ICPC Realises N1.86bn From Forfeited Asset Auction

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

ICPC spokesperson, Demola Bakare, in a statement, said the achievement was announced during the 2025 meeting of the Asset Disposal Committee, following a report presented by the Proceeds of Crime Department (POCD) and it is the highest amount recorded since the commission’s establishment.

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 off assets derived from illicit activities.

According to the report, “out of the 23 assets disposed of in 2024, ten 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 remaining six assets were affected by legal, security, or encroachment challenges. Four unsold assets have been rolled over 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 include four rolled-over assets from 2024; 12 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; three off-cycle disposal sales valued at N975,000,000.00, while 20 on-cycle disposal sales is valued at N890,000,000.00.”

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

“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,” Dr. Aliyu noted.

Dr. 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.

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