The Federal Government has sold four properties forfeited by convicted drug traffickers for a total of ₦6.15 billion, following a competitive auction conducted by the National Drug Law Enforcement Agency (National Drug Law Enforcement Agency) in Abuja.
The assets—recovered from drug kingpins after court proceedings—were auctioned at the agency’s headquarters on Monday, June 15, 2026. They were seized during investigations and prosecutions and later forfeited to the government as proceeds of crime.
According to NDLEA Director of Media and Advocacy, Femi Babafemi, the sale covered eight forfeited properties located across different parts of the country. However, only four assets were successfully sold after meeting or exceeding their reserved prices.
Among the top transactions was a six-floor hotel in Victoria Island, Lagos, which attracted the highest bid of ₦5.9 billion from an estate firm. Other successful sales included a property in Lekki Phase 1 sold for ₦219.5 million, a block of flats in Ejigbo purchased for ₦104 million, and a property in Akure, Ondo State, sold for ₦29.36 million.
The remaining four properties were not sold as their bids fell below the set benchmarks and were therefore rejected.
Speaking at the bid-opening ceremony, the Head of the Asset Recovery and Management Unit at the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, announced the successful bidders.
NDLEA Chairman, retired Brigadier-General Mohamed Buba Marwa, described the auction as part of broader efforts to ensure that criminals do not retain benefits from illicit activities. Represented by the agency’s Secretary, Shadrach Haruna, he said the exercise reinforces transparency and public confidence in the management of recovered assets.
Marwa added that the agency remains committed to dismantling drug trafficking networks and recovering proceeds of crime. He also emphasized that the auction process complied with the Proceeds of Crime (Recovery and Management) Act, 2022, and the Public Procurement Act, 2007.
Officials from the Independent Corrupt Practices and Other Related Offences Commission (Independent Corrupt Practices Commission), civil society groups, auctioneers, and bidders were present at the exercise, which authorities described as transparent and properly regulated.
0 Comments
DISCLAIMER
The views and opinions expressed on this platform as comments were freely made by each person under his or her own volition or responsibility and were neither suggested nor dictated by the owners of News PLATFORM or any of their contracted staff. So we take no liability whatsoever for such comments.
Please take note!