Nigeria recovers a total of N117 billion linked to corruption cases within the government

The Independent Corrupt Practices and Other Related Offences Commission (ICPC), disclosed on Thursday 17th of November 2022, that it had recovered the sum of N117 billion in corruption cases from the beginning of the year till August 2022.

The announcement was made by ICPC chief, Prof. Bolaji Owasanoye at a meeting between members of the House of Representatives, where they gathered to defend the 2023 budget proposed in Abuja weeks ago.

During the meeting, the committee members touched extensively on the subject of Anti-corruption and Appropriation, where the copious sum recovered from corruption was subsequently revealed.

According to the ICPC chief, a total of 672 and 565 non-petition-led investigations were successfully conducted as a result of proper funding.

During his address to the House, he detailed the amount recovered, inclusive of N1.413 billion and $225,965 in the ICPC/TSA recovery account, N1.264 billion cash through tax intervention, plots of land, completed buildings, vehicles, electronics, and jewelry valued at N679.13m, N2.603bn, N81.1m, N1.55m, and N195,500.

The chief stated; “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.”

The ICPC is a Nigerian government agency that was founded in 2000, under the leadership of the then-President, Olusegun Obasanjo. The organization is tasked with the responsibility of ridding Nigeria of corruption through “lawful enforcement and preventive measures.”

A few weeks ago, the federal government of Nigeria revealed its plans to begin disposing of assets forfeited through the Proceeds of Crime (Recovery and Management) Act (POCA).

The POCA bill was signed by the President of Nigeria, President Muhammadu Buhari on the 12th of May 2022, and the Act “seeks to provide for an effective legal and institutional framework for the recovery and management of the proceeds of crime, a non-conviction-based procedure for the recovery of proceeds of crime, strengthen criminal confiscation procedure, and collaborate among the relevant organization in tracing properties reasonably suspected to be proceeds of unlawful activity.”