NDLEA Generates N6.15bn From Auction of Forfeited Drug Assets

The National Drug Law Enforcement Agency (NDLEA) has realised N6.15 billion from the auction of four properties confiscated from convicted drug traffickers and forfeited to the Federal Government through court orders.

The assets were sold through a competitive bidding process conducted at the agency’s headquarters in Abuja. Among the properties auctioned was a six-floor hotel located in Victoria Island, Lagos, which attracted the highest bid.

Announcing the outcome of the exercise, Tamarantare Ali-Bozi of the Federal Ministry of Justice disclosed that four of the eight listed properties received successful bids above their reserve prices, while the remaining four failed to meet the required valuations.

According to the results, Tope Ojo and Tunde Olonishakin Estate Firm emerged as the successful bidder for the six-floor hotel in Victoria Island with an offer of N5.9 billion. FSS Limited secured a property in Lekki Phase 1, Lagos, with a bid of N219.5 million, while A-BNB Global Innovations Limited acquired a block of flats in Ejigbo, Lagos, for N104 million.

In addition, Fazeen Global Link Limited won the bid for a property located in Akure, Ondo State, with an offer of N29.36 million.

Speaking at the event, NDLEA Chairman and Chief Executive Officer, Mohamed Buba Marwa, represented by the agency’s Secretary, Shadrach Haruna, said the disposal of recovered assets serves a broader national objective beyond revenue generation.

He noted that public auctions reinforce confidence in the rule of law, demonstrate transparency in the management of recovered assets, and send a strong message that proceeds of crime will not remain in the hands of criminals.

Marwa reaffirmed the agency’s commitment to dismantling drug trafficking networks, recovering criminal proceeds, and strengthening Nigeria’s asset recovery framework. He stressed that all recovered assets would continue to be managed and disposed of in accordance with the law and in the public interest.

The NDLEA boss also highlighted measures taken to ensure transparency in the auction process, including the participation of representatives of law enforcement agencies, regulatory bodies, civil society organisations, the media, bidders, and members of the public.

He explained that all properties were professionally valued by the Federal Ministry of Housing and Urban Development, while auctioneers were subjected to due diligence and security screening before being approved for the exercise.

According to Marwa, the auction was conducted in compliance with the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other relevant regulations.