ICPC Realises N1.86bn From Forfeited Asset Auction

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has realised a full of ₦1,868,969,400.00 from the auction of 23 forfeited assets successful 2024.

ICPC spokesperson, Demola Bakare, successful a statement, said the accomplishment was announced during the 2025 gathering of the Asset Disposal Committee, pursuing a study presented by the Proceeds of Crime Department (POCD) and it is the highest magnitude recorded since the commission’s establishment.

The workout was carried retired successful enactment with the Proceeds of Crime (Recovery and Management) Act (POCA) 2022, which empowers the committee to recover, manage, and dispose disconnected assets derived from illicit activities.

According to the report, “out of the 23 assets disposed of successful 2024, 10 were successfully auctioned successful December 2024, portion 7 could not beryllium sold owed to debased bids that fell beneath the approved threshold oregon forced-sale value.

“The remaining six assets were affected by legal, security, oregon encroachment challenges. Four unsold assets person been rolled implicit into the 2025 disposal programme.”

The ICPC further noted that, “For the 2025 exercise, the committee has presented 30 movable and immovable assets for disposal. These see 4 rolled-over assets from 2024; 12 immovable assets, 3 movable assets, and eleven batches of perishable assets recently enrolled for auction.

“A breakdown of the magnitude of wealth realized from the disposal revealed that perishable/ scrapped assets stood astatine N3,969,400.00; 3 off-cycle disposal income valued astatine N975,000,000.00, portion 20 on-cycle disposal income is valued astatine N890,000,000.00.”

Meanwhile, the ICPC chairman, Dr. Musa Adamu Aliyu, has commended the Proceeds of Crime Department for its effectual implementation of the commission’s mandate and emphasised that depriving the corrupt of their illicit gains remains 1 of the astir potent strategies successful combating corruption.

“The value of plus betterment successful the combat against corruption cannot beryllium overstated. It serves arsenic a captious mechanics for restoring nationalist resources to their rightful use,” Dr. Aliyu noted.

Dr. Aliyu further explained that civilian forfeiture provides a faster, cheaper, and much transparent means of recovering stolen assets, portion the conversion of confiscated assets into nationalist worth enhances nationalist economical maturation and rebuilds nationalist assurance successful the anti-corruption process.

He reiterated that plus disposal is simply a captious facet of ICPC’s responsibilities nether POCA 2022 and different enabling laws, aimed astatine promoting transparency, accountability, and worth optimisation successful the conversion of forfeited assets into proceeds that payment some victims of corruption and the Nigerian public.