Nigeria's NDLEA sells seized drug trafficker assets for over N6 bn

The National Drug Law Enforcement Agency (NDLEA) held a public auction in Abuja of four properties seized from convicted drug traffickers, generating roughly N6.1 billion in proceeds. The auction’s largest sale was a six‑floor hotel on Victoria Island, Lagos, which fetched N5.9 billion from Tope Ojo and the Tunde Olonishakin Estate Firm. Other successful bids included a Lekki Phase 1 property bought by FSS Limited for N219.5 million, a block of flats in Ejigbo acquired by A‑BNB Global Innovations Limited for N104 million, and a parcel in Akure purchased by Fazeen Global Link Limited for N29.36 million.

NDLEA Chairman retired Brig. Gen. Buba Marwa said the auction demonstrated the federal government’s resolve to prevent criminals from profiting from illicit drug proceeds and to reinforce public confidence in the rule of law. He emphasized that the process adhered to the Proceeds of Crime (Recovery and Management) Act 2022, the Public Procurement Act 2007, and related regulations, with assets professionally valued by the Federal Ministry of Housing and Urban Development and auctioneers screened by the Bureau of Public Procurement.

The agency’s Asset Recovery and Management Unit, led by Tamarantare Ali‑Bozi, announced the winning bidders and noted that four of the eight listed assets attracted bids above reserve prices, while the others did not meet valuation requirements. The NDLEA pledged to continue strengthening Nigeria’s asset‑recovery framework and ensuring transparent disposal of future forfeited assets.