The Independent Corrupt Practices and Other Related Offences Commission (ICPC) hereby notifies the public of its intention to dispose finally forfeited properties through appointed auctioneers in accordance with the provisions of the Corrupt Practices and Other Related Offences Act, 2000 and the Proceeds of Crimes (Recovery and Management) Act, (POCA) 2022.
1.0 ELIGIBILITY TO PARTICIPATE:
Interested party must meet the following criteria:
- Individuals must be citizens of Nigeria and must not be related, connected or working for persons from whom the assets were forfeited.
- Must not be a person who had been convicted of an offence of graft or corruption in the last 10 years.
- Must not be a company or a director of company convicted of an offence of corruption in the last 10 years.
- Must be a taxpayer.
2.0 GUIDELINES:
- The property will be sold on “as is”, and “where is” basis, that is, in their current condition and location. No warranties or guarantees.
- The sale process is open to the public throughout Nigeria for the duration of the auctioning process.
- A winning bid can only be equal to or higher than the reserved value of the assets. The person that places the highest bid for an asset will be declared the winner of the asset at the close of auction.
- The winner shall pay a 10% of the declared winning value via RRR to the ICPC recovery account as an act of commitment in good faith, while the full balance of 90% shall be made within three (3) working days from auction via same recovery (REMITA platform) account.
- Failure to meet full payment within the specified three (3) days, the declared winner losses the right of wining to the next value declared at close of auction.
- NOTE: – Winners are liable to lose their 10% deposits if they fail to pay within the three working days of auction subject to terms and conditions.
- Removal of assets from site/location is strictly winner’s (buyers) sole responsibility.
3.0 ATTENDANCE: Is open to the public and registration shall be required for bidding.
4.0 BIDDING PROCESS:
- A public auction (sales) process has been adopted for the disposal of the forfeited properties.
- Registration is required of participating bidders on auction day before the commencement of auction proper.
- The highest bid called at close of auction is declared winner and shall pay 10% of the winning amount declared via RRR payable to the Independent Corrupt Practices and Other Related Offence Commission recovery account before the close of business on the auction day as a mark of commitment in good faith.
- Failure to meet full payment within three (3) working days, the second highest bid announced shall be invited to make payment (also within three (3) working days) of the amount bid during the open auction.
5.0 ADDITIONAL INFORMATION:
Contact the Auctioneer whose names and address is attached to the asset(s) of interest, please.
6.0 DISCLAIMER:
- The ICPC and its appointed Auctioneers make no warranties or representation regarding the conditions or authenticity of the assets.
- The ICPC reserves the right to annul the bidding process at any time without any liabilities and assigning reasons thereof.
Copy the link and paste in your browser or open in a new tab to view the for pictures and videos of the properties: https://youtu.be/NqqfWDoIFB8?si=v7570PVdQBOUwsF6
