In a major blow to the financial lifelines of drug cartels, the National Drug Law Enforcement Agency (NDLEA) has successfully auctioned a Lagos hotel and three other premium properties seized from notorious kingpins. Legally forfeited to the Federal Government through rigorous court processes, the premier assets fetched a staggering N6.14 billion (N6,148,964,000.00).
The multi-billion naira recovery followed a competitive bidding process for the sale of eight assets forfeited by drug barons across Nigeria. In a statement released on Monday, June 15, the agency’s Director of Media and Advocacy, Femi Babafemi, emphasized that the successful auction underscores the government’s unyielding stance against retaining the proceeds of illicit trade.
The agency noted that four of the forfeited properties went to the highest bidders after comfortably clearing the reserve prices. However, the remaining four properties stayed off the auction block because none of the offers met the government’s minimum price tag.
At a transparent bid-opening ceremony held on Monday, June 15, 2026, at the NDLEA headquarters in Abuja, the federal government officially unveiled the buyers of the forfeited properties. Tamarantare Francis Ali-Bozi, Head of the Asset Recovery and Management Unit at the Federal Ministry of Justice, announced the estate firm of Tope Ojo and Tunde Olonishakin as the winner of the six-floor Victoria Island hotel in Lagos, following their top bid of N5.9 billion. The high-profile event was closely monitored by the ICPC, civil society groups, and industry stakeholders.
Other successful bidders include FSS Limited, which secured a property in Lekki Phase 1, Lagos, for N219,500,000.00, and A-BNB Global Innovations Limited, which acquired a block of flats in Ejigbo, Lagos, for N104 million. Additionally, Fazeen Global Link Limited emerged as the winner of a property in Akure, Ondo State, with a bid of N29,360,000.00
In his remarks at the ceremony, NDLEA Chairman/Chief Executive Officer Brig. Gen. Mohamed Buba Marwa (Retd) emphasized the significance of the asset recovery. Marwa, who was represented by the Agency Secretary, Shadrach Haruna, stated that:
“public auctions such as this serve a broader national purpose. Beyond generating revenue for the Government, they reinforce public confidence in the rule of law, demonstrate accountability in the management of recovered assets, and send a clear message that criminal proceeds will not be allowed to remain in the hands of those who seek to profit from the misery and destruction caused by illicit drugs.”
Marwa assured that “the Agency remains steadfast in its determination to strengthen Nigeria’s asset recovery framework and to ensure that recovered assets are managed and disposed of in a manner that is transparent, lawful and beneficial to the public interest”, adding that
“We shall continue to pursue drug traffickers, dismantle criminal networks, recover the proceeds of crime and uphold the rule of law without fear or favour.”
The NDLEA boss reaffirmed the integrity of the auction, stating: “To further enhance transparency and public confidence in the process, representatives of sister law enforcement and regulatory agencies, civil society organisations, the media, prospective bidders, and members of the public have been invited to witness this bid-opening exercise.
He explained that every bid will be measured against the approved reserve price, with the highest compliant bidder winning the lot under full public view. He maintained that the entire process follows strict legal frameworks, including the Proceeds of Crime Act (2022) and the Public Procurement Act (2007).
To eliminate undervaluation, the Federal Ministry of Housing and Urban Development served as the official valuer for the properties. Additionally, the NDLEA carried out background checks on all BPP-prequalified auctioneers. This step ensured that no individual involved in the process has a criminal history or drug-related ties that could compromise the integrity of the state recovery exercise.
