The National Drug Law Enforcement Agency (NDLEA) has raised N6.15 billion from the public auction of four properties forfeited by convicted drug traffickers, with a six-floor hotel in Victoria Island, Lagos, accounting for N5.9 billion of the total.
The auction, conducted on Monday at the agency's headquarters in Abuja, saw bids opened and evaluated for assets forfeited to the Federal Government through court orders obtained against drug kingpins.
Eight forfeited assets were put up for auction, but only four met the approved reserve prices and were successfully sold. The remaining four properties failed to attract qualifying bids.
The winning bid for the Victoria Island hotel was submitted by Tope Ojo and Tunde Olonishakin Estate Firm. Other transactions included a property in Lekki Phase 1, Lagos, acquired by FSS Limited for N219.5 million; a block of flats in Ejigbo, Lagos, purchased by A-BNB Global Innovations Limited for N104 million; and a property in Akure, Ondo State, bought by Fazeen Global Link Limited for N29.36 million.
NDLEA Chairman, retired Brig.-Gen. Buba Marwa, represented by Agency Secretary Mr Shadrach Haruna, said the exercise demonstrates the Federal Government's resolve to prevent criminals from benefiting from proceeds of illicit activities. Marwa noted that public auctions of forfeited assets serve a broader national purpose beyond generating revenue.
"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.
The NDLEA chairman reaffirmed the agency's commitment to strengthening Nigeria's asset recovery framework, stating that recovered assets would continue to be managed and disposed of transparently and lawfully. He added that all bids were assessed against approved reserve prices, with the highest responsive bidders emerging successful, in full compliance with the Proceeds of Crime (Recovery and Management) Act 2022, the Public Procurement Act 2007, and other applicable regulations.
Assistant Commandant General of Narcotics Obiageri Iwuchukwu, Director of Proceeds of Crime Management, described the auction as transparent, fair, and accountable. She attributed the success of the exercise to effective collaboration across the agency's directorates, departments, and units, as well as support from stakeholders.
Representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, auctioneers, and prospective bidders were present during the exercise.
The auction follows intensified NDLEA operations against drug trafficking networks. In April, the agency raided three illicit drug warehouses in Lagos, recovering opioids valued at N16.9 billion. In a separate operation, the NDLEA seized 2,326 kilogrammes of Loud cannabis worth over N5.8 billion in Lagos, and has intercepted consignments of high-potency narcotics concealed in water purifier machines shipped from the Netherlands.
