NDLEA auctions drug traffickers’ assets for N6.1 billion, Lagos hotel fetches N5.9 billion
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 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.
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.
Represented by the Agency Secretary, Mr Shadrach Haruna, Marwa said public auctions of forfeited assets serve purposes that go beyond generating revenue for government.
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.
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.
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.
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.
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.