Michael Olugbode in Abuja
The National Drug Law Enforcement Agency (NDLEA) has dealt a major financial blow to drug trafficking syndicates, raising over N6.1 billion from the auction of properties confiscated from convicted drug kingpins across the country.
The assets, which include a six-storey luxury hotel in Victoria Island, Lagos, and three other high-value properties, were forfeited to the federal government following court orders obtained under Nigeria’s asset recovery laws.
The Victoria Island hotel accounted for the bulk of the proceeds, attracting a winning bid of N5.9 billion during a public auction conducted in Abuja on Monday.
Altogether, four properties were successfully sold, while bids submitted for four others fell below the approved reserve prices and were consequently rejected.
The exercise marked one of the most significant asset recovery auctions conducted by the anti-narcotics agency in recent years and underscores a growing determination by authorities to target not only drug traffickers but also the wealth accumulated from illicit activities.
Announcing the results, the Head of Asset Recovery and Management Unit at the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, disclosed that Tope Ojo and Tunde Olonishakin Estate Firm emerged the successful bidder for the Victoria Island hotel.
Other successful bidders included FSS Limited, which secured a property in Lekki Phase 1, Lagos, with an offer of N219.5 million; 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 N29.36 million.
Speaking at the ceremony, Chairman and Chief Executive Officer of NDLEA, Brigadier General Buba Marwa (rtd), declared the auction represented more than a revenue-generating exercise, describing it as a strategic weapon in the fight against organised crime.
Represented by the agency’s Secretary, Shadrach Haruna, Marwa said the disposal of recovered assets sends a strong signal that individuals involved in the illicit drug trade would not be allowed to retain or benefit from the proceeds of their crimes.
He noted that public auctions of forfeited assets help reinforce public trust in the justice system by demonstrating transparency and accountability in the management of recovered properties.
According to him, the agency remains committed to tracking, recovering and disposing of criminal assets in a manner that serves the public interest while strengthening Nigeria’s asset recovery framework.
“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,” he stated.
Marwa also stressed that extensive safeguards were put in place to guarantee the integrity of the process. He said all assets were professionally valued by the Federal Ministry of Housing and Urban Development, while auctioneers engaged for the exercise were screened and pre-qualified through procedures approved by the Bureau of Public Procurement.
The NDLEA boss added that representatives of anti-corruption agencies, civil society organisations, the media and members of the public were invited to witness the bid-opening exercise in order to ensure transparency and public confidence.
He maintained that the auction was conducted in strict compliance with the provisions of the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other relevant regulations.
Analysts say the successful sale of the forfeited properties highlights a growing shift in Nigeria’s anti-drug strategy from merely arresting traffickers to systematically dismantling the financial foundations of criminal enterprises.
For law enforcement authorities, the message is unmistakable: drug trafficking may generate vast fortunes, but those fortunes can ultimately be traced, seized and converted into public assets.
