The National Drug Law Enforcement Agency (NDLEA) has auctioned four properties confiscated from convicted drug traffickers and forfeited to the federal government for a total of N6.15 billion.
Key Highlight:
5 Key Points
- NDLEA sold forfeited assets worth N6.15 billion
- Victoria Island hotel fetched the highest bid
- Three additional properties were successfully auctioned
- Four assets remained unsold
- Auction aimed at promoting accountability and deterring crime
The assets, including a six-storey hotel in Lagos, were sold through a competitive bidding process conducted at the NDLEA headquarters in Abuja on Monday.
The auction formed part of the disposal of eight assets seized from drug barons across the country.
While four properties attracted successful bids above their reserve prices, bids for the remaining four failed to meet the approved benchmark and were therefore rejected.
Announcing the results, Head of the Asset Recovery and Management Unit at the Federal Ministry of Justice, Tamarantare Ali-Bozi, declared Tope Ojo and Tunde Olonishakin Estate Firm as the successful bidder for the six-floor hotel located in Victoria Island, Lagos, with a bid of N5.9 billion.
Other successful bidders included FSS Limited, which secured a property in Lekki Phase 1, Lagos, for N219.5 million; A-BNB Global Innovations Limited, which won a block of flats in Ejigbo, Lagos, with a bid of N104 million; and Fazeen Global Link Limited, which acquired a property in Akure, Ondo State, for N29.36 million.
Representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, auctioneers and bidders attended the bid-opening exercise.
Speaking at the event, NDLEA Chairman and Chief Executive Officer, retired Brig.-Gen. Mohamed Marwa, represented by the agency’s Secretary, Shadrach Haruna, said the auction underscored the government’s commitment to ensuring that proceeds of crime do not remain in the hands of criminals.
He said public auctions of forfeited assets serve a broader national purpose by generating revenue for government, strengthening public confidence in the rule of law and demonstrating accountability in the management of recovered assets.
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According to him, the exercise also sends a strong signal that individuals involved in illicit drug trafficking will not be allowed to enjoy the benefits of their criminal activities.
Marwa reiterated the agency’s determination to pursue drug traffickers, dismantle criminal networks, recover illicit proceeds and uphold the rule of law.
He assured stakeholders that the entire auction process was conducted transparently and in accordance with relevant laws, including the Proceeds of Crime (Recovery and Management) Act, 2022, and the Public Procurement Act, 2007.
The NDLEA boss said all assets put up for sale were professionally valued by the Federal Ministry of Housing and Urban Development, while extensive due diligence and security screening were carried out on auctioneers pre-qualified by the Bureau of Public Procurement (BPP)
“We are satisfied that none of the auctioneers engaged in this process has any known involvement in drug-related offences or any other criminal activity capable of compromising the objectives of the law or the integrity of this exercise,” he said.
Marwa added that the agency would continue to strengthen Nigeria’s asset recovery framework and ensure that recovered assets are managed and disposed of in a manner that is transparent, lawful and beneficial to the public interest.
