ICPC begins disposal of forfeited assets

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) says it has commenced the process of disposal of assets forfeited to the Federal Government.

According to the commission, the move is in line with the Proceeds of Crime (Recovery and Management) Act (POCA), signed into law by President Muhammadu Buhari on the 12th of May, 2022.

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ICPC spokesperson, Azuka Ogugua, quoted the chairman of the commission, Bolaji Owasanoye, to have disclosed this on Friday.

She said the opening for bid to select auctioneers had begun with immediate effect.

Ogugua said the chairman of the commission, represented by a board member, Louis Mandama, hailed the impact of the bill on the anti-corruption war.

The anti-graft agency’s boss described the bill as a tool that brought clarity and purpose to the previously murky waters of asset recovery and management. 

“The unregulated structure surrounding forfeited assets often led to huge revenue losses which ultimately defeated the purpose of recovery.

“He further stated that the Proceeds of Crime Act introduced a standardized procedure for the management and disposal of forfeited assets, helped set up a governing directorate, and ensured that all processes were deliberated on and executed by professionals who were experts in relevant fields.

“Whatever is gotten at the end of this exercise, there is a dedicated account under the watchful eyes of the Central Bank of Nigeria in place already. Nobody has the powers to transfer or move anything out of that account only the National Assembly and the President”, Ogugua quoted the chairman to have said.