The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has endorsed the public disposal of assets recovered from criminal activities, describing the practice as a powerful strategy for discouraging crime and ensuring that illicit gains are returned for public benefit.
The position was made known on Monday in Abuja by the Acting Director of the Proceeds of Crime and Management Directorate of the ICPC, Mr. George Lawal, during the opening of bids for forfeited assets auctioned by the National Drug Law Enforcement Agency (NDLEA).
Lawal, who monitored the exercise, praised the conduct of the auction, saying the process complied with the provisions of the Proceeds of Crime (Recovery and Management) Act and reflected a high level of transparency.
According to him, every stage of the exercise was conducted openly, with bids securely stored and publicly opened before stakeholders.
“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.
He congratulated successful participants while encouraging those who did not secure assets to remain engaged in future auctions.
Lawal stressed that the recovery and disposal of assets connected to unlawful activities are central objectives of the Proceeds of Crime Act, noting that the legislation was designed to prevent criminals from enjoying the rewards of illegal conduct.
He maintained that taking away such assets sends a strong message to offenders and reduces the attractiveness of criminal enterprise.
“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.
The ICPC official expressed confidence that consistent enforcement of asset recovery laws would strengthen national efforts to combat crime and improve public confidence in the justice system.
He argued that criminal behaviour becomes less appealing when offenders are prevented from benefiting financially from their actions.
“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 said.
Lawal reiterated the commission’s commitment to supporting transparent mechanisms for recovering and managing assets linked to criminal activity, adding that accountability and adherence to the rule of law remain critical in the fight against corruption and organised crime.
Also speaking at the event, the Director of Proceeds of Crime Management of the NDLEA, Assistant Commandant General of Narcotics (ACGN) Obiageri Iwuchukwu, said the auction was carried out strictly in line with statutory requirements.
She explained that the disposal process was guided by the Proceeds of Crime (Recovery and Management) Act, 2022, alongside other relevant regulations governing recovered assets.
Iwuchukwu thanked NDLEA Chairman, retired Brigadier-General Buba Marwa, for entrusting her with the responsibility of overseeing the directorate and acknowledged the contributions of participants and stakeholders to the exercise.
She noted that the support of bidders, observers, invited guests and agency personnel contributed significantly to the smooth conduct of the auction.
“Stakeholders engagement remains critical to strengthening transparency and accountability in the management and disposal of assets recovered from criminal activities” she said.
The NDLEA director reaffirmed the agency’s determination to ensure that assets recovered from criminal enterprises are effectively managed and deployed in ways that serve the public interest.
She also expressed optimism that continued collaboration among government agencies, civil society and other stakeholders would further strengthen future asset recovery and disposal exercises across the country.
(Ripples)
