ICPC Recovers N117bn from Corruption Proceeds in Eight Months

By Adedapo Adesanya

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) said it recovered N117 billion from corruption proceeds between January and August 2022.

This was disclosed by ICPC chief, Mr Bolaji Owasanoye, while addressing the House of Representatives Committee on Anti-corruption and Appropriation during the commission’s defence of its 2023 budget proposal in Abuja.

Mr Owasanoye also noted that the ICPC was able to complete 672 investigations and 565 non-petition-led investigations, thanks to its 2022 budget.

Mr Owasanoye noted that the recoveries included N1.413 billion and $225,965 in ICPC/TSA recovery account and N1.264 billion cash through tax intervention.

Others were plots of land, completed buildings, vehicles, electronics and jewellery valued at N679.13 million, N2.603 billion, N81.1 million, N1.55 million and N195,500.

He also noted that they restrained N49.9 billion through System Study and Review intervention, N6.435 billion cash through budget tracking, N53.91 billion through ICPC advisory, and N614.2 million in other accounts.

“Securing of 15 convictions; 538 projects tracked under Constituency and Executive Projects Tracking Initiative (CEPTI); deployment of Ethics and Integrity Compliance Scorecard on 260 MDAs; Review of Open Treasury Portal in 30 MDAs were also accomplished.

“System Study and Review of 10 MDAs; inauguration of 26 Anti-Corruption and Transparency Units (ACTUs); 14 Corruption Monitoring activities undertaken; and public enlightenment and education of Nigerians on and against corruption through various platforms,” he added.

The ICPC recently announced that it would begin the process of disposing of assets forfeited through the Proceeds of Crime (Recovery and Management) Act (POCA).

Mr Owasanoye said the bill would have a positive impact on the anti-corruption war, describing it as a tool ensuring clarity for asset recovery and management.

He noted that POCA was introduced to improve the management and disposal of forfeited assets, citing the former unregulated structures surrounding forfeited assets leading to revenue losses, as the ICPC also set up a governing directorate and ensured that all processes were executed by professionals to ensure transparency.