POCA: ICPC Begins Disposal of Forfeited Assets

Cat:

Related stories

Ranked: Top 15 Countries by Military Budgets in 2025

Key Takeaways The U.S. military budget in 2025 ($962 billion) remains...

Charted: Ukraine Is Russia’s Third Deadliest War

Key Takeaways The full-scale invasion of Ukraine has become...

US government warns: Green Cards and Visas will be revoked if …

The US Citizenship and Immigration Services (USCIS) has issued...

Ganduje’s Resignation: APC Govs React, Say Move Part Of Internal Evolution

By Kolawole Ojebisiø The All Progressives Congress governors, under the...

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

Spokesperson for ICPC, Mrs Azuka Ogugua made this known in a statement issued in Abuja on Sunday.

She said this was 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 loses, which ultimately defeated the purpose of recovery.

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

“There were two lots available, with 58 and 54 bids respectively. Each box was meticulously processed, with records being taken for accepted, returned and withdrawn bids.

“The opening of technical bids was attended by ICPC board members, Dr Grace Chinda and Sen. Anthony Agbo, directors, staffers of relevant departments, bidders and external observers from Bureau of Public Procurement and a civil society organisation.

The News Agency of Nigeria (NAN) reports that the ICPC chairman was represented at the event by a board member of the commission, Dr Louis Mandama. (NAN)

Agency Report
Agency Report
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

NDN
Latest News
Ranked: Top 15 Countries by Military Budgets in 2025Charted: Ukraine Is Russia’s Third Deadliest WarUS government warns: Green Cards and Visas will be revoked if ...W'Bank Lists Nigeria, Ukraine, Mali, Libya, Others As Economies Where People Live On Less Than $3/DayGanduje's Resignation: APC Govs React, Say Move Part Of Internal EvolutionHow Nigeria Can Achieve Trillion-dollar Economy --- AfDB[Video] Jonathan Opens Up: How Yar'adua's Aide Withheld Handover Letter To Nat'l Assembly To Create ChaosGambari Mourns, Pays Heartfelt Tribute to Ex-Gov Cornelius Adebayo[Photos] Wike, Fubara, Amaewhule Reunite at Burial in Rivers, Signaling Peace After Tinubu’s MediationFLASH BACK: How Aminu Dantata, Dangote's Great Uncle, Wished For Death Almost 3 Years Ago[VIDEO] Wike, Fubara: Wike supporters mocking FubaraTrump’s Confusing Message About Iranian OilTrump says he’s terminating trade talks with Canada over tax on tech firmsList of Top 5 Countries That No Longer ExistMonday Okpebholo, Ifeanyi Uba's Seats: INEC Unveils Timetable for Bye-Elections as Voter Registration Resumes August 18
X whatsapp