Proceed of crimes: ICPC sells seized assets, rakes in N1.8bn

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) said it has sold some of the assets confirmed to be proceeds of crime, which it seized and subsequently forfeited to the federal government by the courts. The commission said it realised a total of N1,868,969,400.00 from the auction of 23 forfeited assets in 2024 […]

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) said it has sold some of the assets confirmed to be proceeds of crime, which it seized and subsequently forfeited to the federal government by the courts.

The commission said it realised a total of N1,868,969,400.00 from the auction of 23 forfeited assets in 2024 — the highest amount recorded since its establishment.

Demola Bakare, the spokesman of the commission, told journalists that the announcement was made during the 2025 meeting of the Asset Disposal Committee, following a report presented by the Proceeds of Crime Department (POCD).

According to him, the exercise was carried out in line 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.

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

The ICPC spokesman said the remaining six assets were affected by legal, security, or encroachment challenges, adding that four unsold assets have been rolled over into the 2025 disposal programme.

“For the 2025 exercise, the Committee has presented 30 movable and immovable assets for disposal. These include four rolled-over assets from 2024, twelve immovable assets, three movable assets and eleven batches of perishable assets newly enrolled for auction.

“A breakdown of the amount of money realized from the disposal revealed that perishable/ scrapped assets stood at N3,969,400.00, Off-cycle disposal sales (3 No. assets) valued at N975,000,000.00, while On-Cycle Disposal Sales (20 No. Assets) is valued at N890,000,000.00,” Bakare said.

Presiding over the meeting, the ICPC Chairman, Musa Aliyu, commended the Proceeds of Crime Department for its effective implementation of the Commission’s mandate and emphasized that depriving the corrupt of their illicit gains remains one of the most potent strategies in combating corruption.

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