Government sells seized properties for N6.15 bn, stating drug proceeds will not be used for personal benefit.

By Kingsley Omonobi

The Federal Government has sold four forfeited properties for a total of N6.15 billion, underscoring its resolve to prevent criminals from profiting from illicit activities.

The assets, which include a hotel in Lagos, were seized by the National Drug Law Enforcement Agency (NDLEA) and transferred to the Federal Government through court orders.

NDLEA’s Director of Media and Advocacy, Femi Babafemi, announced the results on Monday. He said the auction followed a competitive bidding process that involved eight forfeited assets located across the country.

Four of the properties received bids that met or exceeded their reserve prices, while the remaining four did not, as the highest bids fell below the approved reserves.

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, named the successful bidders.

A six‑floor hotel in Victoria Island, Lagos, sold for N5.9 billion to Tope Ojo and Tunde Olonishakin Estate Firm.

Other winning bids were: FSS Limited, which purchased a property in Lekki Phase 1, Lagos, for N219.5 million; A‑BNB Global Innovations Limited, which acquired a block of flats in Ejigbo, Lagos, for N104 million; and Fazeen Global Link Limited, which secured a property in Akure, Ondo State, for N29.36 million.

Speaking on behalf of NDLEA Chairman and CEO Mohamed Buba Marwa, Agency Secretary Shadrach Haruna highlighted that the auction demonstrates the government’s commitment to transparency and accountability in managing recovered assets.

Marwa noted that public auctions serve a broader national purpose beyond revenue generation, reinforcing confidence in the rule of law and signaling that criminal proceeds will not remain with those who profit from drug trafficking.

He added that the agency will continue to pursue drug traffickers, dismantle criminal networks, recover proceeds of crime, and uphold the rule of law.

Marwa also emphasized that the exercise complied with the Proceeds of Crime (Recovery and Management) Act 2022, the Public Procurement Act 2007, and other relevant regulations.

All assets were professionally valued by the Federal Ministry of Housing and Urban Development, and auctioneers were vetted through due diligence and security screening.

NDLEA invited representatives of anti‑corruption agencies, civil society organisations, the media, and members of the public to observe the process, ensuring transparency and public confidence.

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