The Federal Government has generated ₦6.15 billion from the auction of four properties forfeited by convicted drug traffickers, following a competitive bidding exercise conducted by the National Drug Law Enforcement Agency (NDLEA) in Abuja.

The assets, which were seized from convicted drug kingpins and permanently forfeited to the government through court orders, were among eight properties put up for auction at the NDLEA headquarters on Monday.

According to a statement by the agency’s Director of Media and Advocacy, Femi Babafemi, only four of the properties attracted bids that exceeded their reserve prices and were subsequently approved for sale. The remaining four failed to meet the required valuation benchmark and were not sold.

FG auctions forfeited drug kingpins? properties for N6.1bn

The highest-valued asset was a six-floor hotel located in Victoria Island, Lagos, which was acquired by an estate firm for ₦5.9 billion. Other successful transactions included a property in Lekki Phase 1, Lagos, sold for ₦219.5 million, a block of flats in Ejigbo, Lagos, purchased for ₦104 million, and a property in Akure, Ondo State, which fetched ₦29.36 million.

Speaking during the bid-opening ceremony, NDLEA Chairman and Chief Executive Officer, retired Brigadier General Mohamed Buba Marwa, represented by the agency’s Secretary, Shadrach Haruna, said the exercise demonstrated the government’s determination to ensure that proceeds of crime are removed from the control of criminal elements.

He noted that public auctions of recovered assets not only generate revenue but also reinforce transparency, accountability, and public confidence in the rule of law.

Marwa added that the NDLEA would continue to pursue drug trafficking networks, recover illicit assets, and ensure that criminal enterprises do not benefit from the proceeds of unlawful activities.

The agency stated that the auction was conducted in accordance with the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other applicable regulations. It also disclosed that the properties were professionally valued by the Federal Ministry of Housing and Urban Development, while all pre-qualified auctioneers underwent due diligence and security screening by the Bureau of Public Procurement.

Representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, auctioneers and bidders witnessed the exercise.

FG Auctions Forfeited Drug Traffickers’ Properties for ₦6.15bn

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