The National Drug Law Enforcement Agency (NDLEA) has auctioned a six-storey hotel in Lagos and three other properties confiscated from convicted drug traffickers for a total of N6.15 billion. The agency described the auction as a demonstration that proceeds of illicit drug trade would not remain in the hands of criminals.
According to a statement issued on Monday by NDLEA spokesperson Femi Babafemi, the assets, located in Lagos and Ondo states, were among eight properties forfeited to the federal government following court orders obtained under Nigeria's asset recovery laws. Babafemi said officials announced successful bids for five properties at a public bid-opening ceremony held at the agency's headquarters in Abuja on Monday, while three others failed to attract offers that met their reserve prices.
The auction generated N6.153 billion, with a six-floor hotel in Victoria Island, Lagos, accounting for the bulk of the proceeds after it attracted a winning bid of N5.9 billion.
Winning Bids Announced
Announcing the winning bids at the bid opening ceremony attended by representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, auctioneers, and bidders at the NDLEA headquarters in Abuja on Monday, 15th June 2026, the Head of Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, declared Tope Ojo and Tunde Olonishakin estate firm as the winner of the six-floor hotel located in Victoria Island, Lagos, with a N5.9 billion offer.
Other winners include FSS Limited, which won a property at Lekki Phase 1, Lagos, for N219,500,000; A-BNB Global Innovations Limited, which emerged winner of a block of flats located in Ejigbo, Lagos, for N104 million; Fazeen Global Link Limited, which won a property in Akure, Ondo State, for N29,360,000; and Tresmo Nigeria Limited, which topped the bids for a property at Ijesha/Itire, Lagos, with N4.3 million.
Marwa: Drug Cartels Won't Enjoy Proceeds of Crime
Speaking at the event, NDLEA Chairman and Chief Executive Officer Mohamed Marwa said the auction was part of broader efforts to deprive drug traffickers of the financial benefits of their crimes. Marwa, a retired brigadier-general represented by the agency's secretary, Shadrach Haruna, said public disposal of recovered assets serves purposes beyond revenue generation. He said the exercise was designed to strengthen public confidence in the rule of law and demonstrate accountability in the management of confiscated assets.
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, Marwa said. He added that the agency would continue targeting drug trafficking networks and tracing assets acquired through illegal drug activities.
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 said.
Agency Defends Transparency of Auction Process
The NDLEA also sought to reassure stakeholders about the integrity of the auction, saying the process complied with relevant laws governing asset recovery and public procurement. Marwa said representatives of anti-corruption agencies, civil society organisations, auctioneers, bidders, and members of the public were invited to observe the exercise to ensure transparency.
According to him, all the assets were professionally valued by the Federal Ministry of Housing and Urban Development before being listed for sale. He also said the agency conducted background checks on auctioneers pre-qualified by the Bureau of Public Procurement (BPP) to ensure none had links to criminal activities.
The entire process will be conducted openly, fairly, and transparently, he said, adding that successful bids were subjected to evaluation against approved reserve prices before winners were announced.
Background
The auction forms part of the federal government's implementation of the Proceeds of Crime (Recovery and Management) Act, 2022, which provides a legal framework for the recovery, management, and disposal of assets linked to criminal activities. In recent years, Nigerian anti-narcotics and anti-corruption agencies have increasingly relied on asset forfeiture proceedings to target the financial structures that sustain organised crime. The approach aims not only to punish offenders but also to strip criminal networks of resources that could be used to fund further illegal activities.
The NDLEA has repeatedly argued that confiscating and disposing of assets acquired through drug trafficking is an essential component of its strategy to disrupt drug cartels and deter future offenders.
