The Federal Government has successfully auctioned four high-value assets seized from convicted drug traffickers, generating over ₦6.14 billion in public revenue under the Proceeds of Crime Act. The auction, supervised by the National Drug Law Enforcement Agency and the Federal Ministry of Justice, featured a six-storey luxury hotel in Victoria Island, Lagos, as the flagship asset. This property alone sold for ₦5.9 billion, making it one of the most significant drug-related asset recoveries in recent years.
Breakdown of Sold Properties
According to official bid-opening summaries announced by Tamarantare Francis Ali-Bozi, Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, four forfeited properties were successfully sold:
- Six-storey Hotel (The Hook Hotel) — Victoria Island, Lagos: Sold for ₦5.9 billion to Tope Ojo and Tunde Olonishakin Estate Firm. This high-value commercial hospitality property was the largest asset in the auction.
- Commercial/Residential Property — Lekki Phase 1, Lagos: Sold for ₦219.5 million to FSS Limited. This premium residential and commercial real estate fetched a substantial bid.
- Block of Flats — Ejigbo, Lagos: Sold for ₦104 million to A-BNB Global Innovations Limited. This multi-unit residential building was another successful sale.
- Residential Property — Akure, Ondo State: Sold for ₦29.36 million to Fazeen Global Link Limited. This regional residential asset completed the list of sold properties.
Together, these four assets generated total revenue of ₦6,148,964,000.00, exceeding the government's baseline financial requirements.
Properties That Did Not Sell
The auction originally included eight properties recovered from drug barons, but four failed to meet the government's strict reserve prices. According to NDLEA Director of Media and Advocacy, Femi Babafemi, the bids for these assets fell short of approved valuations and were withdrawn from the floor. They may be re-offered in future public auctions.
How Drug Assets End Up in Government Auctions
The properties were permanently confiscated following final court orders linked to high-profile narcotics investigations. Brig. Gen. Mohamed Buba Marwa (retd.), NDLEA Chairman and Chief Executive Officer, represented at the event by Agency Secretary Shadrach Haruna, emphasized that the exercise complied strictly with the Proceeds of Crime (Recovery and Management) Act, 2022, and the Public Procurement Act, 2007. To ensure transparency, the properties were professionally valued by the Federal Ministry of Housing and Urban Development, and the auction was witnessed by observers from the Independent Corrupt Practices and Other Related Offences Commission, civil society organizations, and the media.
Officials noted that converting forfeited properties into public revenue serves a broader national purpose by dismantling the financial foundations of criminal syndicates, reinforcing public confidence in the rule of law, and ensuring that drug cartels never enjoy the proceeds of their crimes.
