Written by
Ishioma Appiah-Yeboah
The National Drug Law Enforcement Agency (NDLEA) has auctioned a Lagos hotel and three other high-value properties forfeited by convicted drug barons, in a transaction worth over ₦6.1billion, as part of efforts to strip criminals of proceeds from illicit drug trade.
The auction, held at the NDLEA headquarters in Abuja on Monday, June 15, 2026, followed a competitive bidding process involving eight seized assets located in different parts of the country.
While four properties attracted successful bids above their reserve prices, bids for the remaining four failed to meet the required thresholds.Among the top transactions was a six-storey hotel in Victoria Island, Lagos, which was awarded to Tope Ojo and Tunde Olonishakin Estate Firm for ₦5.9 billion.
Other successful bidders included FSS Limited, which acquired a property in Lekki Phase 1 for ₦219.5 million, A-BNB Global Innovations Limited, which secured a block of flats in Ejigbo for ₦104 million, Fazeen Global Link Limited, which won a property in Akure, Ondo State, for ₦29.36 million and Tresmo Nigeria Limited topped the bids for a property at Ijesha/Itire, Lagos with 4.3 million Naira.
Declaring the results, the Head of the Asset Recovery and Management Unit at the Federal Ministry of Justice, Tamaraantare Francis Ali-Bozi, confirmed the successful bids after the open competitive exercise attended by representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, the media, auctioneers, and bidders.
Speaking at the event, the Chairman and Chief Executive of the NDLEA, Brigadier General Mohamed Buba Marwa (Rtd), represented by the Agency Secretary, Shadrach Haruna, said the exercise sends a strong signal that crime does not pay.
He explained that public auctions of forfeited assets go beyond revenue generation, stressing that they strengthen public confidence in the justice system and ensure that criminal proceeds are permanently removed from the control of drug traffickers.
According to him, the NDLEA remains committed to dismantling drug networks, recovering illicit wealth, and ensuring that all forfeited assets are disposed of transparently and in the public interest.
He added that the entire process complied strictly with the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other relevant regulations.
Marwa also disclosed that all auctioneers were pre-qualified by the Bureau of Public Procurement and subjected to strict integrity checks, while assets were professionally valued by the Federal Ministry of Housing and Urban Development.
He assured that the agency will continue to pursue drug traffickers, dismantle their networks, and ensure that illicit wealth is permanently stripped from criminal enterprises.
The NDLEA says the transparent disposal of recovered assets is part of its broader strategy to strengthen accountability and sustain the fight against drug trafficking across Nigeria.