The Federal Government has generated a total of N6,148,964,000 through a public auction of a Lagos hotel and three other prime properties confiscated from convicted drug kingpins by the National Drug Law Enforcement Agency (NDLEA). The revenue was realized following a competitive bidding process for eight assets forfeited by narcotics barons across Nigeria. While four properties were successfully sold to bidders who surpassed the government’s reserved prices, bids for the remaining four assets failed to meet the baseline valuation and were subsequently withdrawn.
Successful Bidders and Winning Offers
Announcing the results at the bid opening ceremony held at the NDLEA Headquarters in Abuja on Monday, the Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, declared the estate firm of Tope Ojo and Tunde Olonishakin as the winner of a six-floor hotel in Victoria Island, Lagos, with a winning offer of N5.9 billion. Other successful institutional buyers included FSS Limited, which acquired a property in Lekki Phase 1, Lagos, for N219,500,000; 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 N29,360,000.
NDLEA Chairman Emphasizes Rule of Law
Chairman and Chief Executive Officer of the NDLEA, Brigadier-General Mohamed Marwa (rtd), who was represented by the Agency Secretary, Shadrach Haruna, emphasized that the disposal of the assets marks a significant triumph for the rule of law. He said, “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.”
Commitment to Asset Recovery
The NDLEA boss assured that the agency remains steadfast in its determination to strengthen Nigeria’s asset recovery framework to ensure that confiscated wealth is managed and disposed of in a transparent, lawful, and publicly beneficial manner. “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.
Regulatory Compliance and Oversight
Speaking on the regulatory compliance of the exercise, General Marwa noted that the entire process adhered strictly to the statutory provisions of the Proceeds of Crime (Recovery and Management) Act, 2022, and the Public Procurement Act, 2007. He disclosed that all the auctioned properties were professionally valued by the Federal Ministry of Housing and Urban Development, while an extensive security background check was conducted by the Bureau of Public Procurement (BPP) to ensure no auctioneer with ties to illicit narcotics syndicates participated in the exercise. The public auction was witnessed by representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, pre-qualified auctioneers, and the media.
