The National Drug Law Enforcement Agency (NDLEA) has auctioned a Lagos hotel and three other forfeited properties linked to convicted drug kingpins for a total of N6.148 billion. The assets were part of properties seized from drug barons and forfeited to the Federal Government through court rulings, following successful prosecution……
The National Drug Law Enforcement Agency (NDLEA) has auctioned a Lagos hotel and three other forfeited properties linked to convicted drug kingpins for a total of N6.148 billion.
The assets were part of properties seized from drug barons and forfeited to the Federal Government through court rulings, following successful prosecution by the agency.
The auction was conducted through a competitive bidding process involving eight recovered assets located in different parts of the country. However, while four properties attracted successful bids above their reserved prices, four others failed to meet the required benchmarks and were not sold.
This was disclosed in a statement by the NDLEA’s Director of Media and Advocacy, Femi Babafemi, on Monday, June 15.
....: NDLEA Arrests Brazil-Based Businessman Over Alleged 6.1kg Cocaine Shipment
At the end of the bidding exercise held on Monday at the NDLEA headquarters in Abuja, the Head of Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, announced the winning bidders.
According to the results, Tope Ojo and Tunde Olonishakin Estate Firm secured a six-storey hotel located in Victoria Island, Lagos, with a bid of N5.9 billion.
Other successful bidders included FSS Limited, which acquired a property in Lekki Phase 1 for N219.5 million; A-BNB Global Innovations Limited, which won a block of flats in Ejigbo for N104 million; and Fazeen Global Link Limited, which purchased a property in Akure, Ondo State, for N29.36 million.
Speaking at the event, NDLEA Chairman/Chief Executive Officer, Brig. Gen. Mohamed Buba Marwa (retd), represented by the Agency Secretary, Shadrach Haruna, said the auction was part of efforts to ensure that proceeds of crime are not retained by drug traffickers.
He said public asset auctions remain a key tool in reinforcing accountability, strengthening public trust in the justice system, and denying criminals the benefits of illicit drug trade.
“Public auctions such as this serve a broader national purpose. Beyond generating revenue for the Government, they reinforce public confidence in the rule of law, demonstrate accountability in the management of recovered assets, and send a clear message that criminal proceeds will not be allowed to remain in the hands of those who seek to profit from the misery and destruction caused by illicit drugs,” Marwa said.
He reaffirmed the agency’s commitment to sustained action against drug trafficking networks and the recovery of proceeds of crime.
“The Agency remains steadfast in its determination to strengthen Nigeria’s asset recovery framework and to ensure that recovered assets are managed and disposed of in a manner that is transparent, lawful and beneficial to the public interest. We shall continue to pursue drug traffickers, dismantle criminal networks, recover the proceeds of crime and uphold the rule of law without fear or favour,” he added.
Marwa also stressed that the auction process was conducted transparently, with participation from security agencies, civil society organisations, the media, bidders and members of the public.
He noted that all bids were assessed against approved reserve prices, with the highest compliant bidders declared winners.
According to him, the entire process complied with the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other relevant regulations.
He added that all assets were professionally valued by the Federal Ministry of Housing and Urban Development, while auctioneers were pre-qualified by the Bureau of Public Procurement after thorough due diligence and security screening.
The NDLEA maintained that none of the auctioneers involved had any known criminal record that could compromise the integrity of the exercise.
The agency said the exercise reflects its ongoing commitment to transparency, accountability and the fight against drug-related crimes in Nigeria.
