Federal Government Auctions Drug Lords' Seized Properties For N6.1bn
The Federal Government has raised N6.15 billion through the public auction of four properties seized from convicted drug traffickers, according to NDLEA Director of Media and Advocacy, Femi Babafemi . The competitive bidding process, held at the agency's headquarters in Abuja, included the sale of a six-floor hotel in Lagos.
This sale is part of a larger, ongoing effort that saw eight total properties, previously forfeited by drug kingpins, put on the market, with the remaining assets failing to meet established financial benchmarks.
Four of the eight forfeited properties successfully sold above their reserve prices, while the remaining four assets were withdrawn after failing to meet government benchmarks. During the bid-opening ceremony at the NDLEA headquarters in Abuja, Tamarantare Francis Ali-Bozi, Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, announced the winning bids.
The highest sale went to the real estate firm of Tope Ojo and Tunde Olonishakin, which acquired a six-floor hotel in Victoria Island, Lagos, for N5.9 billion. Other successful acquisitions included a Lekki Phase 1 property bought by FSS Limited for N219.5 million, a block of flats in Ejigbo won by A-BNB Global Innovations Limited for N104 million, and an Akure property secured by Fazeen Global Link Limited for N29.36 million.
The Chairman and Chief Executive Officer of the NDLEA, retired Brig.-Gen. Mohamed Buba Marwa, said the auction underscored the agency’s commitment to ensuring that proceeds of crime do not remain in the hands of criminals.
Represented by the agency’s Secretary, Shadrach Haruna, Marwa said public auctions of recovered assets serve a broader national purpose beyond generating revenue for the government.
“Public auctions such as this 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.
Marwa said the agency would continue to pursue drug traffickers, dismantle criminal networks and recover proceeds derived from illicit drug activities.
Tamarantare Francis Ali-Bozi assured stakeholders that the auction adhered strictly to the Proceeds of Crime Act of 2022 and the Public Procurement Act of 2007 to ensure complete transparency. To maintain fairness, the Federal Ministry of Housing and Urban Development professionally valued each asset before the bidding began. Furthermore, the Bureau of Public Procurement conducted rigorous due diligence and security screenings on all pre-qualified auctioneers. [ 1 , 2 ]
To guarantee the integrity of the exercise, several independent observers monitored the live bidding process. Representatives from the Independent Corrupt Practices and Other Related Offences Commission (ICPC) were present alongside various civil society organizations. They joined the auctioneers and bidders to witness the transparent distribution of the forfeited properties.