ABUJA, Nigeria (VOICE OF NAIJA)-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 fight against crime in the country.
The Acting Director of the Proceeds of Crime and Management Directorate of the ICPC, George Lawal, stated this on Monday in Abuja while monitoring the public auction of forfeited assets conducted by the National Drug Law Enforcement Agency.
Lawal, who observed the opening of bids, described the exercise as transparent and in line with the provisions of the Proceeds of Crime (Recovery and Management) Act.
According to him, all bids submitted for the forfeited assets were securely stored and opened in the presence of stakeholders, with successful bidders emerging based on compliance with approved reserve prices.
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“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 the successful bidders and encouraged unsuccessful participants to take part in future auctions.
Lawal noted that the disposal of assets derived from criminal activities aligns with the objectives of the Proceeds of Crime Act, which seeks to prevent criminals from benefiting from unlawful conduct.
He said asset forfeiture and disposal remain vital tools in discouraging crime and ensuring that offenders do not retain the gains of 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 consistent implementation of asset recovery measures would contribute to reducing criminal activities nationwide.
He added that preventing offenders from enjoying the proceeds of crime would ultimately benefit both society and government.
“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.
The ICPC official reaffirmed the commission’s commitment to transparent asset recovery and disposal processes aimed at promoting accountability, strengthening the rule of law and protecting public resources.
Also speaking, the Director of Proceeds of Crime Management at the NDLEA, Assistant Commandant General of Narcotics Obiageri Iwuchukwu, said the exercise was conducted in accordance with the Proceeds of Crime (Recovery and Management) Act, 2022, and other applicable guidelines governing the disposal of recovered assets.
Iwuchukwu thanked the Chairman of the NDLEA, retired Brigadier General Buba Marwa, for the confidence reposed in her appointment as Director of Proceeds of Crime Management.
She also appreciated bidders, observers, invited guests and members of staff for their contributions to the success of the exercise.
“Stakeholders engagement remains critical to strengthening transparency and accountability in the management and disposal of assets recovered from criminal activities” she said.
Iwuchukwu reiterated 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 about continued collaboration with stakeholders in future exercises aimed at ensuring that proceeds of crime are recovered and managed in the public interest.