By George Ozalla
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has announced that it realised ₦1.87 billion from the disposal of forfeited assets in 2024, the highest amount generated since the establishment of the commission.
According to the ICPC, the proceeds were derived from the disposal of perishable and scrapped assets worth about ₦3.97 million, an “off-cycle” disposal of three assets valued at ₦975 million, and an “on-cycle” disposal of 20 assets amounting to ₦890 million.
Out of the 23 assets auctioned in 2024, 10 were sold in December, while seven remained unsold because the bids fell below the approved threshold. Six others could not be disposed of due to legal, security, or encroachment issues. Four of these unsold assets will be carried over into the 2025 disposal programme.
The ICPC explained that the disposals were conducted under the Proceeds of Crime (Recovery and Management) Act 2022, which empowers the commission to recover, manage, and dispose of assets derived from illicit activities.
Chairman of the ICPC, Musa Aliyu, described asset recovery as a vital mechanism for restoring public resources to their rightful use. He noted that the involvement of observers from the Bureau of Public Procurement, Nigeria Labour Congress, and the Centre for Fiscal Transparency and Public Integrity helped to ensure fairness and transparency throughout the process.
The commission also disclosed plans to dispose of 30 assets in 2025, including four carried over from 2024. These will consist of twelve immovable assets, three movable assets, and eleven batches of perishable assets newly enrolled for disposal.
