NDLEA Auctions Lagos Hotel, 3 Other Drug-linked Properties For N6.1bn

The National Drug Law Enforcement Agency (NDLEA) has has auctioned four properties forfeited by convicted drug traffickers to the federal government for a total of N6.149 billion.

The auction, conducted through a competitive bidding process at the NDLEA headquarters in Abuja on Monday, saw a six-storey hotel located in Victoria Island, Lagos, attract the highest bid of N5.9 billion.

Tope Ojo and Tunde Olonishakin Estate Firm emerged winner of the Victoria Island hotel with a bid of N5.9billion.

FSS Limited secured a property located in Lekki Phase 1, Lagos, for N219.5 million, while A-BNB Global Innovations Limited won a block of flats in Ejigbo, Lagos, with a bid of N104 million.

Fazeen Global Link Limited acquired a property in Akure, Ondo State, for N29.36 million.

Head of the asset recovery and management unit of the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, announced the successful bidders.

Speaking at the bid-opening ceremony, the chairman and chief executive of NDLEA, Brig. Gen. Mohamed Marwa (retd.), said the exercise underscored the federal government’s determination to ensure that criminals do not benefit from proceeds derived from illicit drug trafficking.

Marwa, who was represented by the agency secretary, Shadrach Haruna, stated that public auctions of recovered assets serve a broader national purpose beyond revenue generation.

According to him, “Public auctions such as this 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.”

The NDLEA further stated although eight forfeited assets linked to drug kingpins were listed for sale, however, only four attracted bids above their reserved prices, while bids for the remaining four properties fell below the approved valuation and were consequently unsuccessful.

Marwa assured stakeholders that the agency remained committed to strengthening Nigeria’s asset recovery framework and ensuring that recovered assets are managed and disposed of transparently and in accordance with the law.