The National Drug Law Enforcement Agency (NDLEA) has realised N6.15 billion from the public auction of confiscated assets linked to convicted drug traffickers, reinforcing its campaign to strip criminal networks of the proceeds of illicit drug activities.
The agency disclosed on Monday that five forfeited properties located in Lagos and Ondo states were successfully sold during a public bid-opening ceremony held at its headquarters in Abuja.
Three other assets, however, failed to attract bids that met their reserve prices.
According to a statement issued by the NDLEA’s Director of Media and Advocacy, Femi Babafemi, the auction was conducted in line with existing laws governing asset recovery and disposal.
The largest transaction involved a six-storey hotel located in Victoria Island, Lagos, which attracted a winning bid of N5.9 billion.
The property accounted for the bulk of the N6.153 billion generated from the exercise.
Babafemi said the winning bidder for the hotel was Tope Ojo and Tunde Olonishakin Estate Firm, as announced by the Head of Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, during the bid-opening ceremony.
Other successful bids included a property in Lekki Phase 1, Lagos, won by FSS Limited for N219.5 million, while A-BNB Global Innovations Limited secured a block of flats in Ejigbo, Lagos, with a bid of N104 million.
In Ondo State, Fazeen Global Link Limited emerged as the highest bidder for a property in Akure with an offer of N29.36 million, while Tresmo Nigeria Limited won a property located in the Ijesha/Itire area of Lagos with a bid of N4.3 million.
Speaking at the event, NDLEA Chairman and Chief Executive Officer, Brig.-Gen. Mohamed Marwa (retd.), represented by the agency’s Secretary, Shadrach Haruna, said the auction underscored the government’s determination to deny criminals the financial rewards of drug trafficking.
Marwa noted that the disposal of recovered assets serves purposes beyond revenue generation, stressing that it promotes transparency, accountability and public trust in the management of confiscated properties.
“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.
He reiterated the agency’s commitment to targeting drug trafficking syndicates and dismantling the financial structures that sustain their operations.
“We shall continue to pursue drug traffickers, dismantle criminal networks, recover the proceeds of crime and uphold the rule of law without fear or favour,” Marwa added.
The NDLEA also defended the transparency of the auction process, assuring stakeholders that all procedures complied with relevant provisions of the law.
According to the agency, representatives of anti-corruption bodies, civil society organisations, auctioneers, bidders and members of the public were invited to observe the exercise.
Marwa explained that all the properties offered for sale were professionally valued by the Federal Ministry of Housing and Urban Development before being listed for auction.
He further disclosed that auctioneers pre-qualified by the Bureau of Public Procurement underwent background checks to ensure they had no links to criminal activities.
The NDLEA boss maintained that successful bids were evaluated against approved reserve prices before final winners were announced.
The auction forms part of the federal government’s implementation of the Proceeds of Crime (Recovery and Management) Act, 2022, which establishes procedures for the recovery, management and disposal of assets connected to criminal activities.
In recent years, Nigerian law enforcement and anti-corruption agencies have increasingly relied on asset forfeiture measures as a strategy to weaken organised crime groups by depriving them of resources obtained through illegal operations.
