The National Drug Law Enforcement Agency (NDLEA) has realised N6.15 billion from the public auction of four properties confiscated from convicted drug traffickers and permanently forfeited to the Federal Government.
The auction, conducted at the agency’s headquarters in Abuja, involved eight assets linked to drug kingpins, but only four properties attracted bids above their reserve prices.
A six-floor hotel located in Victoria Island, Lagos, accounted for the bulk of the proceeds, fetching N5.9 billion. The property was won by Tope Ojo and Tunde Olonishakin Estate Firm during the competitive bidding exercise.
Other successful bids included a property in Lekki Phase 1, Lagos, acquired by FSS Limited for N219.5 million; a block of flats in Ejigbo, Lagos, purchased by A-BNB Global Innovations Limited for N104 million; and a property in Akure, Ondo State, secured by Fazeen Global Link Limited for N29.36 million.
Announcing the outcome of the exercise, the Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, said four other assets failed to meet the approved reserve prices and were therefore not sold.
NDLEA Chairman and Chief Executive Officer, Brig.-Gen. Mohamed Buba Marwa (retd.), represented by the agency’s Secretary, Shadrach Haruna, said the auction underscored the Federal Government’s determination to ensure criminals do not benefit from proceeds derived from illicit drug activities.
According to him, public auctions of recovered assets promote transparency, strengthen confidence in the rule of law and send a strong message that wealth acquired through the illegal drug trade will not remain in the hands of offenders.
Marwa assured that the agency would continue to pursue drug traffickers, dismantle criminal networks and recover assets linked to narcotics offences in accordance with the provisions of the Proceeds of Crime (Recovery and Management) Act, 2022, and other relevant laws.
