Federal Government auctions Lagos hotel and three properties seized from drug lords for N6.1 bn.

By Kingsley Omonobi

The Federal Government has auctioned a Lagos hotel and three other properties that were seized from drug kingpins by the National Drug Law Enforcement Agency (NDLEA). The properties were forfeited to the agency through court processes and sold for a total of N6.148 billion.

Femi Babafemi, Director of Media and Advocacy at the NDLEA, disclosed the outcome yesterday. He said, “This was the result of a competitive bid process for the sale of eight assets forfeited by drug barons in various parts of the country.”

“Bidders who offered above the reserved prices emerged as winners for four of the listed properties. Bids for the remaining four failed because none met the reserved prices.”

During the bid‑opening ceremony held at the NDLEA headquarters in Abuja, representatives of the ICPC, civil society organisations, auctioneers, and bidders were present. Tamarantare Ali‑Bozi, Head of Asset Recovery and Management Unit of the Federal Ministry of Justice, announced that Tope Ojo and Tunde Olonishakin’s estate firm won a six‑floor hotel on Victoria Island, Lagos, with an offer of N5.9 billion.

Other winners included FSS Limited, which secured a property in Lekki Phase 1, Lagos, for N219,500,000.00; A‑BNB Global Innovations Limited, which won a block of flats in Ejigbo, Lagos, for N104 million; and Fazeen Global Link Limited, which acquired a property in Akure, Ondo State, for N29.360 million.

In his remarks, Chief Executive Officer of the NDLEA, Brig‑Gen Mohamed Marwa (retd), represented by Secretary Shadrach Haruna, stated that “public auctions such as this serve a broader national purpose.” He added, “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 profit from the misery and destruction caused by illicit drugs.”

“The agency remains steadfast in its determination to strengthen Nigeria’s asset recovery framework and to ensure that recovered assets are managed and disposed of in a manner that is transparent, lawful and beneficial to the public interest,” he continued. “We shall continue to pursue drug traffickers, dismantle criminal networks, recover the proceeds of crime and uphold the rule of law without fear or favour.”

Regarding the integrity of the process, the NDLEA boss said, “To further enhance transparency and public confidence, representatives of sister law‑enforcement and regulatory agencies, civil society organisations, the media, prospective bidders and members of the public were invited to witness the bid‑opening exercise.”

“The bids received for each lot will be evaluated against the approved reserve price, and the highest responsive bidder who satisfies all requisite conditions will be declared the successful bidder. The entire process will be conducted openly, fairly and transparently in the presence of all attendees.”

“The process culminating in today’s auction has been conducted in strict compliance with the provisions of the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and all other applicable laws, regulations and guidelines.”

“Consistent with the agency’s commitment to transparency, accountability and due process, 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.”

“Furthermore, the agency undertook extensive due diligence and security screening of all auctioneers pre‑qualified by the Bureau of Public Procurement, BPP.”

“We are satisfied that none of the auctioneers engaged in this process has any known involvement in drug‑related offences or any other criminal activity capable of compromising the objectives of the Proceeds of Crime (Recovery and Management) Act or the integrity of this exercise,” he added.

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