NDLEA Realizes ₦6.15bn From Auction of Seized Drug Assets

​The National Drug Law Enforcement Agency (NDLEA) has generated ₦6.15 billion through the public auction of four properties forfeited by convicted drug traffickers. The competitive bidding process, which took place at the agency’s headquarters in Abuja, involved assets professionally valued by the Federal Ministry of Housing and Urban Development.

​According to Tamarantare Ali-Bozi, Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, eight properties were originally listed for the exercise. While four assets successfully surpassed their reserve prices, the remaining four were withdrawn after bids failed to meet the required government valuation.

​Breakdown of the Successful Bids

​The auction drew diverse participation from corporate entities and estate firms, yielding the following results:

1.Victoria Island Hotel: A six-floor hospitality property in Victoria Island, Lagos, emerged as the highest-yielding asset. It was secured by the estate firm of Tope Ojo and Tunde Olonishakin with a winning bid of ₦5.9 billion.

2.Lekki Phase 1 Property: FSS Limited acquired a property located in the prime Lekki Phase 1 axis of Lagos for ₦219.5 million.

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3.Ejigbo Residential Blocks: A block of flats situated in Ejigbo, Lagos, was sold to A-BNB Global Innovations Limited for ₦104 million.

4.Akure Asset: Fazeen Global Link Limited secured the sole property outside of Lagos, located in Akure, Ondo State, for ₦29.36 million.

​Commitment to Transparency and Accountability

​Speaking on behalf of the NDLEA Chairman and Chief Executive Officer, Brig. Gen. Mohamed Buba Marwa (retd.), the agency’s Secretary, Shadrach Haruna, emphasized that the public sale serves a broader institutional purpose beyond revenue generation.

​”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.”

​To maintain the integrity of the exercise, the NDLEA subjected all pre-qualified auctioneers to rigorous security screenings by the Bureau of Public Procurement to ensure zero involvement in criminal activities. Furthermore, the proceedings were monitored live by representatives from sister law enforcement agencies, civil society organizations, regulatory bodies, and the media. The agency confirmed that the entire process complied strictly with the Public Procurement Act of 2007 and the Proceeds of Crime (Recovery and Management) Act of 2022.