The Independent Corrupt Practices and Other Related Offences Commission has said the recovery and disposal of assets linked to criminal activities will help deter offenders and strengthen the Federal Government’s efforts to combat crime.
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The Acting Director of the Proceeds of Crime and Management Directorate of the ICPC, Mr George Lawal, stated this on Monday in Abuja while assessing the public auction of forfeited assets conducted by the National Drug Law Enforcement Agency.
Lawal, who witnessed the bid-opening exercise, described the process as open, transparent and consistent with the objectives of the Proceeds of Crime (Recovery and Management) Act, 2022.
According to him, all bids submitted for the forfeited assets were securely kept and opened in the presence of stakeholders, while successful bidders emerged based on the highest responsive bids that met the approved reserve prices.
“The process was very open and quite transparent. The bids were kept in a secured box and opened in our presence.
“All bids were announced before the successful bidders were eventually declared based on the highest responsive bids that met the approved reserve prices,” he said.
Lawal congratulated the successful bidders and encouraged those who did not win to participate in future exercises.
He said the disposal of assets derived from criminal activities was in line with the purpose of the Proceeds of Crime Act, which seeks to deprive criminals of the benefits of unlawful conduct.
According to him, forfeiture and disposal of proceeds of crime remain critical tools for discouraging criminality and ensuring that offenders do not continue to profit from illegal activities.
“The purpose of the law is to deprive criminals of the proceeds of crime, and this will certainly serve as a deterrent.
“Going forward, all assets identified as proceeds of crime, as well as properties used as instrumentalities of crime, should be recovered and disposed of by the government for the benefit of the people,” he said.
Lawal expressed confidence that sustained implementation of asset recovery measures would contribute significantly to reducing criminal activities across the country.
He noted that when criminals are prevented from enjoying the gains of their unlawful actions, society and government are better protected.
“Most certainly, this will help in addressing crime because once criminals do not get away with the proceeds of crime, society and government will be the better for it,” he added.
The ICPC official reaffirmed the commission’s support for transparent asset recovery and disposal processes aimed at promoting accountability, strengthening the rule of law and safeguarding public resources.
Also speaking, the Director of Proceeds of Crime Management at the NDLEA, Assistant Commandant General of Narcotics Obiageri Iwuchukwu, said the auction was conducted in accordance with the Proceeds of Crime Act and other applicable guidelines governing the disposal of recovered assets.
Iwuchukwu appreciated the Chairman of the NDLEA, Brig.-Gen. Buba Marwa (rtd), for the confidence reposed in her to serve as Director of Proceeds of Crime Management.
She also commended bidders, observers, invited guests and members of staff for their participation, describing their involvement as vital to the success of the exercise.
According to her, stakeholder engagement remains critical to strengthening transparency and accountability in the management and disposal of assets recovered from criminal activities.
Iwuchukwu reaffirmed the commitment of the Directorate of Proceeds of Crime Management to advancing the NDLEA’s mandate through effective asset recovery and management.
She expressed optimism that continued collaboration with stakeholders would ensure that proceeds of crime are recovered, managed and disposed of in the public interest.
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