The National Drug Law Enforcement Agency (NDLEA) has generated over N6.15 billion from the public auction of properties seized from convicted drug traffickers, reinforcing its commitment to ensuring that proceeds from illegal drug activities do not remain in the possession of criminals.
Among the assets sold was a six-storey hotel in Victoria Island, Lagos, which attracted the highest bid of N5.9 billion. The hotel formed part of a group of properties that had been forfeited to the Federal Government following court-approved asset recovery proceedings.
The auction, conducted in Abuja, saw successful bids emerge for five properties located across Lagos and Ondo states. While some properties were sold, a few failed to meet the approved reserve prices and were not awarded.
Other assets purchased included residential and commercial properties situated in Lekki Phase 1, Ejigbo, Ijesha/Itire in Lagos State, as well as a property in Akure, Ondo State.
Speaking during the event, NDLEA Chairman and Chief Executive Officer, Brigadier General Mohamed Marwa (Rtd.), reiterated that the agency remains committed to dismantling drug trafficking networks by targeting not only offenders but also the wealth accumulated through criminal activities.
He noted that asset forfeiture and public auctions play a crucial role in strengthening the rule of law, promoting transparency and preventing criminal organisations from benefiting from illicit proceeds.
According to the agency, the disposal process was conducted in line with relevant legal provisions governing recovered assets. Representatives of anti-corruption bodies, civil society groups, auctioneers, bidders and other stakeholders were present to observe the exercise and ensure transparency.
The NDLEA further disclosed that all properties were professionally valued before being listed for sale, while auctioneers involved in the process underwent necessary screening procedures to guarantee compliance with established standards.
‘The auction is part of broader efforts to implement Nigeria’s asset recovery framework, which allows authorities to recover, manage and dispose of properties linked to criminal activities.
Authorities believe that stripping criminal networks of their financial assets remains one of the most effective ways to weaken organised crime and discourage future offenders from engaging in illicit drug operations.
