NDLEA auctions forfeited hotel, three other properties for N6.1bn
The National Drug Law Enforcement Agency (NDLEA) has auctioned a Lagos hotel and three other properties forfeited by convicted drug traffickers to the Federal Government for a total sum of N6.15 billion.
The assets were sold through a competitive bidding process conducted at the NDLEA headquarters in Abuja on Monday. The exercise involved eight properties seized from drug barons across different parts of the country, although only four attracted bids that met the approved reserve prices.
Announcing the results, the Head of Asset Recovery and Management Unit at the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, said Tope Ojo and Tunde Olonishakin Estate Firm emerged the successful bidder for a six-floor hotel located in Victoria Island, Lagos, with an offer of N5.9 billion.
Other successful bidders included FSS Limited, which secured a property in Lekki Phase 1, Lagos, for N219.5 million; A-BNB Global Innovations Limited, which won a block of flats in Ejigbo, Lagos, for N104 million; and Fazeen Global Link Limited, which acquired a property in Akure, Ondo State, for N29.36 million.
Ali-Bozi noted that bids for the remaining four properties failed because none of the offers submitted by prospective buyers met the reserve prices approved for the assets.
Speaking at the bid-opening ceremony, NDLEA Chairman and Chief Executive Officer, Brig. Gen. Mohamed Buba Marwa (retd.), represented by the agency’s Secretary, Shadrach Haruna, said the auction was part of efforts to ensure that proceeds of drug-related crimes do not remain in the hands of offenders.
According to him, beyond generating revenue for the government, the disposal of forfeited assets reinforces public confidence in the rule of law, demonstrates accountability in the management of recovered assets and sends a strong signal that criminal enterprises will not be allowed to profit from illicit activities.
Marwa also assured stakeholders that the auction process complied with the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other relevant regulations. He added that the assets were professionally valued by the Federal Ministry of Housing and Urban Development, while all auctioneers engaged for the exercise underwent due diligence and security screening to guarantee transparency and integrity.
