The National Drug Law Enforcement Agency (NDLEA) has successfully auctioned four properties forfeited by convicted drug traffickers, realizing a total of N6.15 billion. A prominent six-floor hotel located in Victoria Island, Lagos, accounted for the largest share, selling for N5.9 billion.
The public auction took place at the NDLEA headquarters in Abuja, where bids were opened and evaluated for assets that were forfeited to the Federal Government following court orders against drug kingpins. The exercise involved eight forfeited assets, but only four properties successfully attracted bids that met the approved reserve prices.
Beyond the high-value hotel sale, other properties also found buyers. FSS Limited acquired a property in Lekki Phase 1, Lagos, for N219.5 million. A block of flats in Ejigbo, Lagos, was secured by A-BNB Global Innovations Limited for N104 million. Fazeen Global Link Limited purchased a property in Akure, Ondo State, for N29.36 million.
NDLEA Chairman, retired Brig.-Gen. Buba Marwa, emphasized that the auction demonstrates the Federal Government's commitment to preventing criminals from profiting from illicit activities. He stated that public auctions of forfeited assets serve a broader national purpose beyond revenue generation.
Marwa, represented by Agency Secretary Mr Shadrach Haruna, noted that these exercises reinforce public confidence in the rule of law and showcase accountability in managing recovered assets. He added that they send a clear message that criminal proceeds will not be tolerated.
The NDLEA Chairman reaffirmed the agency's dedication to strengthening Nigeria's asset recovery framework, assuring that recovered assets will continue to be managed and disposed of transparently and lawfully. All bids were assessed against approved reserve prices, with the highest responsive bidders declared successful. The exercise strictly adhered to the provisions of the Proceeds of Crime (Recovery and Management) Act 2022, the Public Procurement Act 2007, and other applicable regulations.
Director of Proceeds of Crime Management (DPCM), Assistant Commandant General of Narcotics (ACGN) Obiageri Iwuchukwu, described the auction as transparent, fair, and accountable. She confirmed the exercise was conducted in strict compliance with relevant laws and regulations, ensuring every participant had a fair opportunity.
Iwuchukwu highlighted that each stage of the auction was carefully managed to ensure transparency and maintain public confidence in the disposal of recovered assets. She attributed the success to effective collaboration among various NDLEA directorates, departments, and units, as well as support from stakeholders.
Representatives from the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organizations, auctioneers, and prospective bidders were present during the auction. This event follows the NDLEA's intensified efforts against drug trafficking networks, combining arrests with asset forfeiture to disrupt criminal syndicates.
