The National Drug Law Enforcement Agency (NDLEA) has realised N6.15 billion from the public auction of four properties confiscated from convicted drug traffickers and forfeited to the Federal Government through court orders. The assets were sold through a competitive bidding exercise conducted at the agency’s headquarters in Abuja.
Among the properties auctioned was a six-floor hotel located in Victoria Island, Lagos, which attracted the highest bid. According to the Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Ali-Bozi, four of the eight listed assets received successful bids above their reserve prices, while the remaining four failed to meet the required valuation.
Ali-Bozi disclosed that Tope Ojo and Tunde Olonishakin Estate Firm emerged as the successful bidder for the Victoria Island hotel with an offer of N5.9 billion. FSS Limited secured a property in Lekki Phase 1, Lagos, for N219.5 million, while A-BNB Global Innovations Limited won a block of flats in Ejigbo, Lagos, with a bid of N104 million. Fazeen Global Link Limited also acquired a property in Akure, Ondo State, for N29.36 million.
Speaking on the exercise, NDLEA Chairman and Chief Executive Officer, Brig. Gen. Mohamed Buba Marwa (retd.), represented by the agency’s Secretary, Shadrach Haruna, said the disposal of recovered assets serves a broader national purpose beyond revenue generation. He noted that such auctions strengthen public confidence in the rule of law, demonstrate accountability in asset management, and reinforce the message that proceeds of crime will not remain in the hands of offenders.
Marwa assured that the agency would continue to strengthen Nigeria’s asset recovery framework and maintain transparency in the disposal of confiscated assets. He stated that the NDLEA remains committed to pursuing drug traffickers, dismantling criminal networks, recovering proceeds of crime, and enforcing the law without fear or favour.
He further explained that the auction process complied 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 to ensure the integrity and transparency of the exercise.
Elijah Adeyemi
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