Inside the ₦6.15 billion NDLEA Auction: Lagos hotel, Lekki property, and other assets seized from drug kingpins

• The Federal Government successfully auctioned four high-value seized assets under the Proceeds of Crime Act, generating over ₦6.14 billion in public revenue.

• A massive six-storey hospitality asset in Victoria Island topped the auction, acquired by estate firms Tope Ojo and Tunde Olonishakin.

• Major assets in Lekki Phase 1, Ejigbo, and Akure were successfully sold to corporate bidders, while four other properties were withdrawn for failing to meet reserve prices.

A six-storey luxury hotel in Victoria Island, Lagos, has become the centre of attention after the Federal Government sold it for ₦5.9 billion in a major public auction of assets seized from convicted drug traffickers.

The competitive bidding exercise, carried out under the supervision of the National Drug Law Enforcement Agency (NDLEA) and the Federal Ministry of Justice, pushed the total revenue generated from the successful bids to exactly ₦6,148,964,000.00. 

The massive sale makes it one of the most significant drug-related asset recoveries in recent years.

But beyond the headline-grabbing hotel, official auction breakdowns show that multiple properties across Lagos and other parts of Nigeria were also successfully handed over to new corporate owners during the Abuja exercise.

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According to official bid-opening summaries announced by Tamarantare Francis Ali-Bozi, Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, four major forfeited properties were successfully cleared:

• Sale Price: ₦5,900,000,000.00 (Largest asset in the auction)

• Acquired by: Tope Ojo and Tunde Olonishakin Estate Firm

• Type: High-value commercial hospitality property

• Sale Price: ₦219,500,000.00

• Acquired by: FSS Limited

• Type: Premium residential/commercial real estate

• Sale Price: ₦104,000,000.00

• Acquired by: A-BNB Global Innovations Limited

• Type: Multi-unit residential building

• Sale Price: ₦29,360,000.00

• Acquired by: Fazeen Global Link Limited

• Type: Regional residential asset

Together, these four properties formed the complete set of assets that met or exceeded their baseline financial requirements during the exercise.

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The exercise originally featured a list of eight properties recovered from drug barons. However, four of the assets failed to meet the government's strict reserve prices and remained unsold.

According to NDLEA Director of Media and Advocacy, Femi Babafemi, these bids were rejected because they fell short of the approved valuations. 

They were subsequently withdrawn from the floor and may be re-offered in future public auctions.

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The properties were permanently confiscated following final court orders linked to high-profile narcotics investigations. 

NDLEA Chairman and Chief Executive Officer, Brig. Gen. Mohamed Buba Marwa (retd.), represented at the event by Agency Secretary Shadrach Haruna, emphasised that the exercise was carried out in strict compliance with the Proceeds of Crime (Recovery and Management) Act, 2022, and the Public Procurement Act, 2007.

To ensure complete transparency, the properties were professionally valued by the Federal Ministry of Housing and Urban Development, and the auction was witnessed by observers from the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, and the media.

Officials noted that converting these forfeited properties into public revenue serves a broader national purpose. 

By systematically dismantling the financial foundations of criminal syndicates, authorities aim to reinforce public confidence in the rule of law and guarantee that drug cartels never enjoy the proceeds of their crimes.