ICPC Generates Record ₦1.86 Billion from 2024 Asset Disposal

ICPC Generates Record ₦1.86 Billion from 2024 Asset Disposal

By Ade Ade

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has announced that it realized a record ₦1.86 billion from the disposal of forfeited assets in 2024 — the highest amount generated since the Commission’s inception.

A statement by the ICPC Director, Public Enlightenment and Education/Spokesperson, Demola Bakare stated that the milestone was disclosed at the 2025 meeting of the Asset Disposal Committee, following a report presented by the Commission’s Proceeds of Crime Department (POCD).

According to the report, a total of 23 assets were listed for disposal in 2024. Of these, 10 were successfully auctioned in December, yielding ₦1,868,969,400. Seven assets could not be sold due to bids falling below the approved threshold, while six others were affected by legal, security, or encroachment issues. Four unsold assets have been rolled over into the 2025 disposal exercise.

For 2025, the Committee has presented 30 movable and immovable assets for auction, including four rolled-over assets, twelve immovable assets, three movable assets, and eleven batches of perishable assets.

A breakdown of the 2024 proceeds showed ₦3.97 million generated from perishable and scrapped assets, ₦975 million from three off-cycle disposals, and ₦890 million from 20 on-cycle sales.

ICPC Chairman, Dr. Musa Adamu Aliyu, SAN, commended the Proceeds of Crime Department for its effective execution of the Commission’s mandate. He emphasized that stripping the corrupt of their illicit wealth remains a key strategy in the anti-corruption fight.

“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 stated.

He further explained that civil forfeiture offers a faster and more transparent means of recovering stolen assets, while converting them into public value contributes to national development and reinforces public trust in the anti-corruption 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) — in line with ICPC’s commitment to transparency and due process.

Dr. Aliyu praised the observers’ participation, noting that their involvement strengthens public confidence and ensures that the disposal process is carried out with integrity and fairness.