The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has disclosed that it generated a record-breaking N1.86 billion from the sale of forfeited assets in 2024 — the highest amount since its creation.
The commission’s spokesperson, Demola Bakare, revealed this in a statement issued on Wednesday after the 2025 meeting of the Asset Disposal Committee, which was chaired by ICPC Chairman, Dr. Musa Aliyu (SAN).
According to the report presented by the Proceeds of Crime Department (POCD), the 2024 asset disposal exercise involved 23 assets, out of which 10 were successfully auctioned in December 2024, generating the bulk of the proceeds.
Bakare explained that seven assets could not be sold due to bids falling below approved thresholds or forced-sale values, while six others were affected by legal, security, and encroachment issues. He added that four unsold assets have now 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,” Bakare stated.
A financial breakdown from the 2024 exercise showed that perishable and scrapped assets yielded N3.9 million, off-cycle sales from three assets brought in N975 million, while on-cycle sales from 20 assets generated N890 million.
Speaking at the meeting, Dr. Aliyu described the recovery and disposal of illicitly acquired assets as one of the most effective tools in the fight against corruption.
“Depriving corrupt individuals of their illicit wealth is key to discouraging corruption and restoring confidence in public institutions,” he said.
“Asset recovery and disposal promote transparency, accountability, and value optimization — ensuring that proceeds from crime are returned to benefit both victims of corruption and the Nigerian public.”
The meeting was attended by observers from key accountability and governance institutions, including the Bureau of Public Procurement (BPP), the Nigeria Labour Congress (NLC), the Nigeria Union of Journalists (NUJ), the Accountability Lab, and the Centre for Fiscal Transparency and Public Integrity (CeFTPI).
The ICPC has in recent years intensified efforts to trace, seize, and auction properties acquired through corrupt practices, in line with the Proceeds of Crime (Recovery and Management) Act, 2022 — a legislation designed to strengthen transparency in asset recovery and management across Nigeria.
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