ICPC records landmark N1.86bn from 2024 asset disposal

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) on Wednesday announced that it achieved a major milestone in its asset disposal operations, realising a total sum of ₦1,868,969,400.00 from the auction of 23 forfeited assets in 2024.

The anti-graft agency stated that this was the highest amount recorded since its establishment.

This achievement was disclosed during the 2025 meeting of the Asset Disposal Committee, following a report presented by the Proceeds of Crime Department (POCD).

The exercise was conducted in accordance with the Proceeds of Crime (Recovery and Management) Act (POCA) 2022, which empowers the Commission to recover, manage, and dispose of assets derived from illicit activities.

According to the POCD report, out of the 23 assets disposed of in 2024, 10 were successfully auctioned last December, while seven could not be sold due to low bids that fell below the approved threshold or forced-sale value.

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The remaining six assets, according to ICPC’s Director of Public Enlightenment and Education, and Commission Spokesperson, Demola Bakare, were affected by legal, security, or encroachment challenges.

He added that four unsold assets have been rolled over into the 2025 disposal programme.

Bakare further explained that for the 2025 exercise, the Committee has presented 30 movable and immovable assets for disposal, including four rolled-over assets from 2024 — comprising 12 immovable assets, three movable assets, and 11 batches of perishable assets newly listed for auction.

Giving a breakdown of the revenue realised from the disposal, the Commission’s spokesperson revealed that perishable and scrapped assets accounted for ₦3,969,400.00; off-cycle disposal sales (three assets) totalled ₦975,000,000.00; while on-cycle disposal sales (20 assets) amounted to ₦890,000,000.00.

Meanwhile, ICPC Chairman, Dr. Musa Adamu Aliyu (SAN), who presided over the Asset Disposal Committee meeting, commended the Proceeds of Crime Department for effectively implementing the Commission’s mandate. He emphasised that depriving corrupt individuals of their illicit gains remains one of the most potent strategies in combating corruption.

According to Dr. Aliyu, asset recovery is not only vital in the fight against corruption but also serves as a mechanism for restoring public resources to their rightful use.

“The significance of asset recovery in the fight against corruption cannot be overstated. It serves as a vital mechanism for restoring public resources to their rightful use,” Aliyu was quoted as saying.

The chairman further explained that civil forfeiture provides a faster, cheaper, and more transparent means of recovering stolen assets, while converting confiscated assets into public value contributes to national economic growth and rebuilds public confidence in the anti-corruption process.

He reiterated that asset disposal is a critical component of ICPC’s responsibilities under POCA 2022 and other enabling laws, aimed at promoting transparency, accountability, and value optimisation in converting forfeited assets into proceeds that benefit both victims of corruption and the Nigerian public.

Bakare added that, in line with ICPC’s commitment to transparency and due process, the 2025 Asset Disposal Committee meeting was observed by independent representatives from the Bureau of Public Procurement (BPP), Nigeria Labour Congress (NLC), Nigeria Union of Journalists (NUJ), Accountability Lab, and the Centre for Fiscal Transparency and Public Integrity (CeFTPI).

He noted that the ICPC Chairman commended the presence of these observers, stressing that their participation reinforces public trust and ensures that the asset disposal process is conducted with fairness, integrity, and full transparency.

NIGERIAN TRIBUNE