The National Drug Law Enforcement Agency (NDLEA) has announced that it generated N6.15 billion from the sale of four forfeited properties previously seized from convicted drug traffickers and handed over to the Federal Government through court orders.
The auction, which took place at the agency’s headquarters in Abuja, involved eight recovered assets, with four successfully sold after competitive bidding conducted by the authorities.
Among the major transactions, a six-storey hotel located in Victoria Island, Lagos, was acquired by Tope Ojo and Tunde Olonishakin Estate Firm for N5.9 billion.
In Lekki Phase 1, FSS Limited secured a property with a bid of N219.5 million, while A-BNB Global Innovations Limited purchased a block of flats in Ejigbo, Lagos, for N104 million. Another asset in Akure, Ondo State, was won by Fazeen Global Link Limited for N29.36 million.
According to a statement issued on Monday by NDLEA spokesman Femi Babafemi, the results of the exercise were formally presented by the Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Ali-Bozi.
Ali-Bozi noted that while four assets were successfully sold above their reserve prices, the remaining four did not attract bids that met the required valuation thresholds.
NDLEA Chairman and Chief Executive, Brig. Gen. Mohamed Buba Marwa (retd.), described the disposal of recovered assets as a key step in strengthening public trust and accountability in governance. He was represented at the event by the agency’s Secretary, Shadrach Haruna.
“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 further stressed the agency’s commitment to transparency in handling recovered assets.
“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,” Marwa said.
He also reaffirmed ongoing enforcement efforts against drug trafficking networks, saying: “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.”
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On the auction process, Marwa explained that stakeholders from law enforcement, regulatory bodies, civil society, the media, bidders, and the public were invited to observe proceedings in order to ensure openness.
“To further enhance transparency and public confidence in the process, representatives of sister law enforcement and regulatory agencies, civil society organisations, the media, prospective bidders and members of the public have been invited to witness the bid-opening exercise,” he said.
He added that bids were assessed strictly based on reserve prices, with the highest qualified bidders emerging successful under a transparent framework.
“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 entire process will be conducted openly, fairly and transparently in the presence of all attendees,” he stated.
Marwa also disclosed that all assets were professionally valued by the Federal Ministry of Housing and Urban Development, while strict due diligence was carried out on all auctioneers approved by the Bureau of Public Procurement.
“Furthermore, the Agency undertook extensive due diligence and security screening of all auctioneers pre-qualified by the Bureau of Public Procurement.
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,” Marwa said.