By Adesakin Adefemi
The National Drug Law Enforcement Agency has announced that it realised N6.15bn from the auction of four properties seized from convicted drug traffickers and forfeited to the Federal Government through court orders.
The assets, including a six-floor hotel in Victoria Island, Lagos, were sold through a competitive bidding process conducted at the agency’s headquarters in Abuja on Monday.
Announcing the results, the Head of Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Ali-Bozi, said four of the eight listed assets attracted successful bids above their reserved prices. Bids for the remaining four properties failed to meet the required valuation.
According to a statement by NDLEA spokesman, Femi Babafemi, Tope Ojo and Tunde Olonishakin Estate Firm emerged as the successful bidder for the six-floor hotel in Victoria Island with an offer of N5.9bn.
Other winning bids included FSS Limited, which secured a property in Lekki Phase 1, Lagos, for N219.5m. A-BNB Global Innovations Limited won a block of flats in Ejigbo, Lagos, for N104m, while Fazeen Global Link Limited acquired a property in Akure, Ondo State, for N29.36m.
NDLEA Chairman and Chief Executive Officer, Brig Gen Mohamed Buba Marwa (retd.), said the disposal of recovered assets was aimed at strengthening public confidence in the rule of law. He was represented by the agency’s Secretary, Shadrach Haruna.
Marwa stated that public auctions serve a broader national purpose beyond revenue generation. “They reinforce public confidence in the rule of law, demonstrate accountability in the management of recovered assets, and send a clear message that criminal proceeds will not be allowed to remain in the hands of those who seek to profit from the misery and destruction caused by illicit drugs,” he said.
The NDLEA boss assured that the agency would continue to strengthen Nigeria’s asset recovery framework. He added that recovered assets would be managed and disposed of in a manner that is transparent, lawful and beneficial to public interest.
Marwa explained that the auction complied with the Proceeds of Crime (Recovery and Management) Act, 2022, and the Public Procurement Act, 2007. He said all assets were professionally valued by the Federal Ministry of Housing and Urban Development, and due diligence was conducted on auctioneers pre-qualified by the Bureau of Public Procurement.
