The federal government has auctioned four properties forfeited by convicted drug traffickers for a total sum of N6.15 billion.
The assets, which include a six-floor hotel in Lagos, were seized by the National Drug Law Enforcement Agency (NDLEA) and forfeited to the government through court orders.
Announcing the outcome on Monday, NDLEA’s Director of Media and Advocacy, Femi Babafemi, said the sale followed a competitive bidding process involving eight forfeited assets across different parts of the country.
According to him, four of the properties attracted successful bids above their reserve prices, while bids for the remaining four were unsuccessful as they fell below the approved reserve values.
At the bid-opening ceremony held at the NDLEA headquarters in Abuja, the Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, announced the successful bidders.
A six-floor hotel located in Victoria Island, Lagos, was sold for N5.9 billion to Tope Ojo and Tunde Olonishakin Estate Firm.
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 on behalf of the NDLEA Chairman and Chief Executive Officer, Mohamed Buba Marwa, the Agency Secretary, Shadrach Haruna, said the auction underscores the government’s commitment to transparency and accountability in the management of recovered assets.
Marwa noted that public auctions serve a broader national purpose beyond revenue generation by strengthening confidence in the rule of law and sending a clear message that criminal proceeds will not be retained by those involved in illicit drug activities.
He added that the agency would continue to pursue drug traffickers, dismantle criminal networks, recover illicit proceeds, and uphold the rule of law.
The NDLEA boss further stated that the exercise was conducted in line with the Proceeds of Crime (Recovery and Management) Act 2022, the Public Procurement Act 2007, and other relevant regulations.
He explained that all assets were professionally valued by the Federal Ministry of Housing and Urban Development, while auctioneers engaged for the exercise underwent due diligence and security screening.
Marwa also disclosed that representatives of anti-corruption agencies, civil society organisations, the media, and the general public were invited to observe the process to ensure transparency and build public confidence.