The National Drug Law Enforcement Agency (NDLEA) has auctioned a hotel in Lagos and three other properties forfeited by convicted drug traffickers to the Federal Government, generating a total of N6.15 billion.
The auction followed a competitive bidding process involving eight assets previously seized from drug barons and permanently forfeited through court orders.
NDLEA spokesperson, Femi Babafemi, disclosed that while four of the properties attracted successful bids above the reserve prices, the remaining four failed to meet the required valuation and were not sold.
At the bid-opening ceremony held at the agency’s headquarters in Abuja on Monday, representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, auctioneers and bidders witnessed the exercise.
The Head of Asset Recovery and Management Unit at the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, announced the successful bidders.
A six-storey hotel located in Victoria Island, Lagos, attracted the highest bid, with Tope Ojo and Tunde Olonishakin Estate Firm securing the property for N5.9 billion.
FSS Limited emerged winner of a property located in Lekki Phase 1, Lagos, with a bid of N219.5 million, while A-BNB Global Innovations Limited won a block of flats in Ejigbo, Lagos, for N104 million.
Another property located in Akure, Ondo State, was acquired by Fazeen Global Link Limited for N29.36 million.
Speaking at the event, NDLEA Chairman and Chief Executive Officer, Brig. Gen. Mohamed Buba Marwa (retd.), represented by the Agency Secretary, Shadrach Haruna, said the auction demonstrated the government’s commitment to ensuring that proceeds of crime do not remain in the hands of criminals.
He noted that public auctions of forfeited assets serve multiple purposes, including generating revenue for government, strengthening public confidence in the rule of law and promoting transparency in the management of recovered assets.
According to Marwa, the exercise sends a strong message that individuals involved in illicit drug trafficking will not be allowed to benefit from proceeds derived from criminal activities.
He reiterated the agency’s commitment to pursuing drug traffickers, dismantling criminal networks, recovering illicit assets and enforcing the law without fear or favour.
Marwa also stressed that the auction process was conducted transparently, with participation from law enforcement agencies, regulators, civil society groups, media organisations and members of the public.
He explained that all bids were evaluated against approved reserve prices, with the highest responsive bidders meeting all necessary requirements declared winners.
The NDLEA boss further stated that the exercise 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 offered 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 all auctioneers pre-qualified by the Bureau of Public Procurement (BPP).
Marwa added that the agency was satisfied that none of the auctioneers engaged in the process had links to drug-related offences or any criminal activity capable of compromising the integrity of the auction.
He assured that NDLEA would continue to strengthen Nigeria’s asset recovery framework and ensure that recovered assets are managed and disposed of in a transparent, lawful and accountable manner that serves the public interest.