NDLEA nets N6.15bn from Lagos hotel, seized assets auction

Nigeria's National Drug Law Enforcement Agency (NDLEA) has successfully raised N6.15 billion through the auction of four properties forfeited by convicted drug traffickers. The sale, conducted via competitive bidding, included a prominent six-floor hotel in Victoria Island, Lagos, which fetched N5.9 billion.

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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.

Other successful bids included a property in Lekki Phase 1 for N219.5 million and a block of flats in Ejigbo for N104 million. An asset in Akure, Ondo State, was sold for N29.36 million. However, bids for four other listed properties failed to meet their reserved prices.

Brig Gen Mohamed Buba Marwa (retd.), the NDLEA Chairman and CEO, emphasized that public auctions serve a dual purpose: generating revenue and reinforcing public trust in the legal system. He highlighted that these sales demonstrate accountability in managing recovered assets and send a strong message that criminal proceeds will be confiscated.

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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 commitment to strengthening Nigeria's asset recovery framework and ensuring transparency in asset disposal. He noted that the auction process was open to observers from law enforcement agencies, regulatory bodies, civil society groups, and the media to ensure integrity.

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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.