Abuja: The National Drug Law Enforcement Agency (NDLEA) has conducted an auction of properties forfeited by convicted drug traffickers, generating a total of N6.1 billion. A six-floor hotel located in Victoria Island, Lagos, accounted for the majority of the proceeds from the auction.
According to News Agency of Nigeria, NDLEA Chairman, retired Brig.-Gen. Buba Marwa, emphasized the significance of the auction during an event in Abuja. He stated that this exercise highlights the Federal Government’s commitment to preventing criminals from benefiting from illicit activities. Marwa, represented by the Agency Secretary, Mr. Shadrach Haruna, noted that public auctions of forfeited assets serve a broader national purpose beyond mere revenue generation.
Marwa elaborated that such auctions bolster public confidence in the rule of law and demonstrate accountability in managing recovered assets. They also send a clear message that profits from criminal activities, particularly those involving illicit drugs, will not remain with the perpetrators. The NDLEA is committed to strengthening Nigeria’s asset recovery framework and ensuring that recovered assets are managed transparently and in the public interest.
The auction was conducted with transparency as a central tenet. Representatives from law enforcement, regulatory agencies, civil society organizations, the media, bidders, and the public were invited to witness the process. The NDLEA ensured that bids were evaluated against approved reserve prices, and the highest responsive bidders, meeting all requirements, were declared successful.
Marwa underscored that the auction complied fully with the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other relevant laws and regulations. All assets offered for sale were professionally valued by the Federal Ministry of Housing and Urban Development, the designated official valuer.
Extensive due diligence and security screening were conducted on all auctioneers pre-qualified by the Bureau of Public Procurement (BPP) to ensure no involvement in drug-related or other criminal activities. Marwa reiterated the agency’s resolve to manage recovered criminal assets in accordance with due process and for the benefit of Nigerians.
Mrs. Tamarantare Ali-Bozi, Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, announced the successful bidders. The process involved the opening and evaluation of bids for the forfeited properties, witnessed by representatives from the ICPC, civil society organizations, auctioneers, and prospective bidders.
Assistant Commandant General of Narcotics (ACGN) Obiageri Iwuchukwu, Director of Proceeds of Crime Management, described the auction as transparent, fair, and accountable, conducted in strict compliance with laws and regulations. She commended the effective collaboration among various agency directorates and stakeholders, attributing the success to their dedication.
The News Agency of Nigeria reports that the auction involved eight assets forfeited to the Federal Government following court orders against drug kingpins. Four properties were successfully sold for a total of N6,148,964,000, with bids for four other assets failing to meet approved reserve prices.
The most valuable asset sold was a six-floor hotel in Victoria Island, Lagos, attracting a winning bid of N5.9 billion from Tope Ojo and Tunde Olonishakin Estate Firm. Other successful bidders included FSS Limited, acquiring a property in Lekki Phase 1, Lagos, for N219.5 million; A-BNB Global Innovations Limited, securing a block of flats in Ejigbo, Lagos, for N104 million; and Fazeen Global Link Limited, purchasing a property in Akure, Ondo State, for N29.36 million.