About 30 companies in Nigeria may have to explain to the Independent Corrupt Practices and Other Related Offences Commission (ICPC)  why the anti-corruption body will not move to seize plots of land and buildings valued at over N4.8 billion from them.

The property to be seized includes 22.9 hectares of undeveloped land, one plaza, and a block of six two-bedroom flats located in Wuse, Zone One, Abuja belonging to Shehu Musa Yar’adua Foundation, Vibrant Issuance Brokers, Millard Fuller Foundation, Maibuhu Farm and Construction Limited, Gabcon Enterprises Limited and a host of others. According to reports, owners of the properties disclaimed ownership when they were being investigated by the ICPC.

The lid was blown open following a petition to ICPC by the Federal Inland Revenue Service (FIRS), accusing the companies of defaulting in tax payment to the tune of N288.2 million. And the anti-corruption body swung into action to seize the properties immediately.

Section 37 of the Corrupt Practices and Other Related Offences Act 2000 empowers ICPC to seize assets alleged to be subject of an offence under the law while Section 48 gives the ICPC authority  to apply to a High Court for an order of forfeiture within 12 months of the date of seizure.