The National Drug Law Enforcement Agency (NDLEA) has generated over N6.14 billion from the auction of properties forfeited by convicted drug traffickers, including a six-storey hotel in Lagos that attracted the highest bid of N5.9 billion.
The auction followed a competitive bidding process for eight assets previously confiscated from drug barons and forfeited to the Federal Government through court orders.
Announcing the outcome of the exercise at the NDLEA Headquarters in Abuja, the Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Ali-Bozi, disclosed that four of the properties were successfully sold after bidders exceeded the reserve prices set for the assets.
According to her, the six-floor hotel located in Victoria Island, Lagos, was acquired by Tope Ojo and Tunde Olonishakin Estate Firm for N5.9 billion, making it the highest-valued asset sold during the exercise.
Other successful bids included a property in Lekki Phase One, Lagos, won by FSS Limited for N219.5 million; a block of flats in Ejigbo, Lagos, purchased by A-BNB Global Innovations Limited for N104 million; and a property in Akure, Ondo State, secured by Fazeen Global Link Limited for N29.36 million.
Ali-Bozi noted that four other listed properties failed to attract bids that met the approved reserve prices and were therefore not sold.
The auction ceremony was witnessed by representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, professional auctioneers, bidders and members of the public.
Speaking at the event, NDLEA Chairman and Chief Executive Officer, Brigadier General Mohamed Buba Marwa (retd.), represented by the agency’s Secretary, Shadrach Haruna, said the disposal of recovered assets serves not only as a revenue-generating mechanism but also as a demonstration of accountability and the rule of law.
He stated that public auctions of criminally acquired assets help reinforce public confidence in government institutions while sending a strong message that proceeds of crime will not remain in the hands of offenders.
“Beyond generating revenue for the government, these auctions 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,” he said.
Marwa reiterated the agency’s commitment to strengthening Nigeria’s asset recovery framework and ensuring that forfeited assets are managed and disposed of transparently and in accordance with the law.
He also assured that the NDLEA would continue to pursue drug traffickers, dismantle criminal networks and recover proceeds linked to drug-related crimes.
The NDLEA boss explained that extensive measures were taken to ensure transparency throughout the auction process, including the participation of relevant government agencies, civil society groups, media organisations and prospective bidders.
According to him, all bids were subjected to evaluation based on approved reserve prices, while successful bidders emerged through a transparent and competitive process.
Marwa further disclosed that the exercise was conducted in compliance with the provisions of the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other relevant regulations governing the management and disposal of forfeited assets.
He added that all assets offered for sale were professionally valued by the Federal Ministry of Housing and Urban Development, the official valuer of the Federal Government.
The agency also carried out due diligence and security screening on auctioneers accredited by the Bureau of Public Procurement (BPP) to ensure that none had links to criminal activities capable of compromising the integrity of the process.
The auction marks another milestone in the Federal Government’s efforts to deprive criminal networks of illicit gains while redirecting recovered assets toward public benefit and national development.