FG Auctions Lagos Hotel, 3 Properties Forfeited By Drug Lords

The Federal Government has generated more than ₦6.1 billion from the auction of properties confiscated from convicted drug traffickers and forfeited to the National Drug Law Enforcement Agency (NDLEA) through court orders.

The proceeds were realised from the sale of four high-value assets located in Lagos and Ondo states following a competitive bidding exercise conducted under the supervision of relevant government agencies and stakeholders.

The development was disclosed by the NDLEA’s Director of Media and Advocacy, Femi Babafemi, who said the auction formed part of efforts to ensure that assets linked to drug-related crimes are recovered and redirected for lawful public use.

Four Properties Sold, Four Fail to Attract Acceptable Bids

According to Babafemi, eight forfeited properties were initially listed for auction. However, only four assets were successfully sold after bidders submitted offers that exceeded the government-approved reserve prices.

The remaining four properties were not sold because none of the bids received met the minimum valuation benchmark set for the assets.

He explained that the exercise was conducted through an open and competitive process aimed at guaranteeing transparency and accountability.

Lagos Hotel Fetches ₦5.9 Billion

The most valuable property sold during the exercise was a six-storey hotel located in Victoria Island, Lagos.

At the official bid-opening ceremony held at the NDLEA headquarters in Abuja, the Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Ali-Bozi, announced that Tope Ojo and Tunde Olonishakin Estate Firm emerged as the successful bidder with an offer of ₦5.9 billion.

The hotel accounted for the bulk of the total revenue generated from the auction.

Other Winning Bids

Other successful bidders included FSS Limited, which secured a property in Lekki Phase 1, Lagos, with a bid of ₦219.5 million.

A-BNB Global Innovations Limited emerged as the highest bidder for a block of flats located in Ejigbo, Lagos, after offering ₦104 million.

Similarly, Fazeen Global Link Limited won the bid for a property situated in Akure, Ondo State, with an offer valued at ₦29.36 million.

Combined, the sales brought total proceeds from the auction to approximately ₦6.148 billion.

Marwa: Criminal Proceeds Must Not Benefit Offenders

Speaking during the event, the Chairman and Chief Executive Officer of the NDLEA, retired Brigadier General Mohamed Buba Marwa, represented by the agency’s Secretary, Shadrach Haruna, said the exercise underscored the government’s determination to ensure that proceeds of crime do not remain in the hands of offenders.

According to him, public auctions of recovered assets serve purposes beyond revenue generation.

He noted that such exercises strengthen confidence in the justice system, demonstrate transparency in asset management, and send a strong warning to criminal elements that illicit gains will ultimately be confiscated.

Marwa reiterated the agency’s commitment to tracking down drug traffickers, dismantling criminal networks, recovering illegally acquired assets, and enforcing the law without compromise.

Agencies, CSOs Monitor Process

To ensure transparency and public confidence, representatives from the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, media organisations, auctioneers, and members of the public were present during the bid-opening exercise.

NDLEA officials explained that all bids were evaluated against approved reserve prices and that successful bidders were selected strictly based on compliance with established guidelines and financial requirements.

Auction Conducted Under Existing Laws

The agency stated that the exercise was carried out in line with the provisions of the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other relevant regulations governing the disposal of forfeited assets.

According to the NDLEA, all properties offered for sale were professionally valued by the Federal Ministry of Housing and Urban Development, which serves as the Federal Government’s designated property valuation authority.

The agency also disclosed that extensive background checks were conducted on all auctioneers engaged for the exercise.

Officials said only auctioneers pre-qualified by the Bureau of Public Procurement (BPP) were allowed to participate, adding that due diligence confirmed that none had links to drug trafficking or other criminal activities.

Strengthening Asset Recovery Efforts

The auction represents another milestone in Nigeria’s efforts to strengthen asset recovery mechanisms and ensure that proceeds derived from criminal activities are converted into lawful public assets.

Authorities maintain that recovering and disposing of assets linked to drug trafficking remains a crucial component of the country’s broader strategy to combat organised crime and discourage illicit financial activities.

With billions of naira now realised from the sale, the government says it will continue to pursue the confiscation and transparent management of assets connected to criminal enterprises across the country.