The Federal Government has generated ₦6.148 billion from the auction of a Lagos hotel and three other properties forfeited by convicted drug traffickers to the National Drug Law Enforcement Agency (NDLEA) through court orders.
The NDLEA's Director of Media and Advocacy, Femi Babafemi, disclosed that the sales resulted from a competitive bidding process involving eight assets seized from drug barons across the country.
According to him, four of the properties were successfully sold after bidders exceeded the reserve prices, while the remaining four failed to attract bids that met the required valuation.
Speaking during the bid-opening ceremony held at the NDLEA headquarters in Abuja, the Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Ali-Bozi, announced the successful bidders.
A six-floor hotel located in Victoria Island, Lagos, attracted the highest bid of ₦5.9 billion and was awarded to Tope Ojo and Tunde Olonishakin Estate Firm.
Other successful bidders included FSS Limited, which acquired a property in Lekki Phase 1, Lagos, for ₦219.5 million; A-BNB Global Innovations Limited, which secured a block of flats in Ejigbo, Lagos, for ₦104 million; and Fazeen Global Link Limited, which purchased a property in Akure, Ondo State, for ₦29.36 million.
Representing the NDLEA Chairman and Chief Executive Officer, Brigadier General Mohamed Marwa (retd), at the event, the agency's Secretary, Shadrach Haruna, said the auction underscored the government's commitment to transparency and accountability in asset recovery.
He noted that beyond generating revenue, the disposal of forfeited assets strengthens public confidence in the rule of law and sends a strong message that proceeds of crime will not remain in the hands of criminals.
"The agency remains committed to strengthening Nigeria's asset recovery framework and ensuring that recovered assets are managed and disposed of transparently, lawfully and in the public interest," he said.
Haruna added that the NDLEA would continue to pursue drug traffickers, dismantle criminal networks and recover illicit proceeds without fear or favour.
He further emphasized that the auction process was conducted openly and transparently, with representatives of anti-corruption agencies, civil society organisations, the media, auctioneers and members of the public present to observe the proceedings.
According to him, all bids were assessed against approved reserve prices, with successful bidders required to satisfy all stipulated conditions before being declared winners.
The NDLEA also 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.
The agency noted that all assets were professionally valued by the Federal Ministry of Housing and Urban Development, while auctioneers engaged for the exercise underwent due diligence and security screening after being pre-qualified by the Bureau of Public Procurement (BPP).
NDLEA officials expressed confidence that the process maintained the highest standards of integrity and transparency, with no indication of criminal links among the auctioneers involved.
