The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has announced that it realised N1.87 billion from the auction of 23 forfeited assets in 2024 — the highest amount since the Commission’s establishment.
ICPC spokesperson Demola Bakare disclosed this in a statement on Wednesday, following the 2025 meeting of the Asset Disposal Committee, where the report was presented by the Proceeds of Crime Department (POCD).
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“The exercise was conducted 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,” Mr Bakare said.
Breakdown of 2024 auctions
The statement said that out of the 23 assets, 10 were auctioned in December 2024, while seven could not be sold because the bids fell below the approved threshold or forced-sale value.
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Mr Bakare stated that another six assets were affected by legal, security, or encroachment issues, with four rolled over into the 2025 disposal programme.
For the 2025 exercise, he noted that the committee has proposed the disposal of 30 assets, including four rolled-over assets from 2024, twelve immovable assets, three movable assets, and eleven batches of perishable assets newly enrolled for auction.
A breakdown of the proceeds shows that perishable and scrapped assets generated about N3.97 million (N3,969,400), while off-cycle disposal sales involving three assets realised N975 million.
In addition, on-cycle disposal sales covering 20 assets brought in N890 million.
‘Restoring public resources’
Presiding over the meeting, ICPC chairman, Musa Aliyu, commended the department for effective implementation of the Commission’s mandate, describing asset recovery as a key strategy in the fight against corruption.
“The significance of asset recovery in combating corruption cannot be overstated. It serves as a vital mechanism for restoring public resources to their rightful use,” Mr Aliyu, who is a Senior Advocate of Nigeria, said.
He added that civil forfeiture offers a faster, cheaper, and more transparent means of recovering stolen assets, while converting confiscated assets into public value supports national growth and rebuilds confidence in anti-corruption efforts.
Transparency and oversight
Mr Aliyu reiterated that asset disposal is a core ICPC responsibility under POCA 2022 and other enabling laws, aimed at promoting transparency, accountability, and value optimisation in converting forfeited assets to public benefit.
In line with this, the 2025 Asset Disposal Committee meeting was observed by 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).
The ICPC chairperson said the participation of these observers reinforces public trust and ensures that the process is conducted with fairness, integrity, and transparency.
Why POCA
The POCA 2022, which underpins ICPC’s disposal operations, was enacted to unify Nigeria’s fragmented asset recovery framework.
Experts say it enhances transparency in how proceeds of crime are seized, managed, and auctioned.
However, analysts note gaps in implementation, including the absence of a central coordinating authority and overlapping agency roles that can slow recovery efforts.
ICPC began formal disposal exercises shortly after POCA came into force, setting up a 14-member Asset Disposal Committee in 2022 and appointing auctioneers through a public process.
Previous auctions were commended by observers for transparency and fairness.
Comparisons and national reforms
ICPC’s N1.87 billion milestone complements wider national efforts on asset recovery. In March, the Economic and Financial Crimes Commission (EFCC) reported recovering nearly $500 million in cash and assets — its largest in a single year.
Both agencies operate under POCA 2022, though the EFCC focuses on economic and financial crimes while ICPC targets corruption in public institutions.
In May 2025, Nigeria also launched a National Database for Forfeited Assets to improve coordination and transparency in recovered asset management. The initiative aligns with the country’s Open Government Partnership commitments and was unveiled during a High-Level Asset Recovery Summit.
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