The National Drug Law Enforcement Agency (NDLEA) has generated over N6.15 billion for the Federal Government (FG) from the auction of properties seized from convicted drug traffickers and forfeited to the government through court orders.
The proceeds were realized following a competitive bidding process for the sale of eight forfeited assets located across different parts of the country. Five of the properties attracted successful bids above their reserve prices, while three failed to meet the minimum valuation and were not sold.
The auction, held at the NDLEA headquarters in Abuja on Monday, was attended by representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, auctioneers and prospective bidders.
Announcing the results, the Head of Asset Recovery and Management Unit at the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, disclosed that a six-floor hotel located in Victoria Island, Lagos, attracted the highest bid of N5.9 billion. The property was won by Tope Ojo and Tunde Olonishakin Estate Firm.
Other successful bidders included FSS Limited, which secured 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; Fazeen Global Link Limited, which acquired a property in Akure, Ondo State, for N29.36 million; and Tresmo Nigeria Limited, which won a property in the Ijesha/Itire area of Lagos with a bid of N4.3 million.
Speaking at the event, NDLEA Chairman and Chief Executive Officer, Brigadier General Mohamed Buba Marwa (retd.), represented by the Agency Secretary, Shadrach Haruna, said the auction underscored the government’s commitment to ensuring that proceeds of crime are recovered and redirected for public benefit.
“Public auctions such as this serve a broader national purpose. Beyond generating revenue for the government, 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.
Marwa reaffirmed the agency’s commitment to strengthening Nigeria’s asset recovery framework and ensuring transparency in the disposal of forfeited assets.
He stated that the NDLEA would continue to pursue drug traffickers, dismantle criminal networks and recover proceeds of crime in line with its mandate.
The NDLEA boss also emphasized the transparency of the auction process, noting that stakeholders from government agencies, civil society groups, the media and the general public were invited to witness the exercise.
According to him, all bids were subjected to evaluation against approved reserve prices, with successful bidders emerging through an open and competitive process.
Marwa further revealed that the auction complied strictly with the provisions of the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other relevant regulations.
He explained that all properties were professionally valued by the Federal Ministry of Housing and Urban Development, while extensive due diligence and security screening were conducted on auctioneers pre-qualified by the Bureau of Public Procurement (BPP).
“We are satisfied that none of the auctioneers engaged in this process has any known involvement in drug-related offences or any other criminal activity capable of compromising the objectives of the Proceeds of Crime (Recovery and Management) Act or the integrity of this exercise,” he added.
The N6.15 billion generated from the sale marks one of the largest recoveries from forfeited drug-related assets in recent years and highlights the Federal Government’s ongoing efforts to deprive criminal networks of the proceeds of illicit activities.
