The National Drug Law Enforcement Agency (NDLEA) says it raises about N6.15 billion from a public auction of properties forfeited to the Federal Government following court orders linked to convicted drug traffickers. Multiple outlets report that the auction covers eight listed assets, with four selling above their reserved prices and the others failing to meet valuation requirements. The sold assets include a six-floor hotel in Victoria Island, Lagos, which is reported to have fetched about N5.9 billion from buyers Tope Ojo and Tunde Olonishakin Estate Firm. Other reported sales include a property in Lekki Phase 1, Lagos, acquired by FSS Limited for N219.5 million; a block of flats in Ejigbo, Lagos, secured by A-BNB Global Innovations Limited for N104 million; and a property in Akure, Ondo State, won by Fazeen Global Link Limited for N29.36 million. NDLEA officials, including the agency’s leadership, say the disposals are intended to strengthen Nigeria’s asset recovery framework and demonstrate accountability in handling recovered criminal proceeds through competitive bidding.
NDLEA auctions forfeited properties, raises about N6.15 billion from Lagos hotel sale
The National Drug Law Enforcement Agency (NDLEA) says it raises about N6.15 billion from a public auction of properties forfeited to the Federal Government following court orders linked to convicted d...
- NDLEA reports raising about N6.15 billion from auctioned, forfeited properties.
- The auction follows court orders related to convicted drug traffickers.
- A six-floor hotel in Victoria Island, Lagos, sells for about N5.9 billion.
- Four of eight listed assets attract bids above reserved/valuation requirements; the rest do not sell.
- NDLEA conducts the auction through competitive bidding at its headquarters in Abuja.
The NDLEA has realised N6.15bn from the auction of properties seized from convicted drug traffickers, including a Lagos hotel. This transparent process rei Read More: https://punchng.com/ndlea-nets-n6-15bn-from-lagos-hotel-seized-assets-auction/
2 months agoThe NDLEA said the assets, located in Lagos and Ondo states, were among eight properties forfeited to the federal government following court orders. The post NDLEA auctions forfeited Lagos hotel, other properties for N6.15 billion appeared first on Premium Times Nigeria.
2 months agoThe National Drug Law Enforcement Agency (NDLEA) on Monday announced that it has generated N6.15 billion from the auction of four properties seized from convicted drug traffickers and forfeited to the Federal Government.Among the assets sold was a six-floor hotel in Victoria Island, Lagos, which went for N5.9 billion to Tope Ojo and Tunde Olonishakin Estate Firm. The auction, conducted through competitive bidding at the agency’s headquarters in Abuja, also saw FSS Limited acquire a property in Lekki Phase 1 for N219.5 million, while A-BNB Global Innovations Limited secured a block of flats in Ejigbo for N104 million. Fazeen Global Link Limited won a property in Akure, Ondo State, with a bid of N29.36 million.Head of the Asset Recovery and Management Unit at the Federal Ministry of Justice, Tamarantare Ali-Bozi, disclosed that four of the eight listed assets attracted bids above their reserved prices, while the remaining four failed to meet valuation requirements.NDLEA Chairman, Brig. Gen. Mohamed Buba Marwa (retd.), represented by the agency’s Secretary, Shadrach Haruna, said the disposal of recovered assets was not only about revenue generation but also about reinforcing public trust in the rule of law.“Public auctions such as this serve a broader national purpose. They demonstrate accountability in the management of recovered assets and send a clear message that criminal proceeds will not remain in the hands of those who profit from illicit drugs,” Marwa stated.He assured that the NDLEA would continue to strengthen Nigeria’s asset recovery framework and ensure transparency in future disposals.
2 months agoThe National Drug Law Enforcement Agency, NDLEA, has generated a total of N6,148,964,000 from the public auction of a Lagos hotel and three other properties confiscated from convicted drug traffickers and permanently forfeited to the Federal Government through legal proceedings. A statement signed by the Director of Media and Advocacy, NDLEA Headquarters, Abuja, Femi Babafemi, […] NDLEA auctions Lagos hotel, three other drug-linked properties for N6.1bn
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