Lagos hotel, other drug-tied properties sold for N6.1bn – NDLEA

A luxury hotel in Lagos and several other properties once linked to convicted drug traffickers have been sold for more than N6.1 billion in a public auction conducted by the National Drug Law Enforcement Agency (NDLEA).

The assets, which were seized from drug kingpins and permanently forfeited to the Federal Government through court orders, were auctioned after a competitive bidding process involving private firms and property investors.

At the centre of the auction was a six-floor hotel located in Victoria Island, Lagos, which attracted the highest bid of N5.9 billion. Other forfeited properties in Lekki Phase 1, Ejigbo, Akure and Ijesha/Itire also found new owners, while three assets failed to meet their reserve prices and were withdrawn from the exercise.

The sale generated a total of N6.153 billion, marking one of the largest public disposals of assets recovered from drug-related crimes in recent times.

Speaking at the bid opening ceremony in Abuja, NDLEA Chairman and Chief Executive Officer, Brig. Gen. Mohamed Buba Marwa (retd.), represented by the Agency Secretary, Shadrach Haruna, said the exercise goes beyond revenue generation.

According to him, the auction sends a strong message that individuals who profit from the illegal drug trade will not be allowed to retain the wealth acquired through criminal activities.

He noted that public auctions of recovered assets help strengthen confidence in the rule of law, promote transparency in asset management and demonstrate the government’s commitment to dismantling criminal networks.

Marwa also assured stakeholders that the process complied with relevant laws, including the Proceeds of Crime (Recovery and Management) Act, 2022, and the Public Procurement Act, 2007.

Representatives of anti-corruption agencies, civil society organisations, auctioneers and bidders were present during the exercise, which the agency said was conducted openly and transparently.

As authorities continue to intensify the crackdown on drug trafficking across the country, the NDLEA insists that asset recovery remains a critical strategy in depriving criminal organisations of the financial resources that fuel their operations.