NDLEA generates N6.15bn from auction of forfeited drug assets

Nigeria's National Drug Law Enforcement Agency (NDLEA) has successfully generated N6.15 billion through the public auction of four properties seized from convicted drug traffickers and forfeited to the Federal Government. The auction, conducted through a competitive bidding process at the agency's headquarters in Abuja, saw significant interest in the high-value assets.

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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.

Among the auctioned properties was a prominent six-floor hotel located in Victoria Island, Lagos, which attracted the highest bid of N5.9 billion. Other successful bids included a property in Lekki Phase 1, Lagos, sold for N219.5 million, a block of flats in Ejigbo, Lagos, for N104 million, and a property in Akure, Ondo State, which fetched N29.36 million. Bids for four other listed assets did not meet their reserved prices and were therefore not sold.

Brig. Gen. Mohamed Buba Marwa (retd.), Chairman and Chief Executive Officer of the NDLEA, emphasized the broader national significance of such auctions. He stated that beyond revenue generation, these disposals strengthen public confidence in the rule of law, showcase accountability in managing recovered assets, and send a clear message that criminal proceeds will not be retained by those profiting from illicit drug activities.

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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.

Marwa assured the public of the agency's continued commitment to strengthening Nigeria's asset recovery framework. He highlighted the transparency of the auction process, noting the presence of representatives from law enforcement agencies, regulatory bodies, civil society groups, and the media. The NDLEA remains determined to pursue drug traffickers, dismantle criminal networks, and ensure recovered assets are managed and disposed of lawfully and for public benefit.

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