The Federal Government has generated over ₦6.1 billion from the auction of a Lagos hotel and three other properties forfeited by convicted drug traffickers through court orders obtained by the National Drug Law Enforcement Agency (NDLEA).
According to the NDLEA, the auction followed a competitive bidding process involving eight forfeited assets across the country. Four properties were successfully sold, while bids for the remaining four failed to meet the approved reserve prices.
The highest bid came from an estate firm that acquired a six-storey hotel located in Victoria Island, Lagos, for ₦5.9 billion. Other successful bids included properties in Lekki Phase 1 and Ejigbo in Lagos State, as well as a property in Akure, Ondo State.
Speaking at the auction in Abuja, NDLEA Chairman and Chief Executive Officer, Brigadier General Mohamed Marwa (Rtd), said the exercise demonstrates the government’s commitment to transparency, accountability, and the rule of law.
He noted that beyond generating revenue, the disposal of criminal assets sends a strong message that proceeds of crime will not remain in the hands of offenders and reinforces public confidence in Nigeria’s asset recovery framework.
The agency stated that the process complied with the provisions of the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other relevant regulations. It added that all assets were professionally valued and that auctioneers underwent extensive screening to ensure the integrity of the exercise.
The NDLEA reaffirmed its commitment to pursuing drug traffickers, dismantling criminal networks, recovering illicit proceeds, and ensuring that recovered assets are managed in the public interest.
QUOTE:
“Public auctions such as this reinforce confidence in the rule of law and send a clear message that criminal proceeds will not remain in the hands of drug traffickers.”
— Brig. Gen. Mohamed Marwa (Rtd), NDLEA Chairman
