FG Auctions Hotel, Other Properties Forfeited By Drug Lords for ₦6.1bn

The Federal Government has auctioned a Lagos hotel and three other properties seized from drug traffickers for a total of ₦6.148 billion.

The properties were recovered through court processes by the National Drug Law Enforcement Agency and forfeited to the agency.Auction outcome

Director of Media and Advocacy of the NDLEA, Femi Babafemi, said in a statement on Monday that the auction followed a competitive bid process for eight assets forfeited by drug traffickers in different parts of the country.

According to Babafemi, bidders who offered above the reserved prices emerged as winners of four properties.

Bids for the remaining four assets did not meet the reserved prices, so no winners were declared for those.

At the bid-opening ceremony held at NDLEA headquarters in Abuja on Monday, representatives of the Independent Corrupt Practices and Other Related Offences Commission, civil society organizations, auctioneers, and bidders were in attendance.

The Head of Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Ali-Bozi, announced the winners:

Six-floor hotel, Victoria Island, Lagos: Tope Ojo and Tunde Olonishakin’s estate firm won with a bid of ₦5.9 billion.

Property, Lekki Phase 1, Lagos: FSS Limited won with ₦219,500,000.

Block of flats, Ejigbo, Lagos: A-BNB Global Innovations Limited won with ₦104 million.

Property, Akure, Ondo State: Fazeen Global Link Limited won with ₦29.360 million.

Chief Executive Officer of NDLEA, Brig.-Gen. Mohamed Marwa (retd), was represented by the agency Secretary, Shadrach Haruna.

He said public auctions serve a broader national purpose beyond revenue generation.

“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,” he stated.

Marwa added that the agency remains committed to strengthening Nigeria’s asset recovery framework and ensuring recovered assets are managed and disposed of in a manner that is transparent, lawful, and beneficial to public interest.

Process and compliance

On the integrity of the process, the NDLEA boss said representatives of sister law enforcement and regulatory agencies, civil society organizations, the media, prospective bidders, and members of the public were invited to witness the bid-opening exercise.

He noted that bids for each lot were evaluated against approved reserve prices, and the highest responsive bidder that satisfied all conditions was declared successful.

The process, he said, was conducted openly, fairly, and transparently.

Marwa stated that the auction was carried out in strict compliance with the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other applicable laws and guidelines.

He added that all assets earmarked for auction were professionally valued by the Federal Ministry of Housing and Urban Development, the designated official valuer of the Federal Government.

The agency also conducted due diligence and security screening of all auctioneers pre-qualified by the Bureau of Public Procurement, and found none with involvement in drug-related offences or other criminal activity that could compromise the exercise.

The NDLEA said it will continue to pursue drug traffickers, dismantle criminal networks, recover proceeds of crime, and uphold the rule of law.