FG auctions forfeited properties for N6.15bn, says drug proceeds won’t be enjoyed

By Kingsley Omonobi

The Federal Government has auctioned four properties forfeited by convicted drug traffickers for a total of N6.15 billion, reaffirming its commitment to ensuring that proceeds of crime do not remain in the hands of criminals.

The assets, including a hotel in Lagos, were seized by the National Drug Law Enforcement Agency (NDLEA) and forfeited to the Federal Government through court orders.

Announcing the outcome on Monday, NDLEA’s Director of Media and Advocacy, Femi Babafemi, said the sale followed a competitive bidding process involving eight forfeited assets across different parts of the country.

According to him, four properties attracted successful bids above the reserve prices, while bids for the remaining four properties were unsuccessful because they fell below the approved reserve values.

At the bid-opening ceremony held at the NDLEA headquarters in Abuja, the Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, announced the successful bidders.

A six-floor hotel located in Victoria Island, Lagos, was sold for N5.9 billion to Tope Ojo and Tunde Olonishakin Estate Firm.

Other successful bidders included FSS Limited, which acquired a property in Lekki Phase 1, Lagos, for N219.5 million; A-BNB Global Innovations Limited, which won a block of flats in Ejigbo, Lagos, for N104 million; and Fazeen Global Link Limited, which secured a property in Akure, Ondo State, for N29.36 million.

In remarks delivered on behalf of the NDLEA Chairman and Chief Executive Officer, Mohamed Buba Marwa, the Agency Secretary, Shadrach Haruna, said the auction demonstrated the government’s commitment to transparency and accountability in the management of recovered assets.

According to Marwa, public auctions serve a broader national purpose beyond revenue generation by reinforcing confidence in the rule of law and sending a clear signal that criminal proceeds will not remain with those who profit from illicit drug activities.

He said the agency would continue to pursue drug traffickers, dismantle criminal networks, recover proceeds of crime and uphold the rule of law.

Marwa also stressed that the exercise was conducted in line with the provisions of the Proceeds of Crime (Recovery and Management) Act 2022, the Public Procurement Act 2007 and other relevant regulations.

He noted that all assets were professionally valued by the Federal Ministry of Housing and Urban Development, while auctioneers engaged for the exercise underwent due diligence and security screening.

The NDLEA boss added that representatives of anti-corruption agencies, civil society organisations, the media and members of the public were invited to observe the process to ensure transparency and public confidence in the exercise.

The post FG auctions forfeited properties for N6.15bn, says drug proceeds won’t be enjoyed appeared first on Vanguard News.