The National Drug Law Enforcement Agency (NDLEA) has sold a six-storey hotel in Lagos and three other properties seized from convicted drug traffickers for N6.15 billion. The agency said this shows that money from illegal drug trade will not stay with criminals.
In a statement released on Monday by NDLEA spokesperson, Femi Babafemi, the properties in Lagos and Ondo states were part of eight properties taken by the federal government after court orders under Nigeria’s asset recovery laws.
Mr Babafemi said officials revealed the successful bids for five properties during a public bid-opening event at the agency’s headquarters in Abuja on Monday. Three other properties did not receive bids that met their reserve prices.
The auction raised N6.153 billion, with the six-floor hotel in Victoria Island, Lagos, bringing in most of the money at N5.9 billion.
“While announcing the winning bids at the bid opening event attended by members of ICPC, Civil Society Organisations, auctioneers, and bidders on Monday, 15th June 2026, Tamarantare Francis Ali-Bozi, head of Asset Recovery and Management Unit of the Federal Ministry of Justice, declared Tope Ojo and Tunde Olonishakin estate firm as the winners of the six-floor hotel in Victoria Island Lagos with a bid of N5.9 billion.
“Other winners include FSS Limited which won a property in Lekki Phase 1 Lagos for N219,500,000.00; A-BNB Global Innovations Limited which won a block of flats in Ejigbo Lagos for N104 million; Fazeen Global Link Limited which secured a property in Akure, Ondo state for N29,360,000.00; and Tresmo Nigeria Limited which won a property at Ijesha/Itire, Lagos for N4.3 million,” the statement said.
At the event, NDLEA Chairman and CEO, Mohamed Marwa, shared that the auction is part of wider efforts to take away financial rewards from drug traffickers.
Mr Marwa, represented by the agency’s secretary, Shadrach Haruna, noted that selling recovered assets serves more than just raising money.
He said the auction aims to boost public trust in the law and show accountability in handling seized assets. “Public auctions like this serve a national purpose. Beyond generating revenue for the government, they build public trust in the law, show accountability in managing seized assets, and send a strong message that criminal profits will not stay with those who profit from the pain caused by illegal drugs,” Mr Marwa said.
He added that the agency will keep targeting drug trafficking networks and tracking down assets gotten through illegal drug activities. “We will keep pursuing drug traffickers, dismantling criminal networks, recovering proceeds from crime, and maintaining the rule of law without fear or favour,” he said.
The NDLEA also reassured everyone about the fairness of the auction. They said the process followed all laws related to asset recovery and public procurement.
Mr Marwa mentioned that representatives from anti-corruption agencies, civil society organisations, auctioneers, bidders, and the public were invited to watch the auction to ensure it was transparent. He said all properties were professionally valued by the Federal Ministry of Housing and Urban Development before being put up for sale.
He also stated that the agency checked the backgrounds of auctioneers pre-approved by the Bureau of Public Procurement (BPP) to make sure none had links to criminal activities. “The whole process will be open, fair, and transparent,” he said, adding that winning bids were checked against set reserve prices before winners were announced.
The auction is part of the federal government’s plan under the Proceeds of Crime (Recovery and Management) Act, 2022, which provides a legal way to recover, manage, and sell assets linked to crime.
In recent years, Nigerian anti-narcotics and anti-corruption bodies have focused more on asset forfeiture to hit the financial roots of organised crime. This method aims not just to punish wrongdoers but also to take away resources that could fund more illegal activities.
The NDLEA has consistently pointed out that taking and selling assets from drug trafficking is a key part of its plan to disrupt drug cartels and discourage future offenders.
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