NDLEA Auctions Seized Assets, Generates N6.15bn Revenue
The National Drug Law Enforcement Agency (NDLEA) has realised over N6.15 billion from the public auction of properties confiscated from convicted drug traffickers and forfeited to the Federal Government, in what the agency described as a major step in its efforts to deprive criminal networks of the proceeds of illicit drug trafficking.
The auction, conducted through a competitive bidding process in Abuja on Monday, generated N6,153,264,000 from the sale of five forfeited assets, including a six-storey hotel in Victoria Island, Lagos, and other properties located in Lagos and Ondo states.
The assets were among eight properties recovered from drug barons through judicial forfeiture proceedings. While successful bids emerged for five properties, three others were not sold after bidders failed to meet the approved reserve prices.
Announcing the results at the bid-opening ceremony, the Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, declared Tope Ojo and Tunde Olonishakin Estate Firm as the successful bidder for the Victoria Island hotel 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 acquired a block of flats in Ejigbo, Lagos, for N104 million; Fazeen Global Link Limited, which emerged winner for a property in Akure, Ondo State, with a bid of N29.36 million; and Tresmo Nigeria Limited, which secured a property located in the Ijesha/Itire area of Lagos for N4.3 million.
Speaking at the ceremony, Chairman and Chief Executive Officer of the NDLEA, Brig.-Gen. Mohamed Buba Marwa (retd.), represented by the Agency Secretary, Shadrach Haruna, said the auction was not only about generating revenue for the government but also about reinforcing accountability and public confidence in the rule of law.
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He said public disposal of criminal assets sends a strong signal that individuals involved in drug trafficking and other organised crimes would not be allowed to retain or enjoy proceeds derived from illegal 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.
Marwa reaffirmed the agency’s commitment to strengthening Nigeria’s asset recovery framework and ensuring that recovered assets are managed and disposed of in a transparent, lawful and publicly beneficial manner.
He also pledged that the agency would continue to pursue drug traffickers, dismantle criminal syndicates, recover proceeds of crime and uphold the rule of law without compromise.
The NDLEA boss stressed that the auction process was conducted in line with the provisions of the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other applicable laws and regulations.
According to him, all assets offered for sale were professionally valued by the Federal Ministry of Housing and Urban Development, while auctioneers engaged for the exercise were subjected to extensive due diligence and security screening to safeguard the integrity of the process.
Marwa noted that representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, media organisations, prospective bidders and members of the public were invited to witness the exercise as part of measures to ensure transparency and accountability.
He added that the highest responsive bidders who met all stipulated requirements were selected through an open and competitive process conducted in the presence of stakeholders.
The auction marks another milestone in the NDLEA’s ongoing campaign against illicit drug trafficking and financial crimes, as authorities increasingly target not only criminal actors but also the assets acquired through proceeds of crime.
By PRNigeria
