Disposal of Seized Assets Essential to Deterring Criminality, Says Anti-Graft Agency

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has emphasized that public auctions and the systematic disposal of assets linked to illicit activities are critical to dismantling criminal networks and deterring future offenders.

Speaking on Monday in Abuja, Mr. George Lawal, the Acting Director of the Proceeds of Crime and Management Directorate at the ICPC, highlighted that depriving criminals of their ill-gotten gains remains one of the government’s most effective strategies for combating crime. Lawal made the remarks during an assessment of a public auction of forfeited assets organized by the National Drug Law Enforcement Agency (NDLEA).

Lawal described the bid-opening exercise as open, secure, and fully aligned with the statutory provisions of the Proceeds of Crime (Recovery and Management) Act. He noted that all submitted bids were kept in secure boxes and opened transparently before key observers, with winning slots awarded solely to the highest responsive bidders meeting the government’s pre-approved reserve prices.

“The core intent of the law is to strip criminals of the benefits of their unlawful conduct, which serves as a massive deterrent,” Lawal said. “Moving forward, any assets identified as proceeds of crime, alongside tools used to perpetrate these offenses, must be consistently recovered and liquidated by the government for the benefit of the public.”

Corroborating his stance, the NDLEA’s Director of Proceeds of Crime Management, Assistant Commandant General of Narcotics Obiageri Iwuchukwu, confirmed that the auction strictly adhered to the Proceeds of Crime Act of 2022 and standard regulatory guidelines.

Iwuchukwu stressed that continuous stakeholder engagement and absolute transparency are vital to maintaining public trust during the asset liquidation process, reaffirming her agency’s commitment to managing recovered wealth in the interest of the public.