NDLEA Generates N6.15bn from Auction of Seized Drug Assets, Sells Lagos Hotel

The National Drug Law Enforcement Agency (NDLEA) has realised N6.15 billion from the public auction of assets confiscated from convicted drug traffickers and permanently forfeited to the Federal Government through court orders.

Among the recovered properties sold was a six-floor hotel located in Victoria Island, Lagos, which accounted for the bulk of the proceeds generated during the exercise.

The auction, conducted at the agency’s headquarters in Abuja, forms part of efforts to strengthen asset recovery measures and demonstrate that proceeds linked to organised drug crimes will not remain in private hands.

Competitive Auction Produces Successful Bids

According to officials, eight assets were initially listed for disposal, but only four received bids that exceeded their approved reserve values.

The Head of the Asset Recovery and Management Unit at the Federal Ministry of Justice, Tamarantare Ali-Bozi, announced the outcome and explained that properties which failed to attract acceptable offers would not proceed under the current exercise.

The highest-value transaction came from the sale of the Victoria Island hotel.

Tope Ojo and Tunde Olonishakin Estate Firm emerged as the successful bidder after offering N5.9 billion for the property.

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, secured by A-BNB Global Innovations Limited for N104 million
• A property located in Akure, Ondo State, purchased by Fazeen Global Link Limited for N29.36 million
• Together, the transactions generated a total of N6.15 billion in revenue.

NDLEA Says Asset Recovery Strengthens Rule of Law

Speaking through the agency’s Secretary, Shadrach Haruna, NDLEA Chairman and Chief Executive Officer, Brigadier General Mohamed Buba Marwa (retd.), said the auction extends beyond financial recovery.

According to him, public disposal of recovered assets is designed to reinforce accountability and send a clear warning to criminal networks.

“Public auctions such as this serve a broader national purpose. Beyond generating revenue for government, they reinforce public confidence in the rule of law and demonstrate accountability in the management of recovered assets.”

Marwa stressed that proceeds from illicit drug activities must not remain available to offenders after conviction.

He reaffirmed the agency’s commitment to pursuing traffickers, dismantling criminal operations and recovering assets connected to unlawful activities.

“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.”

Transparency Measures Introduced During Process

To address concerns about integrity and accountability, the NDLEA said the exercise was conducted under public scrutiny.

Representatives from law enforcement agencies, regulatory institutions, civil society organisations, media houses, prospective buyers and members of the public were invited to witness the bid-opening process.

Marwa stated that every submitted bid underwent evaluation against approved reserve prices before final approvals were issued.

He further disclosed that all assets had been independently valued by the Federal Ministry of Housing and Urban Development.

The agency also conducted due diligence and security screening on auctioneers pre-qualified by the Bureau of Public Procurement.

According to the NDLEA, the process complied fully with the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and related regulatory frameworks.

Officials added that no auctioneer involved in the process was found to have links to drug-related activities or any conduct capable of undermining the credibility of the exercise.

The N6.15 billion realised from the auction marks another phase in Nigeria’s evolving asset recovery strategy, where enforcement extends beyond arrests and convictions to the confiscation of criminal wealth.

For the NDLEA, the message is increasingly direct: beyond prosecution, the financial incentives behind drug trafficking must also be dismantled.