The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has announced a record ₦1.86 billion recovery from the disposal of forfeited assets in 2024, the highest sum ever recorded since the Commission was established.
The disclosure was made at the 2025 meeting of the Asset Disposal Committee in Abuja, following the presentation of a report by the Commission’s Proceeds of Crime Department (POCD).
According to the report, ICPC realised ₦1,868,969,400 from the auction of 23 forfeited assets conducted in accordance with the Proceeds of Crime (Recovery and Management) Act (POCA) 2022, which empowers the Commission to recover, manage, and dispose of assets acquired through illicit means.
Out of the 23 assets, 10 were successfully auctioned in December 2024, while seven could not be sold because the bids fell below approved thresholds.
The remaining six assets were affected by legal, security, or encroachment challenges. Four of the unsold assets have been rolled over into the Commission’s 2025 disposal programme.
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A breakdown of the proceeds revealed that perishable and scrapped assets generated ₦3.97 million; off-cycle disposal sales (three assets) accounted for ₦975 million, while on-cycle disposal sales (20 assets) yielded ₦890 million.
For the 2025 fiscal year, the ICPC Asset Disposal Committee has earmarked 30 movable and immovable assets for sale. These include four rolled-over assets from 2024, twelve immovable assets, three movable assets, and eleven batches of perishable assets newly enrolled for auction.
Officials say the disposal exercise will continue to adhere strictly to the principles of transparency and accountability under POCA 2022, ensuring fair market valuation and full compliance with due process.
ICPC Chairman, Dr Musa Adamu Aliyu, SAN, commended the Proceeds of Crime Department for its diligence and professionalism in implementing the Commission’s asset recovery mandate.
“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 that civil forfeiture offers a faster, cheaper, and more transparent approach to recovering stolen public assets, while the conversion of confiscated property into public value strengthens economic growth and public trust in government institutions.
He stressed that asset disposal remains one of ICPC’s most effective tools under POCA 2022, not only in stripping corrupt individuals of their illicit wealth but also in converting recovered assets into resources that benefit citizens and victims of corruption.
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Reinforcing its commitment to openness, 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 said the presence of these observers ensures that the entire process remains transparent and credible.
“Their participation reinforces public confidence that our operations are fair, accountable, and conducted in the best interest of Nigerians,” he said.
The Proceeds of Crime (Recovery and Management) Act 2022 empowers anti-graft agencies to recover and manage assets derived from crime, ensuring that proceeds from such assets are paid into the Federal Government’s consolidated account for public benefit.
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Since the law took effect, ICPC has strengthened its asset management framework to ensure all forfeited assets are promptly valued, sold, and converted into public funds through due process.
The Commission’s ₦1.86 billion recovery in 2024 not only marks a historic performance milestone but also highlights the growing efficiency of Nigeria’s anti-corruption system in turning confiscated wealth into national value.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
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