Lagos Hotel, 3 Other Properties Forfeited By Drug Kingpins Auctioned At N6.1bn

By RhemDy News

A Lagos hotel and three other properties seized from drug kingpins by the National Drug Law Enforcement Agency (NDLEA) and forfeited through court processes to the Federal Government  have been auctioned for N6,148,964,000.00.

The auction was the outcome of a competitive bid process for the sale of eight assets forfeited by drug barons in parts of the country. 

NDLEA's spokesman, Femi Babafemi, in a statement on Monday said, while bidders who offered above reserved prices emerged winners of four of the listed properties, bids for four others failed because none offered up to the reserved prices.

Announcing the winning bids at the bid opening ceremony attended by representatives of ICPC, Civil Society Organisations, auctioneers and bidders at the NDLEA headquarters in Abuja on Monday June 15, 2026, the Head of Asset Recovery and Management Unit of the  Federal Ministry of Justice, Tamarantare Francis Ali-Bozi declared Tope Ojo and Tunde Olonishakin estate firm as winner of a six-floor hotel located in Victoria Island Lagos with N5.9 billion offer. 

Other winners include FSS Limited which won a property at Lekki Phase 1 Lagos for N219,500,000.00; A-BNB Global Innovations Limited which bid emerged winner of a block of flats located in Ejigbo Lagos for N104 million and Fazeen Global Link Limited which won a property in Akure, Ondo State for N29,360,000.00.

In his remarks at the ceremony, Chairman/Chief Executive Officer of NDLEA, Brig.-Gen. Mohamed Buba Marwa (rtd) who was represented by the agency's Secretary, Shadrach Haruna, noted that “public auctions such as this serve a broader national purpose. 

"Beyond generating revenue for the government, they reinforce public confidence in the rule of law, demonstrate accountability in the management of recovered assets, and send a clear message that criminal proceeds will not be allowed to remain in the hands of those who seek to profit from the misery and destruction caused by illicit drugs.”

Marwa assured that “the agency remains steadfast in its determination to strengthen Nigeria’s asset recovery framework and to ensure that recovered assets are managed and disposed of in a manner that is transparent, lawful and beneficial to the public interest”.

He added that the NDLEA shall continue to pursue drug traffickers, dismantle criminal networks, recover the proceeds of crime and uphold the rule of law without fear or favour.

On the integrity of the process, Marwa said the process culminating in 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 all other applicable laws, regulations and guidelines. 

"Consistent with the Agency’s commitment to transparency, accountability and due process, all assets earmarked for auction were professionally valued by the Federal Ministry of Housing and Urban Development, the designated official valuer of the Federal Government.

“Furthermore, the agency undertook extensive due diligence and security screening of all auctioneers pre-qualified by the Bureau of Public Procurement (BPP)," he said.

The NDLEA's boss further expressed satisfaction that none of the auctioneers engaged in the process has any known involvement in drug-related offences or any other criminal activity capable of compromising the objectives of the Proceeds of Crime (Recovery and Management) Act or the integrity of this exercise.