Politics

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

On Thursday, November 17, 2022, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) announced that it had collected N117 billion in corruption cases from January 2022 through August 2022.

At a meeting of members of the House of Representatives when they convened to defend the 2023 budget proposal presented in Abuja weeks ago, Prof. Bolaji Owasanoye, head of the ICPC, made the statement.

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The committee members discussed anti-corruption and appropriation in great detail throughout the meeting, and it was then revealed how much money had been recovered from corruption.

The ICPC chief claims that adequate financing allowed for the successful completion of 672 petition-led investigations and 565 non-petition-led investigations.

He gave a detailed account of the money recovered during his address to the House, including the N1.413 billion and $225,965 in the ICPC/TSA recovery account, the N1.264 billion in cash obtained through tax intervention, and the plots of land, finished structures, cars, electronics, and jewelry valued at N679.13 million, N2.603 million, N81.1 million, N1.55 million, and N195,500.

The head reported that 15 convictions were secured, 538 projects were tracked under the Constituency and Executive Projects Tracking Initiative (CEPTI), 260 MDAs were deployed with the Ethics and Integrity Compliance Scorecard, and 30 MDAs had their Open Treasury Portal reviews completed.

The ICPC is a government organization in Nigeria that was established in 2000 under the direction of Olusegun Obasanjo, the president at the time. The organization’s mandate is to “lawfully enforce and take preventive measures” to rid Nigeria of corruption.

The Nigerian federal government announced its intentions to start selling items forfeited under the Proceeds of Crime (Recovery and Management Act) a few weeks ago (POCA).

On May 12, 2022, President Muhammadu Buhari of Nigeria signed a bill known as the Proceeds of Crime Act (POCA), which aims 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 organizations in tracing properties reasonably suspected to be proceeds of unlawful activity.”

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