A Lagos hotel and three other properties forfeited from drug traffickers and transferred to the Federal Government have been sold at public auction for a total of Six Billion, One Hundred and Forty-Eight Million, Nine Hundred and Sixty-Four Thousand Naira (N6,148,964,000.00).
The National Drug Law Enforcement Agency (NDLEA) said the sales followed a competitive bidding process for eight assets seized from drug barons in various parts of the country.
A statement by Femi Babafemi, Director of Media & Advocacy at the NDLEA, said four properties attracted successful bids above their reserve prices; bids for the remaining four fell short of reserves and were therefore not sold.
At the bid-opening ceremony held at NDLEA headquarters in Abuja on Monday, June 15, 2026, and attended by representatives of the Independent Corrupt Practices Commission (ICPC), civil society groups, auctioneers and bidders, Tamarantare Francis Ali-Bozi, Head of the Asset Recovery and Management Unit at the Federal Ministry of Justice, announced the winners.
The highest sale was a six-floor hotel on Victoria Island, Lagos, won by the estate firm Tope Ojo and Tunde Olonishakin for N5.9 billion.
Other successful bids included FSS Limited, which purchased a property in Lekki Phase 1, Lagos for N219,500,000.00; A-BNB Global Innovations Limited, which bought a block of flats in Ejigbo, Lagos for N104,000,000.00; and Fazeen Global Link Limited, which acquired a property in Akure, Ondo State for N29,360,000.00.
NDLEA officials said the auction underscores the government’s determination to prevent criminal outfits from reaping the proceeds of illicit drug trade.
In his remarks at the ceremony, Chairman/Chief Executive Officer of NDLEA, Brig Gen Mohamed Buba Marwa (rtd) who was represented by the Agency 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.”
He 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”, adding that “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.”
Speaking on the integrity of the process, the NDLEA boss stated that “to further enhance transparency and public confidence in the process, representatives of sister law enforcement and regulatory agencies, civil society organisations, the media, prospective bidders and members of the public have been invited to witness the bid-opening exercise.
The bids received for each lot will be evaluated against the approved reserve price, and the highest responsive bidder who satisfies all requisite conditions shall be declared the successful bidder. The entire process will be conducted openly, fairly and transparently in the presence of all attendees.”
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