NDLEA Auctions Forfeited Drug Assets for N6.1bn, Sends Strong Warning to Cartels
Oru Leonard
The National Drug Law Enforcement Agency (NDLEA) has successfully auctioned a Lagos hotel and three other properties forfeited by convicted drug traffickers to the Federal Government, generating a total of N6.148 billion.
The auction, conducted through a competitive bidding process at the NDLEA headquarters in Abuja on Monday, saw four of the eight listed assets sold to the highest qualified bidders, while bids for the remaining four properties fell below the approved reserve prices.
Speaking at the bid-opening ceremony, NDLEA Chairman and Chief Executive Officer, Brig.-Gen. Mohamed Buba Marwa (Rtd), represented by the Agency Secretary, Mr. Shadrach Haruna, said the exercise underscored the agency’s commitment to transparency and accountability in the management of recovered criminal assets.
According to Marwa, the auction sends a clear message that drug traffickers and criminal networks will not be allowed to enjoy the proceeds of their illicit activities.
“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 six-floor hotel located in Victoria Island, Lagos, attracted the highest bid of N5.9 billion, with Tope Ojo and Tunde Olonishakin Estate Firm emerging as the successful bidder. Other winning bids included N219.5 million for a property in Lekki Phase 1, Lagos, won by FSS Limited; N104 million for a block of flats in Ejigbo, Lagos, secured by A-BNB Global Innovations Limited; and N29.36 million for a property in Akure, Ondo State, won by Fazeen Global Link Limited.
Marwa assured stakeholders that the agency would continue to strengthen Nigeria’s asset recovery framework and ensure that recovered assets are managed in accordance with the law and in the public interest.
“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 stated.
He emphasized that the entire process complied with the provisions of the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other relevant regulations. He also noted that all assets were professionally valued by the Federal Ministry of Housing and Urban Development, while auctioneers underwent extensive due diligence and security screening.
Marwa further stressed that representatives of anti-corruption agencies, civil society organisations, the media, bidders and members of the public were invited to witness the exercise to guarantee openness and public confidence.
NDLEA spokesman, Femi Babafemi, said the auction forms part of ongoing efforts by the agency to ensure that assets linked to drug trafficking are recovered and disposed of transparently, while depriving criminal elements of the financial gains derived from the illegal drug trade.
