Quote from Abu_2024 on June 15, 2026, 8:09 pm

The National Drug Law Enforcement Agency (NDLEA) has auctioned four properties forfeited by convicted drug traffickers for a total of N6.15 billion, with a six-floor hotel in Victoria Island, Lagos, accounting for N5.9 billion of the proceeds.

The agency disclosed this during a public auction held on Monday at its headquarters in Abuja, where bids were opened and evaluated for assets forfeited to the Federal Government following court orders obtained against drug kingpins. The exercise was reported by the News Agency of Nigeria (NAN).

The auction involved eight forfeited assets, but only four properties were successfully sold after meeting approved reserve prices.

Four other assets failed to attract bids that met the benchmark and were therefore not sold.

What they are saying

While the most valuable asset sold was a six-floor hotel in Victoria Island, Lagos, which attracted a winning bid of N5.9 billion from Tope Ojo and Tunde Olonishakin Estate Firm, there were other notable bids.

• For instance, FSS Limited acquired a property in Lekki Phase 1, Lagos, for N219.5 million; A-BNB Global Innovations Limited secured a block of flats in Ejigbo, Lagos, for N104 million; and Fazeen Global Link Limited purchased a property in Akure, Ondo State, for N29.36 million.
• NDLEA Chairman, retired Brig.-Gen. Buba Marwa, said the exercise demonstrates the Federal Government’s determination to ensure criminals do not benefit from proceeds derived from illicit activities.

Represented by the Agency Secretary, Mr Shadrach Haruna, Marwa said public auctions of forfeited assets serve purposes that go beyond generating revenue for government.

• “Public auctions such as this serve a broader national purpose.
• “Beyond generating revenue for the Government, they reinforce public confidence in the rule of law, demonstrate accountability in the management of recovered assets.
• “They also 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 said.

Marwa reaffirmed the agency’s commitment to strengthening Nigeria’s asset recovery framework, noting that recovered assets would continue to be managed and disposed of transparently, lawfully and in the public interest.

Marwa added that all bids were assessed against approved reserve prices, with the highest responsive bidders emerging successful, while the exercise fully complied with the provisions of the Proceeds of Crime (Recovery and Management) Act 2022, the Public Procurement Act 2007 and other applicable regulations.

More insights

Providing further details on the exercise, the Director of Proceeds of Crime Management (DPCM), Assistant Commandant General of Narcotics (ACGN) Obiageri Iwuchukwu, described the auction as transparent, fair and accountable.

• She said the exercise was conducted in strict compliance with relevant laws and regulations, with every participant given a fair opportunity to compete.
• According to Iwuchukwu, each stage of the auction was carefully managed to ensure transparency and sustain public confidence in the disposal of recovered assets.
• She attributed the success of the exercise to effective collaboration among various directorates, departments and units of the agency, as well as support from stakeholders involved in the process.

The NDLEA official also commended officers and partners whose contributions ensured the successful conduct of the auction.

Representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, auctioneers and prospective bidders were present during the exercise.

What you should know

The latest auction comes as the NDLEA continues to intensify its offensive against drug trafficking networks, combining arrests and seizures with efforts to deprive criminal syndicates of assets acquired through illicit proceeds.

• In April, operatives of the agency raided three illicit drug warehouses in Lagos, recovering opioids valued at N16.9 billion. The operation, disclosed by the agency’s spokesman, Femi Babafemi, was one of the largest recent seizures targeting the illegal drug trade.
• A month earlier, the NDLEA arrested three persons living with disabilities for alleged drug trafficking in separate operations across Anambra and Kwara states, while also uncovering 2,326 kilogrammes of Loud cannabis worth more than N5.8 billion during another raid in Lagos.

The agency has also intercepted consignments of high-potency narcotics concealed inside water purifier machines shipped from the Netherlands to Lagos, while seizing more than 1.7 tonnes of illicit drugs in coordinated operations across Kaduna, Niger and Enugu states.

https://nairametrics.com/2026/06/15/ndlea-auctions-drug-traffickers-assets-for-n6-1-billion-lagos-hotel-fetches-n5-9-billion/