ICPC begins disposal of forfeited assets in accordance with POCA

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

The spokesperson for ICPC, Mrs Azuka Ogugua disclosed this in a statement issued in Abuja on Sunday.

According to her, the process is in line with the Proceeds of Crime Recovery and Management Act (POCA), signed into law by President Muhammadu Buhari on May 12, with a bid opening to select auctioneers.

Ogugua quoted the ICPC Chairman, Prof. Bolaji Owasanoye as hailing the impact of the bill on the anti-corruption war, describing it as a tool ensuring clarity of purpose to asset recovery and management.

Owasanoye noted that the unregulated structure surrounding forfeited assets had often led to huge revenue losses, which ultimately defeated the purpose of recovery.

He further stated that POCA was introduced as a standardised procedure for managing and disposing of forfeited assets.

The ICPC chairman added that it had also set up a governing directorate and ensured that all processes were deliberated upon and executed by professionals who were experts in relevant fields.

This, he said, had promoted transparency and prioritised corruption prevention.

Owasanoye also highlighted the fact that each agency that recovered assets was responsible for the disposal of the forfeited assets, adding that the process was tamper-proof.

“As instructed, all proceeds would be lodged in a dedicated account domiciled in the Central Bank of Nigeria (CBN) and accessible only at the discretion of the National Assembly and the President of the Federal Republic of Nigeria.

“Whatever is gotten at the end of this exercise, there is a dedicated account under the watchful eyes of CBN.

“Nobody has the power to transfer or move anything out of that account, except the National Assembly and the President,” he said.

Speaking on the bill, the ICPC boss said that the commission had an asset recovery and management manual which provided the guidelines for ensuring that all processes were governed and controlled.

He also pointed out that the commission had, in line with POCA, set up a committee comprising board members, directors, representatives of labour, civil society organisations, the media and the Bureau of Public Procurement, to administer the bid process.

Owasanoye expressed delight that the commission was among the first to carry out an auction based on POCA and suggested that the success of the process would ultimately encourage other agencies to follow suit.

The statement added that the bid opening process began with the opening and counting of submitted bids, based on the lots which had been publicly advertised and subjected to stringent terms and conditions.

ICPC begins disposal of forfeited assets in accordance with POCA