The Federal Government has auctioned a prime six-floor hotel in Victoria Island, Lagos, along with three other high-value properties seized from drug kingpins, generating a total of N6.148 billion.
The assets were forfeited to the National Drug Law Enforcement Agency (NDLEA) through court processes. Director of Media and Advocacy for the agency, Femi Babafemi, disclosed the outcome of the competitive bidding exercise on Tuesday.
According to officials, eight forfeited assets were listed for auction. While four attracted winning bids above their reserved prices, the other four failed to meet the thresholds as no bidder offered up to the set amounts.
At the bid-opening ceremony held at the NDLEA headquarters in Abuja, which was witnessed by representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, auctioneers, and prospective bidders, the Head of Asset Recovery and Management Unit at the Federal Ministry of Justice, Tamarantare Ali-Bozi, announced the successful bidders.
Tope Ojo and Tunde Olonishakin Estate Firm emerged as the winner of the six-floor hotel located in Victoria Island, Lagos, with a bid of N5.9 billion. FSS Limited won a property at Lekki Phase 1, Lagos, for N219.5 million. A-BNB Global Innovations Limited secured a block of flats in Ejigbo, Lagos, with a bid of N104 million, while Fazeen Global Link Limited won a property in Akure, Ondo State, for N29.36 million.
In his remarks at the event, NDLEA Chief Executive Officer, Brig-Gen. Mohamed Marwa (retd), represented by the agency’s Secretary, Shadrach Haruna, emphasised that such public auctions serve a broader national purpose beyond revenue generation.
He noted that the exercise reinforces public confidence in the rule of law, demonstrates accountability in the management of recovered assets, and sends a strong message that criminal proceeds will not be allowed to benefit those involved in the illicit drug trade.
Marwa reaffirmed the agency’s commitment to strengthening Nigeria’s asset recovery framework and ensuring that recovered assets are managed and disposed of in a transparent, lawful, and public-oriented manner. He added that the process was conducted in full compliance with the Proceeds of Crime (Recovery and Management) Act, 2022, and the Public Procurement Act, 2007.
To ensure the highest level of integrity, all assets were professionally valued by the Federal Ministry of Housing and Urban Development, while the auctioneers underwent extensive due diligence and security screening by the Bureau of Public Procurement.
The open nature of the bidding process, with multiple stakeholders present, was designed to promote transparency and public trust in the ongoing fight against drug-related crimes.
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