NDLEA Auctions Four Forfeited Assets Linked to Drug Kingpins for N6.1bn
The National Drug Law Enforcement Agency (NDLEA) says it has successfully auctioned a Lagos hotel and three other properties forfeited to the Federal Government, generating a total of N6.1 billion.
According to the agency, the assets were seized from convicted or suspected drug traffickers and disposed of through a competitive bidding process involving eight forfeited properties across different parts of the country.
NDLEA spokesperson, Femi Babafemi, said in a statement on Monday that although eight assets were put up for auction, bids for four others failed because they did not meet the reserved prices set for sale.
He explained that the bid opening exercise took place at the NDLEA headquarters in Abuja and was witnessed by representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, auctioneers, and prospective bidders.
Babafemi said the Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, announced Tope Ojo and Tunde Olonishakin Estate Firm as the winning bidder for a six-storey hotel located in Victoria Island, Lagos, with an offer of N5.9 billion.
Other successful bidders include FSS Limited, which acquired a property in Lekki Phase 1, Lagos, for N219.5 million; A-BNB Global Innovations Limited, which won a block of flats in Ejigbo, Lagos, for N104 million; and Fazeen Global Link Limited, which secured a property in Akure, Ondo State, for N29.36 million.
Speaking at the event, NDLEA official Shadrach Haruna said the public auction of forfeited assets demonstrates the agency’s commitment to transparency and accountability, while reinforcing public confidence in the justice system.
He added that the exercise sends a strong message that proceeds of crime will not be retained by individuals involved in illicit drug trafficking.
“The process culminating in today’s auction has been conducted in strict compliance with the provisions of the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and all other applicable laws, regulations and guidelines,” Haruna said.
He further noted that all assets were professionally valued by the Federal Ministry of Housing and Urban Development, which serves as the official valuing authority for the Federal Government.
Haruna assured that the NDLEA would continue to intensify efforts to track, recover, and dispose of assets linked to drug trafficking networks across the country.