The Federal Government has realized N6.15 billion from the sale of four properties forfeited by convicted drug traffickers through a public auction conducted by the National Drug Law Enforcement Agency (NDLEA).
The assets, including a six-storey hotel in Victoria Island, Lagos, were among properties seized from convicted drug kingpins and forfeited to the government following court orders.
The auction was conducted through a competitive bidding process at the NDLEA headquarters in Abuja on Monday.
NDLEA Director of Media and Advocacy, Femi Babafemi, disclosed the development in a statement, noting that eight forfeited assets were presented for bidding during the exercise.
According to him, four of the properties attracted successful bids above their reserved prices and were approved for sale, while bids for the remaining four failed to meet the required benchmark.
Speaking at the bid-opening ceremony, the Head of the Asset Recovery and Management Unit at the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, announced the successful bidders.
An estate development firm emerged as the highest bidder for the six-storey hotel located in Victoria Island, Lagos, with an offer of N5.9 billion.
Other properties sold include a building in Lekki Phase 1, Lagos, which attracted a winning bid of N219.5 million; a block of flats in Ejigbo, Lagos, sold for N104 million; and a property in Akure, Ondo State, which fetched N29.36 million.
Chairman and Chief Executive Officer of the NDLEA, Brigadier General Mohamed Buba Marwa (Rtd), said the auction reflects the agency’s commitment to ensuring that proceeds of crime are recovered and redirected for public benefit.
Represented by the agency’s Secretary, Shadrach Haruna, Marwa said the disposal of recovered assets serves a broader purpose beyond revenue generation.
He noted that public auctions of forfeited assets help strengthen confidence in the rule of law, promote accountability in asset management, and demonstrate that criminal proceeds will not remain in the hands of offenders.
Marwa also assured stakeholders that the exercise was conducted transparently and in compliance with the provisions of the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other relevant regulations.
According to him, all the properties were professionally valued by the Federal Ministry of Housing and Urban Development, while auctioneers were pre-qualified by the Bureau of Public Procurement and subjected to due diligence and security screening.
Representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, auctioneers, and bidders witnessed the exercise.