The National Drug Law Enforcement Agency (NDLEA) has auctioned a Lagos hotel and three other properties forfeited by convicted drug kingpins to the Federal Government for a total sum of N6.15 billion.
NDLEA spokesman, Femi Babafemi, disclosed this in a statement on Monday, saying the sale followed a competitive bidding process involving eight assets previously seized from drug traffickers across the country.
According to the agency, five properties attracted successful bids above their reserved prices, while three others failed to meet the required benchmark and were not sold.
At the bid-opening ceremony held 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 successful bidders.
A six-floor hotel located in Victoria Island, Lagos, emerged as the highest-valued asset, with Tope Ojo and Tunde Olonishakin Estate Firm securing it for N5.9 billion.
Other successful bids included a property in Lekki Phase 1, Lagos, won by FSS Limited for N219.5 million; a block of flats in Ejigbo, Lagos, acquired by A-BNB Global Innovations Limited for N104 million; a property in Akure, Ondo State, secured by Fazeen Global Link Limited for N29.36 million; and a property in Ijesha/Itire, Lagos, won by Tresmo Nigeria Limited for N4.3 million.
Speaking at the event, NDLEA Chairman and Chief Executive Officer, Brig. Gen. Mohamed Buba Marwa (Rtd), represented by the Agency Secretary, Shadrach Haruna, said the auction underscored the government’s commitment to ensuring that criminals do not benefit from proceeds of illicit drug activities.
He noted that public auctions of recovered assets serve broader national interests by generating revenue for government, strengthening public confidence in the rule of law, and demonstrating accountability in the management of confiscated properties.
Marwa stressed that the exercise sends a clear message that proceeds derived from drug trafficking and other criminal activities would not remain in the hands of offenders.
He reaffirmed the agency’s commitment to pursuing drug traffickers, dismantling criminal networks, recovering illicit proceeds, and ensuring that recovered assets are managed transparently and in accordance with the law.
The NDLEA boss further stated that the auction process was conducted in strict compliance with the provisions of the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other relevant regulations.
According to him, all properties 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).
He added that representatives of anti-corruption agencies, civil society organisations, the media, prospective bidders, and members of the public were invited to witness the exercise to ensure transparency and public confidence in the process.
