The Federal Government has successfully auctioned four properties forfeited by convicted drug traffickers, generating a total of N6.15 billion. The assets, which include a six-floor hotel in Lagos, were seized by the National Drug Law Enforcement Agency (NDLEA) and legally forfeited through court processes before being sold via a competitive bidding process at the agency's headquarters in Abuja on Monday, June 15, 2026.
Bidding Process and Successful Sales
According to a statement from NDLEA's Director of Media and Advocacy, Femi Babafemi, the sale involved eight forfeited assets from various parts of the country. While four properties received bids exceeding the reserved prices, the remaining four failed to meet the benchmark and were not approved.
At the bid-opening ceremony, Tamarantare Francis Ali-Bozi, Head of Asset Recovery and Management Unit of the Federal Ministry of Justice, announced the successful bidders. An estate firm emerged as the highest bidder for a six-floor hotel in Victoria Island, Lagos, with an offer of N5.9 billion. Other successful bids included a property in Lekki Phase 1, Lagos, for N219.5 million; a block of flats in Ejigbo, Lagos, for N104 million; and a property in Akure, Ondo State, for N29.36 million.
NDLEA's Commitment to Justice
Retired Brig.-Gen. Mohamed Buba Marwa, Chairman of the NDLEA, emphasized that the auction demonstrates the agency's dedication to ensuring that proceeds of crime do not remain with criminals. Represented by the agency's Secretary, Shadrach Haruna, Marwa stated that public auctions of recovered assets serve a broader national purpose beyond revenue generation.
“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,” he said.
Marwa assured stakeholders that the auction was conducted transparently, in line with the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other regulations. All assets were professionally valued by the Federal Ministry of Housing and Urban Development, and due diligence and security screening were conducted on auctioneers pre-qualified by the Bureau of Public Procurement (BPP).
Representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, auctioneers, and bidders attended the exercise.
