better to put an end to leadership impunity by waging a relentless war against corruption, instead of managing unintended consequences such as forfeited assets. That is arguably the weakest link in Nigeria’s search for sustainable democracy and development.
The chairman of the Inter ministerial committee on the disposal of forfeited assets and Solicitor-General of the Federation, Dayo Apata (SAN), who made the announcement in Abuja, stated that the committee had collated and was still updating the list of all forfeited assets. While Apata did not give details of the locations, he explained that the team would embark on an on-site verification and auditing of the assets to confirm their existence and current state. According to him, the forfeited assets included landed properties, plants, machinery, motor vehicles, electronics, furniture, water vessels, jewelry, ornaments and clothing materials.
Apata, however, emphasized that assets been disposed were those that had been finally fortified to the government. Apata said the committee is working assiduously to complete its assignment within the six-month time frame as spelt out in the presidential directive. He said the panel would ensure government receives adequate value for forfeited assets while also ensuring that assets are not misappropriated. The Solicitor-General said the panel would publish the list of assets and engage valuers and auctioneers as part of the process in the disposal of assets forfeited to the government. “Interested persons/firms are encouraged to look out for the publication and make submissions in the required format and within the specified timelines,” Apata said.
It is worth-recalling that last year, the Minister of Justice and Attorney-General of the Federation, Abubakar Malami (SAN) inaugurated a 22 member committee with a six month mandate to sell off all assets forfeited to the federal government. The minister while inaugurating the committee said the initiative was borne out of the president’s directive in October 2018 following recommendations of the Presidential Audit Committee on Recovery and Management of Stolen Assets and a need for efficient management of the assets.
Members of the committee include representatives of the Office of the Chief of Staff to the President; Federal Ministry of Justice; Federal Ministry of Finance; Federal Ministry of Works and Housing, Auditor-General of the Federation, Economic and Financial Crimes Commission, Independent Corrupt Practices (and other related offences) Commission, representatives of the Nigerian Army, Nigerian Navy, Nigeria Police, Nigeria Security Civil Defence Corps, Department of State Security, Nigerian Maritime Administration and Safety Agency, National Drug Law Enforcement Agency, Department of Petroleum Resources, National Oil Spillage, Detection and Response Agency, Bureau of Public Procurement, and Civil Society Organizations. Others are youth representatives, the media, and other industries included by the Attorney General of the Federation.
In the latest shenanigan, the legislators are desperate to suborn the Management of the National Assembly to make away for themselves public property, namely 360 units of Peugeot 407 cars and 109 units of Toyota Camry cars. These vehicles were purchased in 2008 under a curious argument that legislators should be provided a car, each, to enable them undertake committee work whereas it was rather widely canvassed that the critical requirement was a vehicle that would conveniently accommodate a typical committee of 10 adults or so.
The spectacle of a committee of 22 members with emoluments and allowances, arriving at some destination for a committee assignment bankrolled by the public treasury compellingly points to the folly that these individuals might be hiding behind a group function to seek personal gain. For the importance it bears, it is not too early days for Nigerians to keep an eye and ear on how this is resolved because it is an opportunity that may signpost the coming days. Indeed it amounts to a back-handed tribute to their curmudgeonly behavior to permit the committee further looting of the commonwealth under the guise of liquidating forfeited assets.
Such irony is not so far-fetched given the bloated composition of the committee and the manner in which it has so far conducted its business. Nigerians are continually numbed by the perfidy of the entire process and suspicions are rife that the sale of the forfeited assets risks becoming serial scandals each stunning in its brazenness, surpassing the original illicit-acquisition in the embarrassment to the citizens of this nation and the effete anti-corruption agencies. In other words, what are the guarantees that third parties and fifth columnists connected to the committee will not show up shamelessly huffing and puffing to take away assets that are now public property, at arguably give-away prices.
There are certain principles offended by this utterly mercantilist attitude. Firstly, there is no indication that due diligence will be conducted on the potential buyers as the committee members seem too gleefully uninterested to consider potential risks of insider-trading and conflict of interests, as it relates to the process itself. Secondly, whatever depreciation policy adopted by the committee to evaluate these assets should bear resemblance to the reasonable application of that same depreciation convention by both public and private property accountants in Nigeria. We are well certain that the implied rate in this discussion is exorbitant and smacks too much of a sweetheart deal.
Thirdly, if we shake off the shameful antics orchestrated by the solicitor-general and then declare that the forfeited assets should be boarded this very time, the disposal process must be very much in tune with the vaunted principles of transparency and accountability. An auction is called for. We call for a bid process embedded with a credible reserve price that allows every interested Nigerian to take part in the sale and purchase of the assets. It is not long ago when public houses were subjected to the same model of sale and purchase.
It is our view that the licentious mind-set of the committee has affected their impartiality; and with nothing to prevent them from overstepping beyond their writ to sell public properties for individual gains, the exercise will amount to a classic Robin hood-like robbing Peter to pay Paul. This notion of personal gain is repulsive; it is against the grain and canons of the oath subscribed to by every public office holder in this country. The lack of decorum and propensity to grab money, privileges and now property reflects in the abysmal stampede by public office holders to abuse their offices for personal gain! Nigeria needs revolution in its fight against corruption. Urgently; and the journey should begin with wisdom in private thought and public action.
