The Federal Government has successfully auctioned a Lagos-based hotel and three other high-value properties seized from drug barons by the National Drug Law Enforcement Agency (NDLEA), raising a total of ₦6.148 billion in a competitive bidding exercise.
The properties, which were forfeited through court orders following anti-drug operations, were sold as part of a broader disposal process covering eight recovered assets linked to convicted drug traffickers across different parts of the country.
NDLEA Director of Media and Advocacy, Femi Babafemi, confirmed the development, noting that only four of the eight listed properties attracted bids that met or exceeded their reserve prices.
According to him, the remaining four properties failed to secure winning bids because offers submitted did not meet the government’s minimum valuation thresholds.
At the official bid-opening ceremony held at the NDLEA headquarters in Abuja, representatives from the Independent Corrupt Practices Commission (ICPC), civil society organisations, auctioneers, and prospective bidders witnessed the process.
The Head of the Asset Recovery and Management Unit at the Federal Ministry of Justice, Tamarantare Ali-Bozi, announced the top transactions, with a six-storey hotel located in Victoria Island, Lagos, selling for ₦5.9 billion to Tope Ojo and Tunde Olonishakin Estate Firm.
Other successful bids include FSS Limited, which acquired a property in Lekki Phase 1 for ₦219.5 million, A-BNB Global Innovations Limited, which won a block of flats in Ejigbo for ₦104 million, and Fazeen Global Link Limited, which secured a property in Akure, Ondo State for ₦29.36 million.
NDLEA Chief Executive, Brigadier General Mohamed Marwa (retd.), represented at the event by the agency’s Secretary, Shadrach Haruna, said the auction reflects the government’s commitment to transparency and accountability in asset recovery.
He explained that public auctions not only generate revenue for the country but also reinforce the principle that criminals should not benefit from proceeds of illegal drug activities.
“Beyond generating revenue for the government, they reinforce public confidence in the rule of law… 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 further stressed that NDLEA remains committed to dismantling drug networks, recovering illicit assets, and ensuring strict adherence to due process in asset disposal.
He added that the entire process followed strict legal frameworks, including the Proceeds of Crime (Recovery and Management) Act, 2022, and the Public Procurement Act, 2007.
To ensure transparency, officials said all auctioned assets were professionally valued by the Federal Ministry of Housing and Urban Development, while auctioneers were screened through the Bureau of Public Procurement (BPP).
The agency also invited civil society groups, media representatives, bidders, and the general public to observe the process as part of efforts to strengthen public trust in asset recovery procedures.
