The National Drug Law Enforcement Agency (NDLEA) has auctioned a Lagos hotel and three other properties, which were seized from drug kingpins and forfeited to the federal government through court processes, for a total of N6.148 billion. This followed a competitive bidding process for the sale of eight assets forfeited by drug barons across various parts of the country.
Bidding Results
While bidders who offered above the reserved prices won four of the listed properties, bids for the remaining four failed as none met the reserved prices. During the bid opening ceremony at the NDLEA Headquarters in Abuja, the Head of Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Ali-Bozi, announced the winners.
Tope Ojo and Tunde Olonishakin estate firm emerged as the winner of a six-floor hotel in Victoria Island, Lagos, with a bid of N5.9 billion. Other winners included FSS Limited, which secured a property at Lekki Phase 1, Lagos, for N219.5 million; A-BNB Global Innovations Limited, which won a block of flats in Ejigbo, Lagos, for N104 million; and Fazeen Global Link Limited, which acquired a property in Akure, Ondo State, for N29.36 million.
Transparency and Accountability
The ceremony was attended by representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, auctioneers, and bidders. In his remarks, the NDLEA Chairman and Chief Executive Officer, Brig-Gen. Mohamed Marwa (rtd), represented by the agency’s secretary, Shadrach Haruna, noted that such public auctions serve a broader national purpose.
According to him, “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 assured that “the agency remains steadfast in its determination to strengthen Nigeria’s asset recovery framework and ensure that recovered assets are managed and disposed of in a manner that is transparent, lawful and beneficial to the public interest.”
Marwa added that the agency will “continue to pursue drug traffickers, dismantle criminal networks, recover the proceeds of crime and uphold the rule of law without fear or favour.”
Due Process
The NDLEA boss explained that “to further enhance transparency and public confidence in the process, representatives of sister law enforcement and regulatory agencies, civil society organisations, the media, prospective bidders and members of the public have been invited to witness the bid-opening exercise. The bids received for each lot will be evaluated against the approved reserve price, and the highest responsive bidder who satisfies all requisite conditions shall be declared the successful bidder. The entire process will be conducted openly, fairly and transparently in the presence of all attendees.”
He added: “The process culminating in today’s auction has been conducted in strict compliance with the provisions of the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and all other applicable laws, regulations and guidelines. Consistent with the agency’s commitment to transparency, accountability and due process, all assets earmarked for auction were professionally valued by the Federal Ministry of Housing and Urban Development, the designated official valuer of the federal government. Furthermore, the agency undertook extensive due diligence and security screening of all auctioneers pre-qualified by the Bureau of Public Procurement (BPP). We are satisfied that none of the auctioneers engaged in this process has any known involvement in drug-related offences or any other criminal activity capable of compromising the objectives of the Act or the integrity of this exercise.”
