The National Drug Law Enforcement Agency has auctioned a Lagos hotel and three other properties forfeited to the Federal Government by convicted drug kingpins for a total sum of ₦6,148,964,000.
The agency’s Director of Media and Advocacy, Femi Babafemi, disclosed this in a statement on Monday, saying the sale followed a competitive bidding process for eight assets recovered from drug barons in different parts of the country.
According to the statement, four of the listed properties were successfully sold after bidders offered above the approved reserve prices, while bids for the remaining four properties failed because none of the offers met the reserve prices.
The winning bids were announced during a bid-opening ceremony held at the NDLEA headquarters in Abuja on Monday, June 15, 2026, in the presence of representatives of the Independent Corrupt Practices and Other Related Offences Commission, civil society organisations, auctioneers and bidders.
The Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, declared Tope Ojo and Tunde Olonishakin Estate Firm winner of a six-floor hotel located in Victoria Island, Lagos, after the firm submitted a bid of ₦5.9bn.
Other successful bidders were FSS Limited, which won a property at Lekki Phase 1, Lagos, for ₦219.5m; A-BNB Global Innovations Limited, which won a block of flats in Ejigbo, Lagos, for ₦104m; and Fazeen Global Link Limited, which won a property in Akure, Ondo State, for ₦29.36m.
Speaking at the ceremony, the Chairman and Chief Executive Officer of the NDLEA, Brig. Gen. Mohamed Buba Marwa (rtd), who was represented by the Agency Secretary, Shadrach Haruna, said the auction was not merely about revenue generation but also about strengthening public confidence in the rule of law and accountability in the management of recovered assets.
Marwa said public auctions of forfeited assets send a clear message that proceeds of crime would not be allowed to remain with those who profit from the misery and destruction caused by illicit drugs.
“Public auctions such as this serve a broader national purpose. Beyond generating revenue for the Government, they 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.
He assured that the agency remained committed to strengthening Nigeria’s asset recovery framework and ensuring that recovered assets are managed and disposed of in a transparent, lawful and publicly beneficial manner.
“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 added.
On the integrity of the process, the NDLEA boss said representatives of law enforcement and regulatory agencies, civil society organisations, the media, prospective bidders and members of the public were invited to witness the exercise in order to enhance transparency and public confidence.
He said the bids received for each lot were evaluated against the approved reserve prices, with the highest responsive bidder who met all necessary conditions declared the successful bidder.
Marwa added that the auction process complied with the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other applicable laws, regulations and guidelines.
He said all assets listed for auction were professionally valued by the Federal Ministry of Housing and Urban Development, the official valuer of the Federal Government.
The NDLEA further stated that it conducted due diligence and security screening on all auctioneers pre-qualified by the Bureau of Public Procurement, adding that none of those engaged in the process had any known involvement in drug-related offences or other criminal activity capable of compromising the exercise.
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