The National Drug Law Enforcement Agency (NDLEA) has successfully auctioned a Lagos hotel and three other properties forfeited by convicted drug kingpins to the Federal Government, generating a total of N6.15 billion in revenue.
The auction, conducted through a competitive bidding process at the NDLEA headquarters in Abuja on Monday, involved eight assets confiscated from drug traffickers across the country. Four properties were sold after bidders exceeded the approved reserve prices, while bids for the remaining four assets were unsuccessful due to offers falling below the benchmark values.
Announcing the results, the Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, disclosed that Tope Ojo and Tunde Olonishakin Estate Firm emerged as 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 Fazeen 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 (rtd), represented by the Agency Secretary, Shadrach Haruna, said the auction underscored the government’s commitment to ensuring that proceeds of crime do not remain in the hands of criminals.
According to Marwa, public auctions of recovered assets serve a broader national purpose by generating revenue for government, strengthening public trust in the rule of law, and demonstrating accountability in the management of seized assets.
He emphasized that the exercise sends a strong signal to drug cartels that they will not be allowed to enjoy the proceeds of their criminal activities.
“The Agency remains steadfast in its determination to strengthen Nigeria’s asset recovery framework and to ensure that recovered assets are managed and disposed of in a manner that is transparent, lawful and beneficial to the public interest,” he said.
Marwa reaffirmed the agency’s resolve to continue pursuing drug traffickers, dismantling criminal networks, recovering illicit proceeds, and upholding the rule of law without fear or favour.
The NDLEA boss also stressed the transparency of the auction process, noting that representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, the media, auctioneers, bidders, and members of the public were present to observe the bid opening.
He explained that all bids were evaluated against approved reserve prices and that successful bidders were selected through an open and competitive process.
Marwa further disclosed that the auction complied fully with the provisions of the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other relevant regulations.
He added that all assets were professionally valued by the Federal Ministry of Housing and Urban Development, while extensive due diligence and security screening were conducted on all auctioneers pre-qualified by the Bureau of Public Procurement (BPP) to safeguard the integrity of the process.
The NDLEA described the auction as another milestone in the country’s efforts to deprive drug traffickers of the financial gains from illicit drug activities and strengthen accountability in asset recovery and management.
