Selling seized assets from criminals helps fight crime, says ICPC

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has affirmed that selling assets seized from criminals serves as a significant deterrent and bolsters the government's anti-crime efforts. Mr. George Lawal, Acting Director of the Proceeds of Crime and Management Directorate at ICPC, made these remarks while observing a public auction of forfeited assets conducted by the National Drug Law Enforcement Agency (NDLEA).

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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.

Lawal described the auction process as open and transparent, consistent with the objectives of the Proceeds of Crime (Recovery and Management) Act. He noted that all bids were securely managed and opened in the presence of stakeholders, with successful bidders determined by their compliance with approved reserve prices. This adherence to transparency aims to ensure fairness and build public trust in the asset recovery process.

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The purpose of the law is to deprive criminals of the proceeds of crime, and this will certainly serve as a deterrent.

He emphasized that the forfeiture and disposal of proceeds of crime are vital tools for discouraging criminal activities. By ensuring that offenders cannot profit from their unlawful conduct, the government strengthens its overall crime prevention strategy. Lawal stated that recovered assets and properties used as instrumentalities of crime should be disposed of by the government for the benefit of the people.

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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.

The ICPC official expressed confidence that the sustained implementation of asset recovery measures will contribute significantly to reducing criminal activities nationwide. He reiterated the commission's commitment to supporting transparent asset recovery and disposal processes, which are essential for promoting accountability, upholding the rule of law, and safeguarding public resources.

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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.