Lagos Hotel, Two Other Properties, Akure Asset Forfeited by Drug Barons Auctioned for N6.1bn

By Adebola Isimijola, Lagos

The National Drug Law Enforcement Agency (NDLEA) has realised N6.15 billion from the auction of four properties forfeited to the Federal Government by convicted drug traffickers, including a six-floor hotel in Victoria Island, Lagos.

The auction, conducted through a competitive bidding process at the NDLEA headquarters in Abuja on Monday, saw the sale of three properties in Lagos and one in Akure, Ondo State.

According to a statement issued by the NDLEA Director of Media and Advocacy, Femi Babafemi, the assets were among eight properties seized from drug barons and forfeited to the Federal Government through court processes.

The statement noted that while bidders who offered above the approved reserve prices emerged successful for four properties, bids for four other assets failed to meet the required benchmarks.

The most valuable asset sold was a six-floor hotel located in Victoria Island, Lagos, which was acquired for N5.9 billion by Tope Ojo and Tunde Olonishakin Estate Firm.

Other successful bids included a property in Lekki Phase 1, Lagos, won by FSS Limited for N219.5 million; a block of flats in Ejigbo, Lagos, secured by A-BNB Global Innovations Limited for N104 million; and a property in Akure, Ondo State, purchased by Fazeen Global Link Limited for N29.36 million.

Speaking at the bid-opening ceremony, NDLEA Chairman and Chief Executive Officer, Brig.-Gen. Mohamed Buba Marwa (retd.), represented by the Agency Secretary, Shadrach Haruna, said the auction underscored the government’s commitment to transparency and accountability in asset recovery.

“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,” Marwa said.

He reaffirmed the agency’s determination to pursue drug traffickers and dismantle criminal networks across the country.

“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,” he stated.

Marwa also assured stakeholders that the auction process complied strictly with the provisions of the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other applicable laws and regulations.

According to him, all properties offered for sale were professionally valued by the Federal Ministry of Housing and Urban Development, while auctioneers engaged for the exercise underwent extensive due diligence and security screening.

He added that representatives of anti-corruption agencies, civil society organisations, the media, auctioneers, bidders and members of the public were invited to witness the exercise to ensure transparency and public confidence in the process.

The bid-opening ceremony was attended by representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society groups, auctioneers and prospective bidders.