The Independent Corrupt Practices and Other Related Offences Commission (ICPC) achieved a historic milestone in 2024, generating ₦1.86 billion from the auction of forfeited assets — the highest amount since the agency’s inception.
According to a statement by the ICPC spokesperson, Demola Bakare, the figure was disclosed during the 2025 meeting of the Asset Disposal Committee.
The report, presented by the Proceeds of Crime Department (POCD), was reviewed under the supervision of ICPC Chairman, Dr. Musa Aliyu, who emphasized the Commission’s commitment to transparency and accountability in managing recovered assets.
The News Chronicle learnt that out of 23 forfeited assets listed in 2024, ten were successfully auctioned, while seven could not be sold because bidders failed to meet the minimum acceptable price.
The remaining six assets were caught up in legal or security complications, with four rolled over into the 2025 disposal exercise. For the current year, the committee is set to auction 30 movable and immovable assets, including properties and perishable goods.
A detailed breakdown of the 2024 revenue shows that ₦3.97 million came from perishable and scrapped items, while three off-cycle disposals generated ₦975 million. Another ₦890 million was realized from 20 on-cycle disposals, bringing total proceeds to ₦1.86 billion.
Dr. Aliyu described asset recovery and disposal as key strategies in Nigeria’s anti-corruption efforts. He noted that the initiative ensures stolen wealth is redirected toward public benefit while deterring future acts of corruption.
Observers from the Bureau of Public Procurement, Nigeria Labour Congress, Nigeria Union of Journalists, Accountability Lab, and the Centre for Fiscal Transparency and Public Integrity attended the 2025 session — an indication of ICPC’s drive for public trust and openness.
The Commission reaffirmed its resolve to strengthen asset recovery and ensure that all forfeited resources are transparently managed to advance national development.
