The Independent Corrupt Practices and Other Related Offenses Commission (ICPC) has announced that it generated N1.86 billion from the sale of forfeited assets in 2024.
This amount is reportedly the highest recorded since the commission’s establishment.
In a statement by the spokesperson of the ICPC, Demola Bakare, on Wednesday said the amount was announced during the 2025 meeting of the asset disposal committee, following a report presented by the Proceeds of Crime Department, POCD.
Bakare stated that the report shows that 10 out of the 23 assets disposed of in 2024 were successfully auctioned in December of that year.
The spokesperson explained that seven could not be sold due to low bids that fell below the approved threshold or forced-sale value.
According to him, the remaining six assets were affected by legal, security, or encroachment challenges, adding that four unsold assets have been rolled over into the 2025 disposal program.
“For the 2025 exercise, the Committee has presented 30 movable and immovable assets for disposal.
“These include four (4) rolled-over assets from 2024, twelve (12) immovable assets, three (3) movable assets, and eleven (11) batches of perishable assets newly enrolled for auction.
“A breakdown of the amount of money realized from the disposal revealed that perishable/scrapped assets stood at N3,969,400.00, off-cycle disposal sales (3 No. assets) were valued at N975,000,000.00, while on-cycle disposal sales (20 No. assets) are valued at N890,000,000.00,” the statement read.