The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has recorded a landmark achievement in its asset disposal operations, generating ₦1,868,969,400.00 from the auction of 23 forfeited assets in 2024 — the highest since the Commission’s establishment.
This 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 ICPC to recover, manage, and dispose of assets derived from illicit activities.
According to the report, out of the 23 assets disposed of in 2024, 10 were successfully auctioned in December, 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 of the unsold assets have been rolled over into the 2025 disposal programme.
For 2025, the Committee has presented 30 movable and immovable assets for disposal — including 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 2024 proceeds showed ₦3,969,400.00 realized from perishable/scrapped assets, ₦975,000,000.00 from off-cycle disposals (three assets), and ₦890,000,000.00 from on-cycle disposals (20 assets).
Presiding over the meeting, ICPC Chairman, Dr. Musa Adamu Aliyu, SAN, commended the Proceeds of Crime Department for its diligent execution of the Commission’s mandate, emphasizing that depriving the corrupt of their illicit wealth remains a crucial tool in the anti-corruption war.
He further noted that civil forfeiture offers a faster, cheaper, and more transparent means of recovering stolen assets, while converting confiscated assets into public value contributes to national economic growth and restores confidence in the anti-corruption process.
Dr. Aliyu reiterated that asset disposal remains a key component of ICPC’s responsibilities under POCA 2022 and other enabling laws — promoting transparency, accountability, and value optimization in the conversion of forfeited assets into proceeds that benefit both victims of corruption and the Nigerian public.
In line with ICPC’s commitment to openness and due process, the 2025 Asset Disposal Committee meeting was observed by representatives of 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).
Dr. Aliyu applauded the presence of these observers, noting that their participation strengthens public trust and ensures that the disposal process is conducted with fairness, integrity, and transparency.
Signed:
Demola Bakare, fsi
Director, Public Enlightenment and Education /
Spokesperson for the Commission