The National Drug Law Enforcement Agency (NDLEA) has generated more than N6.1 billion from the public auction of properties forfeited by convicted drug traffickers, in a move aimed at dismantling the financial networks underpinning illicit drug operations across Nigeria.
The auction, held in Abuja on Monday, involved eight forfeited properties, including a six-storey luxury hotel in Victoria Island, Lagos. Four of the assets were successfully sold, while bids for the remaining four properties were rejected for failing to meet approved reserve prices.
The Victoria Island hotel accounted for the largest share of the proceeds, attracting a winning bid of N5.9 billion. The successful bid was submitted by Tope Ojo and Tunde Olonishakin Estate Firm, according to officials.
Speaking at the exercise, the Head of Asset Recovery and Management Unit at the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, announced the results of the auction and identified the other successful bidders.
FSS Limited acquired a property in Lekki Phase 1, Lagos, for N219.5 million, while A-BNB Global Innovations Limited secured a block of flats in Ejigbo, Lagos, with a bid of N104 million. Fazeen Global Link Limited purchased a property in Akure, Ondo State, for N29.36 million.
The forfeited assets were confiscated from convicted drug kingpins following court orders obtained under Nigeria’s asset recovery laws and subsequently vested in the Federal Government.
NDLEA Chairman and Chief Executive Officer, retired Brigadier General Buba Marwa, described the auction as a critical component of the agency’s strategy to combat organised crime by targeting the proceeds of illicit activities.
Represented by the agency’s Secretary, Shadrach Haruna, Marwa said the exercise demonstrated the government’s resolve to ensure that criminals do not retain the benefits of their unlawful activities.
He noted that beyond generating revenue, the disposal of recovered assets serves as a deterrent to criminal enterprises and reinforces public confidence in the justice system through transparent management of forfeited properties.
“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 said.
The NDLEA chairman explained that extensive measures were adopted to guarantee transparency and integrity throughout the process. According to him, all assets were professionally valued by the Federal Ministry of Housing and Urban Development, while auctioneers were selected through a screening and pre-qualification process conducted in line with Bureau of Public Procurement guidelines.
He added that representatives of anti-corruption agencies, civil society organisations, the media and the general public were invited to observe the bid-opening exercise to ensure accountability.
Marwa further stated that the auction was conducted in compliance with the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other relevant regulations.
The asset disposal exercise is regarded as one of the most significant recovery auctions undertaken by the NDLEA in recent years and reflects an evolving anti-drug strategy focused not only on arrests and prosecutions but also on depriving criminal syndicates of their financial resources.
Observers say the successful sale of the forfeited properties sends a clear message that proceeds derived from drug trafficking can be identified, confiscated and redirected for public benefit, thereby weakening the economic foundations of organised crime.
