Asset forfeiture will deter crime, says ICPC

The Independent Corrupt Practices and Other Related Offences Commission, ICPC, says the disposal of assets linked to criminal activities will serve as a deterrent to offenders and strengthen the government’s efforts to combat crime.

George Lawal, Acting Director of the Proceeds of Crime and Management Directorate of the ICPC, stated this on Monday in Abuja while assessing the public auction of forfeited assets conducted by the National Drug Law Enforcement Agency, NDLEA.

Mr Lawal, who witnessed the bid-opening exercise, described the process as open, transparent and consistent with the objectives of the Proceeds of Crime (Recovery and Management) Act.

According to him, all bids submitted for the forfeited assets were securely kept and opened in the presence of stakeholders while the winning bidders emerged based on compliance with the approved reserve prices.

“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.

Mr Lawal congratulated the successful bidders and encouraged those who were unsuccessful to participate in future exercises.

He said the disposal of assets derived from criminal activities was in line with the intent of the Proceeds of Crime Act, which seeks to deprive criminals of the benefits of unlawful conduct.

According to him, the forfeiture and disposal of proceeds of crime remain critical tools for discouraging criminality and ensuring that offenders do not profit from 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.

Mr Lawal expressed confidence that sustained implementation of asset recovery measures would contribute significantly to reducing criminal activities across the country.

He noted that when criminals are prevented from enjoying the gains of their unlawful actions, the overall objective of crime prevention was strengthened.

“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 support for transparent asset recovery and disposal processes aimed at promoting accountability, strengthening the rule of law and safeguarding public resources.

In her remarks, The Director of Proceeds of Crime Management, DPCM, NDLEA, Assistant Commandant General of Narcotics,ACGN, Obiageri Iwuchukwu said the exercise was carried out in accordance with the provisions of the Proceeds of Crime (Recovery and Management) Act, 2022, as well as other applicable guidelines governing the disposal of recovered assets.

Mrs Iwuchukwu expressed appreciation to the NDLEA chairman, retired Brig.-Gen. Buba Marwa for the confidence reposed in her to serve as Director of Proceeds of Crime Management.

She acknowledged the cooperation of bidders, observers, invited guests and members of staff, describing their participation as invaluable 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.

Mrs Iwuchukwu reaffirmed the commitment of the Directorate of Proceeds of Crime Management to advancing the mandate of the NDLEA 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.
NAN