Section 1: Investigation of assets of public officers

(1) For the purpose of ascertaining whether any public officer-
(a) has been engaged in corrupt practices or has corruptly enriched himself or any other person; or
(b) has by virtue of abuse of his office contributed to the economic adversity of the Federal Republic of Nigeria, or has in any other way been in breach of the Code of Conduct, the President may constitute a panel to conduct an investigation into any matter with which the officer has been concerned in the performance of his duties or to conduct an investigation into the assets of any such public officer.
(2) Any public officer who-
(a) has engaged in corrupt practices or has corruptly enriched himself or any other person;
(b) has by virtue of abuse of his office contributed to the economic adversity of the Federal Republic of Nigeria;
(c) has in any other way been in breach of the Code of Conduct; or
(d) has attempted, aided, counselled, procured or conspired with any person to commit any of the offences set out in this section, at any time after 30 September 1979 shall be guilty of an offence under this Act and upon conviction shall, apart from any other penalty prescribed by or pursuant to any other provision of this Act, forfeit the assets, whether movable or immovable property connected with the commission of the offence, to the Federal Government.
(3) A panel constituted under subsection (1) of this section-
(a) shall consist of such persons as the President may direct; and
(b) may, subject to any general or specific directions that may be given in that behalf by the President, regulate its own proceedings as it may deem fit.
(4) For the purposes of this section, "public officer" means any person who holds or has held any of the offices specified in Part II of the Fifth Schedule to the Constitution of the Federal Republic of Nigeria at any time after 30 September 1979.