The National Drug Law Enforcement Agency (NDLEA) has auctioned a Lagos hotel and three other properties forfeited by convicted drug traffickers to the Federal Government for a total sum of N6.15 billion.
The sale followed a competitive bidding process involving eight assets previously seized from drug barons across the country and forfeited through court orders. Four properties were successfully sold after attracting bids above their reserve prices, while bids for the remaining four assets failed to meet the minimum valuation.
At the bid-opening ceremony held at the NDLEA headquarters in Abuja on Monday, officials announced the successful bidders in the presence of representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, auctioneers, and prospective buyers.
Head of the Asset Recovery and Management Unit at the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, disclosed that Tope Ojo and Tunde Olonishakin Estate Firm emerged the highest bidder for a six-floor hotel located in Victoria Island, Lagos, with an offer of N5.9 billion.
Other successful bidders included FSS Limited, which acquired a property in Lekki Phase 1, Lagos, for N219.5 million; A-BNB Global Innovations Limited, which secured a block of flats in Ejigbo, Lagos, for N104 million; and Fazeem Global Link Limited, which purchased a property in Akure, Ondo State, for N29.36 million.
Speaking at the event, NDLEA Chairman and Chief Executive Officer, Brigadier General Mohamed Buba Marwa (retd.), represented by the Agency Secretary, Shadrach Haruna, said the auction demonstrates the government’s commitment to ensuring that criminal proceeds do not remain in the hands of offenders.
He noted that beyond generating revenue for the government, public auctions of recovered assets help strengthen public confidence in the rule of law and promote accountability in the management of confiscated properties.
“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.
The NDLEA chairman reaffirmed the agency’s resolve to intensify efforts against drug trafficking networks, recover proceeds of crime, and ensure that all recovered assets are disposed of transparently and in accordance with the law.
He added that the auction process complied fully 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 assets were professionally valued by the Federal Ministry of Housing and Urban Development, while auctioneers engaged for the exercise underwent extensive due diligence and security screening to safeguard the integrity of the process.
Marwa further stressed that the bidding exercise was conducted openly and transparently, with representatives of law enforcement agencies, civil society groups, the media, bidders, and members of the public invited to witness the proceedings.
The NDLEA said the auction forms part of its broader strategy to deprive drug traffickers of the proceeds of crime while strengthening Nigeria’s asset recovery framework and promoting public accountability.
