The National Drug Law Enforcement Agency (NDLEA) has generated a massive ₦6.15 billion from the public auction of properties confiscated from convicted drug traffickers, marking one of the agency’s biggest asset recovery exercises in recent years.
The auction, held at the NDLEA headquarters in Abuja, involved several high-value properties that had been forfeited to the Federal Government through court orders following drug-related convictions.
A major highlight of the exercise was the sale of a six-floor hotel located in Victoria Island, Lagos, which attracted the highest bid and accounted for the largest share of the revenue generated.
Officials disclosed that out of eight properties listed for auction, only four received successful bids above the approved reserve prices, while the remaining four failed to meet the required valuation and were not sold.
The luxury hotel in Victoria Island was acquired by Tope Ojo and Tunde Olonishakin Estate Firm for ₦5.9 billion, making it the most valuable asset sold during the exercise.
Other properties successfully auctioned include a property in Lekki Phase 1, Lagos, purchased by FSS Limited for ₦219.5 million, a block of flats in Ejigbo, Lagos, secured by A-BNB Global Innovations Limited for ₦104 million, and a property in Akure, Ondo State, sold to Fazeen Global Link Limited for ₦29.36 million.
Speaking on the development, NDLEA Chairman and Chief Executive Officer, Brig. Gen. Mohamed Buba Marwa (retd.), said the auction goes beyond revenue generation and serves as a strong warning to criminals involved in drug trafficking.
According to him, proceeds from criminal activities should never remain in the hands of offenders, stressing that recovered assets must be redirected for public benefit.
In his words:
“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.”
Marwa also reaffirmed the agency’s commitment to tracking down drug traffickers, dismantling criminal networks, and recovering assets linked to illicit activities.
He said:
“We shall continue to pursue drug traffickers, dismantle criminal networks, recover the proceeds of crime and uphold the rule of law without fear or favour.”
The NDLEA boss further explained that the auction process was conducted transparently, with representatives from law enforcement agencies, civil society organisations, regulatory bodies, the media, bidders, and members of the public invited to witness the exercise.
According to him:
“The bids received for each lot will be evaluated against the approved reserve price, and the highest responsive bidder who satisfies all requisite conditions shall be declared the successful bidder.”
The agency noted that all properties were professionally valued by the Federal Ministry of Housing and Urban Development, while auctioneers involved in the exercise underwent strict screening and due diligence checks.
NDLEA maintained that the exercise complied fully with the provisions of the Proceeds of Crime (Recovery and Management) Act 2022, the Public Procurement Act 2007, and other relevant regulations guiding asset recovery and disposal in Nigeria.
The successful auction is being viewed as another major step in the government’s efforts to ensure that proceeds from crime are recovered and redirected towards national development.
Source: NDLEA
