ICPC Investigates 147 Constititency Projects, Recovers N3.2bn Cash Assets From Corrupt Govt Officials

The Independent Corrupt Practices and Other Relates Offences Commission has recovered the sum of N3.2bn cash assets from corrupt government officials.

The amount, which is contained in the Performance Report of the Commission was recovered between January and September this year.

A breakdown of the N3.2bn showed that the commission recovered N1.04bn in cash, N1.53bm through its tax intervention, $1.6m in foreign currency while the balance of N6.55m was recovered through rent received on forfeited assets.

Other assets recovered are ten vehicles, 30 buildings, 13 businesses, five farms and six plots of lands.

The Report further stated that the ICPC completed 138 investigations during the nine months period.

It added that 982 constituency protects were tracked during the period out of which 147 of them are under investigation.

During the period covering January to September, the Commission stated that it filed 55 corruption cases in court and secured 12 convictions.

The ICPC Chairman, Professor Bolaji Owasanonye had last month said public officers acquires estate in pseudonyms to conceal the illegal origin of funds.

This, he stated, is made possible by the absence of proper documentation, the registration of titles to land and estates in the country and the non-enforcement of beneficial ownership standards

He said, “A tour round Abuja, especially the metropolis and the central area, would show a lot of estates that are built up but empty.

“If they had been constructed with funds that were borrowed at market rates, I don’t think any investor would leave such proprieties empty

“One way or the other they would put them to use. So it is suspected that some of those estates have been used to launder ill-gotten public funds.”