The Federal Government has auctioned four properties forfeited by convicted drug traffickers for a total of N6.15 billion.
The assets, which include a six-storey hotel in Lagos, were seized by the National Drug Law Enforcement Agency (NDLEA) from drug kingpins and subsequently forfeited following court proceedings. They were sold through a competitive bidding process held at the NDLEA headquarters in Abuja on Monday, June 15, 2026.
In a statement, NDLEA Director of Media and Advocacy, Femi Babafemi, said the auction covered eight forfeited properties located in different parts of the country.
He explained that while four of the properties received bids above their reserve prices and were successfully sold, the remaining four failed to meet the required benchmarks and were not approved.
At the bid-opening ceremony, the Head of the Asset Recovery and Management Unit at the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, announced the successful bidders.
According to reports, a real estate firm emerged the highest bidder for a six-floor hotel located in Victoria Island, Lagos, offering N5.9 billion. Other sales included a property in Lekki Phase 1, sold for N219.5 million; a block of flats in Ejigbo, acquired for N104 million; and a property in Akure, Ondo State, sold for N29.36 million.
Chairman of the NDLEA, retired Brig.-Gen. Mohamed Buba Marwa, described the auction as part of the agency’s efforts to ensure that proceeds of crime do not remain in the hands of offenders. He was represented at the event by the agency’s Secretary, Shadrach Haruna.
He said public auctions of recovered assets help strengthen confidence in the justice system, promote accountability, and send a strong message that criminal proceeds will not be retained by offenders.
Marwa added that the agency will continue to pursue drug traffickers, dismantle criminal networks, and recover illicitly acquired assets.
He also assured that the process was transparent and conducted in line with the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other relevant regulations.
He further noted that all assets were professionally valued by the Federal Ministry of Housing and Urban Development, while due diligence and security screening were carried out on pre-qualified auctioneers by the Bureau of Public Procurement (BPP).
Representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society groups, auctioneers, and bidders were present at the exercise.
