NDLEA Auctions Forfeited Properties for N6.15bn

By Zainab Uzomah|Abuja

The National Drug Law Enforcement Agency (NDLEA) has auctioned four properties forfeited by convicted drug traffickers to the Federal Government for a total of N6.15 billion following a competitive bidding process conducted in Abuja.

The assets, which include a six-floor hotel in Victoria Island, Lagos, and three other properties in Lagos and Ondo states, were among eight properties listed for sale. According to the NDLEA, bids for four properties met or exceeded the approved reserve prices and emerged successful, while bids for the remaining four failed to meet the reserve prices.

At the bid opening ceremony held at the NDLEA headquarters on Monday, the Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, announced the successful bidders. Tope Ojo and Tunde Olonishakin Estate Firm secured the Victoria Island hotel with a bid of N5.9 billion.

Other successful bids included FSS Limited, which acquired 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, with a bid of N104 million; and Fazeen Global Link Limited, which purchased a property in Akure, Ondo State, for N29.36 million.

Speaking at the event, NDLEA Chairman and Chief Executive Officer, retired Brig.-Gen. Mohamed Buba Marwa, represented by the Agency Secretary, Shadrach Haruna, said the auction demonstrated the government’s commitment to ensuring that proceeds of crime do not remain in the hands of criminals.

He said the disposal of recovered assets not only generates revenue for government but also strengthens public confidence in the rule of law and accountability in the management of forfeited assets.

Marwa reiterated the agency’s resolve to pursue drug traffickers, dismantle criminal networks and recover proceeds of crime in accordance with the law.

He added that the auction process was conducted transparently and in compliance with the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other relevant regulations.

According to him, all assets were professionally valued by the Federal Ministry of Housing and Urban Development, while auctioneers engaged for the exercise underwent due diligence and security screening to ensure the integrity of the process.

Representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, auctioneers, bidders and members of the public attended the bid opening exercise.