Lagos Hotel, other drug kingpins’ properties auctioned for N6.1bn

The National Drug Law Enforcement Agency (NDLEA) has realised over N6.15 billion from the public auction of properties confiscated from convicted drug traffickers, in a move aimed at stripping criminal networks of the proceeds of illicit drug activities.

The auction followed a competitive bidding process for eight assets previously seized from drug kingpins and forfeited to the Federal Government through court orders.

Announcing the outcome of the exercise in Abuja on Monday, NDLEA said five of the properties attracted successful bids above their reserve prices, while three others failed to meet the required valuation benchmark and were not sold.

The total value realised from the auction stood at N6,153,264,000.

The most valuable asset sold was a six-floor hotel located in Victoria Island, Lagos, which was acquired by estate firm, Tope Ojo and Tunde Olonishakin, with a winning bid 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 purchased a block of flats in Ejigbo, Lagos, for N104 million; Fazeen Global Link Limited, which acquired a property in Akure, Ondo State, for N29.36 million; and Tresmo Nigeria Limited, which emerged highest bidder for a property in the Ijesha/Itire area of Lagos at N4.3 million.

The bid-opening ceremony was attended by representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, auctioneers, bidders and other stakeholders.

Speaking at the event, NDLEA Chairman and Chief Executive Officer, Brig.-Gen. Mohamed Buba Marwa (retd), represented by the Agency Secretary, Shadrach Haruna, said the disposal of assets linked to drug trafficking serves as a powerful deterrent to criminal enterprises.

According to him, the exercise demonstrates that individuals involved in illicit drug trade will not be allowed to retain wealth acquired through criminal activities.

“Public auctions such as this serve a broader national purpose. Beyond generating revenue for 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,” Marwa said.

He reaffirmed the agency’s determination to pursue drug traffickers, dismantle criminal organisations and recover assets linked to narcotics offences.

“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,” he added.

Marwa also emphasised the transparency of the auction process, noting that all bids were opened publicly in the presence of stakeholders and subjected to evaluation against approved reserve prices.

According to him, all properties offered for sale were professionally valued by the Federal Ministry of Housing and Urban Development, while auctioneers involved in the process underwent rigorous screening to ensure compliance with the law.

“The process culminating in today’s auction was conducted in strict compliance with the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other applicable regulations. We undertook extensive due diligence to ensure that none of the auctioneers engaged had any involvement in criminal activities capable of compromising the integrity of the exercise,” he said.

The auction marks one of the largest disposals of forfeited drug-related assets by the agency and underscores the Federal Government’s efforts to deprive criminal syndicates of the financial resources used to sustain their operations.

The NDLEA said it would continue to deploy both law enforcement and asset recovery mechanisms as part of a comprehensive strategy to combat drug trafficking and organised crime across the country.