A Lagos hotel and three other properties seized from drug kingpins by the National Drug Law Enforcement Agency (NDLEA) and forfeited to the Federal Government through court processes have been auctioned for the sum of Six Billion One Hundred and Forty-Eight Million Nine Hundred and Sixty-Four Thousand Naira (N6,148,964,000.00) only.
This was the outcome of a competitive bid process for the sale of eight assets forfeited by drug barons in parts of the country. While bidders who offered above the reserved prices emerged as winners of four of the listed properties, bids for four others failed because none met the reserved prices.
Announcing the winning bids at the bid opening ceremony attended by representatives of ICPC, Civil Society Organisations, auctioneers and bidders at the NDLEA headquarters in Abuja on Monday, 15th June 2026, the Head of Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, declared Tope Ojo and Tunde Olonishakin estate firm as the winner of a six-floor hotel located in Victoria Island, Lagos, with an offer of N5.9 billion. Other winners include FSS Limited, which won a property at Lekki Phase 1, Lagos, for N219,500,000.00; A-BNB Global Innovations Limited,d which emerged the winner of a block of flats located in Ejigbo, Lagos, for N104 million and Fazeen Global Link Limited,d which won a property in Akure, Ondo State, for N29,360,000.00.
In his remarks at the ceremony, Chairman/Chief Executive Officer of NDLEA, Brig Gen Mohamed Buba Marwa (rtd), who the Agency Secretary represented, Shadrach Haruna, noted that “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, 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 assured that “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”, adding that “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.”
Speaking on the integrity of the process, the NDLEA boss stated that “to further enhance transparency and public confidence in the process, representatives of sister law enforcement and regulatory agencies, civil society organisations, the media, prospective bidders and members of the public have been 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 shall 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.
