The National Drug Law Enforcement Agency (NDLEA) says it raises about N6.15 billion from a public auction of forfeited properties linked to convicted drug traffickers. The agency reports that four properties were sold following competitive bidding conducted at NDLEA headquarters in Abuja, bringing total proceeds to N6,148,964,000 (about N6.15 billion). The auction includes a six-floor hotel on Victoria Island, Lagos, which sells for N5.9 billion. Other winning bids reported are FSS Limited for a property in Lekki Phase 1 for N219.5 million, A-BNB Global Innovations Limited for a block of flats in Ejigbo for N104 million, and Fazeen Global Link Limited for a property in Akure, Ondo State, for N29.36 million. Officials say eight properties were listed, with some bids meeting or exceeding reserved prices while others did not meet valuation requirements. NDLEA officials state the disposal of the recovered assets is intended to support public trust in the rule of law and demonstrate accountability in managing proceeds recovered through legal forfeiture processes. The auction is based on properties forfeited to the Federal Government following court orders.
NDLEA auctions forfeited properties, raises about N6.15 billion
The National Drug Law Enforcement Agency (NDLEA) says it raises about N6.15 billion from a public auction of forfeited properties linked to convicted drug traffickers. The agency reports that four pro...
- NDLEA says it auctions four forfeited properties and generates about N6.15 billion from the sales.
- The proceeds come from assets in Lagos and Ondo states, following court orders forfeiting the properties to the Federal Government.
- A six-floor hotel on Victoria Island, Lagos, is the highest-value asset sold for about N5.9 billion.
- Reported winning bids include N219.5 million for a Lekki Phase 1 property and N104 million for a block of flats in Ejigbo.
- NDLEA says eight properties were listed, with some failing to meet reserved/valuation requirements.
The 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.
4 hours 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.
7 hours 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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