NDLEA Auctions Lagos Hotel, Three Other Drug-Linked Properties for N6.1bn
The National Drug Law Enforcement Agency (NDLEA) has realised over N6.1 billion from the auction of four properties confiscated from convicted drug traffickers and forfeited to the Federal Government following judicial proceedings, in what the agency described as a strong warning to criminal cartels seeking to profit from the illicit drug trade.
The auction, which was conducted through a competitive bidding process, involved eight assets previously seized from drug barons across different parts of the country.
However, only four of the properties attracted bids above the approved reserve prices, while offers received for the remaining four assets fell below the benchmark and were consequently unsuccessful.
At the bid opening ceremony held at the NDLEA national headquarters in Abuja on Monday, representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, auctioneers and prospective bidders witnessed the process, which culminated in successful bids amounting to N6,148,964,000.
Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, announced the winning bidders during the exercise.
According to him, the highest bid came from Tope Ojo and Tunde Olonishakin Estate Firm, which secured a six-storey 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 emerged winner of a block of flats in Ejigbo, Lagos, with a bid of N104 million; and Fazeen Global Link Limited, which purchased a property in Akure, Ondo State, for N29.36 million.
Speaking at the ceremony, Chairman and Chief Executive Officer of the NDLEA, retired Brigadier-General Mohamed Buba Marwa, represented by the Agency Secretary, Shadrach Haruna, said the disposal of assets linked to drug crimes served a purpose beyond revenue generation.
He noted that public auctions of recovered assets strengthened public confidence in the rule of law, enhanced accountability and sent a clear signal that individuals involved in drug trafficking would not be allowed to enjoy the proceeds of their criminal activities.
According to Marwa, the exercise demonstrated the government’s commitment to ensuring that wealth derived from the suffering and destruction caused by illicit drugs does not remain in the hands of criminals.
He reaffirmed the agency’s determination to strengthen Nigeria’s asset recovery framework and ensure that all recovered assets are managed and disposed of in a transparent and lawful manner that serves the public interest.
Marwa stressed that the NDLEA would continue to pursue drug traffickers, dismantle criminal syndicates and recover proceeds of crime without fear or favour.
The NDLEA boss also underscored the transparency of the auction process, noting that representatives of law enforcement agencies, regulatory bodies, civil society groups, the media and members of the public had been invited to observe the proceedings.
He explained that each bid would be assessed against the approved reserve price and that the highest responsive bidder meeting all stipulated requirements would emerge successful.
Marwa further disclosed that the entire process was conducted in accordance with the provisions of the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other extant laws and regulations guiding the disposal of forfeited assets.
He revealed that all the properties offered for sale were professionally valued by the Federal Ministry of Housing and Urban Development, the designated valuation authority of the Federal Government.
The NDLEA chairman added that the agency undertook extensive due diligence and security screening on auctioneers pre-qualified by the Bureau of Public Procurement (BPP) before engaging them for the exercise.
According to him, the agency was satisfied that none of the auctioneers involved had any known links to drug-related crimes or any activity capable of undermining the objectives of the Proceeds of Crime (Recovery and Management) Act.
He maintained that the measures adopted were aimed at safeguarding the integrity of the auction process and ensuring full compliance with the principles of transparency, accountability and due process.
The latest asset disposal exercise marks one of the most significant recoveries and auctions carried out by the anti-narcotics agency, highlighting the Federal Government’s broader efforts to deprive criminal networks of illicit wealth while reinforcing the fight against drug trafficking and organised crime in the country.
