By Ayo Kehinde
The National Drug Law Enforcement Agency (NDLEA) has announced the successful auction of a luxury hotel in Lagos and three other properties forfeited by convicted drug traffickers, generating a total of N6.148 billion for the Federal Government in one of Nigeria’s biggest asset recovery exercises tied to narcotics-related crimes.
The auction, conducted on Monday at the NDLEA headquarters in Abuja, followed a competitive bidding process involving eight assets previously seized from drug barons across different parts of the country and permanently forfeited to the government after the conclusion of court proceedings.
According to the agency, while bidders emerged successful for four of the properties after meeting or exceeding the reserve prices, bids for the remaining four assets were unsuccessful as none of the offers met the required valuation threshold.
Announcing the results of the exercise, the Head of Asset Recovery and Management Unit at the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, disclosed that the highest-valued asset, a six-floor hotel located in Victoria Island, Lagos, was won by Tope Ojo and Tunde Olonishakin Estate Firm with a bid of N5.9 billion.
Other successful bidders included FSS Limited, which secured a property in Lekki Phase 1, Lagos, with a winning bid of N219.5 million, while A-BNB Global Innovations Limited acquired a block of flats situated in Ejigbo, Lagos, for N104 million.
In Ondo State, Fazeen Global Link Limited emerged as the successful bidder for a forfeited property in Akure after offering N29.36 million.
The bid-opening ceremony was witnessed by representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, accredited auctioneers, and prospective bidders as part of measures aimed at ensuring transparency and accountability in the disposal process.
Speaking during the event, Chairman and Chief Executive Officer of the NDLEA, Brigadier General Mohamed Buba Marwa (retd.), represented by the agency’s Secretary, Shadrach Haruna, said the public auction represented more than a revenue-generation exercise, stressing that it was a critical demonstration of the government’s commitment to the rule of law.
Marwa stated that public auctions of criminally acquired assets help strengthen public trust in institutions by proving that proceeds of crime would no longer remain in the hands of individuals profiting from the illicit drug trade.
“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,” he said.
The NDLEA boss reaffirmed the agency’s determination to intensify efforts against drug trafficking networks nationwide, stressing that authorities would continue pursuing traffickers while dismantling criminal enterprises and confiscating illegally acquired wealth.
“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,” he added.
On the credibility of the exercise, Marwa said the agency deliberately invited sister security agencies, regulators, civil society groups, the media, and members of the public to independently observe the bid-opening process.
According to him, every submitted bid was evaluated against government-approved reserve prices, with only the highest responsive bidders meeting all stipulated conditions declared winners.
He further disclosed that all assets listed for auction were professionally valued by the Federal Ministry of Housing and Urban Development, the Federal Government’s designated valuation authority, in compliance with existing regulations.
Marwa noted that the entire exercise strictly complied with provisions of the Proceeds of Crime (Recovery and Management) Act 2022, the Public Procurement Act 2007, and other applicable legal frameworks guiding the management and disposal of recovered assets.
He also revealed that the NDLEA carried out extensive due diligence and security screening on all auctioneers pre-qualified by the Bureau of Public Procurement (BPP) to ensure none had links to drug-related crimes or activities capable of compromising the integrity of the process.
