A Lagos hotel and three other properties confiscated from convicted drug traffickers and forfeited to the Federal Government have been sold for a combined N6.15 billion through a public auction conducted by the National Drug Law Enforcement Agency (NDLEA). The sale followed a competitive bidding process involving eight assets linked to drug barons across different parts of the country. While four properties attracted successful bids above the reserve prices, the remaining four failed to meet the required valuation and were not sold.
At the bid-opening ceremony held at the NDLEA headquarters in Abuja, officials announced that a six-storey hotel located in Victoria Island, Lagos, was sold to Tope Ojo and Tunde Olonishakin Estate Firm for N5.9 billion, making it the highest-valued asset auctioned.Other successful bidders included FSS Limited, which acquired a property in Lekki Phase 1, Lagos, for N219.5 million; A-BNB Global Innovations Limited, which secured a block of flats in Ejigbo, Lagos, for N104 million; and Fazeen Global Link Limited, which purchased a property in Akure, Ondo State, for N29.36 million.Representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society groups, auctioneers and bidders attended the exercise to observe the process.
Speaking at the event, NDLEA Chairman, Brig.-Gen. Mohamed Marwa (retd.), represented by the agency’s Secretary, Shadrach Haruna, said the auction was not only about generating revenue but also about strengthening public confidence in the rule of law and ensuring that proceeds from criminal activities do not remain in the hands of offenders. He reaffirmed the agency’s commitment to recovering assets linked to drug crimes, dismantling trafficking networks and ensuring that recovered properties are managed transparently and in the public interest.
Marwa also stressed that the auction process was conducted openly 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 the NDLEA, all properties were professionally valued by the Federal Ministry of Housing and Urban Development, while auctioneers involved in the exercise underwent due diligence and security screening to ensure the integrity and transparency of the process.
Source: https://guardian.ng/
