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ICPC does not spend recovered funds, says Owasanoye

The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye, has said that all monies recovered and generated by the Commission were paid into the coffers of the Federal Government. Owasanoye, who appeared before the Senate Committee on Finance, investigating the activities of revenue generating agencies of the government in Abuja, told the committee that ICPC had no retention powers over funds or assets recovered from corrupt people. He said the commission had a designated account for the recovery of proceeds of crime called ‘ICPC Recovery Account’ into which all recovered funds were paid for onward payment into the Consolidated Revenue Fund of the Federal Government once there were no encumbrances. “ICPC was not contemplated as a revenue generating agency. In the course of ourwork, wedorecoverfunds; however ICPC does not spend recoveredassets. Wedonotuse partof itforour work.”

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