ICPC records landmark ₦1.86 billion from 2024 asset disposal — highest since inception
Kola Oyelere Kano
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has achieved a major milestone in its asset disposal operations, realizing a total of ₦1,868,969,400.00 from the auction of 23 forfeited assets in 2024 — the highest amount recorded since the Commission’s establishment.
Presiding over the meeting, the ICPC Chairman, Dr. Musa Adamu Aliyu, SAN, 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.
According to him,” This
achievement was announced during the 2025 meeting of the Asset Disposal Committee, following a report presented by the Proceeds of Crime Department (POCD)”.
He noted that” 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”
According to the report, 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.
He added that ” The remaining six assets were affected by legal, security, or encroachment challenges. Four (4) unsold assets have been rolled over into the 2025 disposal programme.”
He however emphasised that” For
the 2025 exercise, the Committee has presented 30 movable and immovable assets for disposal. These include four (4) rolled-over assets from 2024, twelve (12) immovable assets, three (3) movable assets, and eleven (11) batches of perishable assets newly enrolled for auction.”
This was contained in a statement by the Director, Public Enlightenment and Education/
Spokesperson for the Commission,
Demola Bakare,a copy made available to press in Kano
The statement read: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.”
Presiding over the meeting, the ICPC Chairman, Dr. Musa Adamu Aliyu, SAN, 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.
“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 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 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).
Dr. Aliyu commended the presence of these observers, noting that their participation reinforces public trust and ensures that the asset disposal process is conducted with fairness, integrity, and full transparency.