FG auctions forfeited drug kingpins’ properties for N6.1bn

The Federal Government has auctioned four properties forfeited to it by convicted drug traffickers for a total of N6.15 billion.

The assets, including a six-floor hotel in Lagos, which were seized from drug kingpins by the National Drug Law Enforcement Agency (NDLEA) and forfeited after court processes, were sold through a competitive bidding process conducted at the agency’s headquarters in Abuja on Monday, June 15, 2026.

NDLEA’s Director of Media and Advocacy, Femi Babafemi, who disclosed this in a statement, said the sale followed a competitive bidding process involving eight forfeited assets across different parts of the country.

While four properties attracted successful bids above the reserved prices, bids for the remaining four failed to meet the benchmark and were not approved.

Speaking at the bid-opening ceremony held at the NDLEA’s headquarters in Abuja, the Head of Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, announced the successful bidders.

Daily Trust reports that an estate firm emerged the highest bidder for a six-floor hotel located in Victoria Island, Lagos, with an offer of N5.9 billion.

Other successful bidders secured a property in Lekki Phase 1, Lagos, for N219.5 million; Another bidder won a block of flats in Ejigbo, Lagos, for N104 million; while another acquired a property in Akure, Ondo State, for N29.36 million.

Officer of the NDLEA, retired Brig.-Gen. Mohamed Buba Marwa, said the auction underscored the agency’s commitment to ensuring that proceeds of crime do not remain in the hands of criminals.

Represented by the agency’s Secretary, Shadrach Haruna, Marwa said public auctions of recovered assets serve a broader national purpose beyond generating revenue for the government.

“Public auctions such as this 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.

Marwa said the agency would continue to pursue drug traffickers, dismantle criminal networks and recover proceeds derived from illicit drug activities.

He also assured stakeholders that the auction process was conducted transparently and in line 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 assets were professionally valued by the Federal Ministry of Housing and Urban Development, while due diligence and security screening were conducted on all auctioneers pre-qualified by the Bureau of Public Procurement (BPP).

Representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, auctioneers and bidders attended the exercise.