NDLEA nets N6.15bn from Lagos hotel, seized assets auction

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The National Drug Law Enforcement Agency on Monday said it realised N6.15bn from the auction of four properties seized from convicted drug traffickers and forfeited to the Federal Government through court orders.

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The assets, including a six-floor hotel in Victoria Island, Lagos, were sold through a competitive bidding process conducted at the agency’s headquarters in Abuja.

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Announcing the results of the auction, the Head of Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Ali-Bozi, disclosed that four of the eight listed assets attracted successful bids above their reserved prices, while bids for the remaining four properties failed to meet the required valuation.

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A statement on Monday by the NDLEA spokesman, Femi Babafemi, stated that Ali-Bozi said Tope Ojo and Tunde Olonishakin Estate Firm emerged the successful bidder for the six-floor hotel in Victoria Island with an offer of N5.9bn.

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He added that FSS Limited won a property located in Lekki Phase 1, Lagos, with a bid of N219.5m, while A-BNB Global Innovations Limited secured a block of flats in Ejigbo, Lagos, for N104m.

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According to him, Fazeen Global Link Limited emerged as the winner of a property located in Akure, Ondo State, with a bid of N29.36m.

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The NDLEA Chairman and Chief Executive Officer, Brig Gen Mohamed Buba Marwa (retd.), said the disposal of recovered assets was aimed at strengthening public confidence in the rule of law.

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Represented by the agency’s Secretary, Shadrach Haruna, Marwa said, “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.”

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He assured that the agency would continue to strengthen Nigeria’s asset recovery framework and ensure transparency in the disposal of recovered assets.

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“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,” Marwa said.

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He added, “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.”

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On the integrity of the auction process, the NDLEA boss said representatives of law enforcement agencies, regulatory bodies, civil society groups, the media, bidders and members of the public were invited to witness the exercise.

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“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 the bid-opening exercise,” he said.

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Marwa explained that bids received for each asset were evaluated against approved reserve prices, adding that successful bidders emerged through an open and transparent process.

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He further noted that the auction complied with the provisions of the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other relevant regulations.

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According to him, all assets offered for sale were professionally valued by the Federal Ministry of Housing and Urban Development, while extensive due diligence and security screening were conducted on auctioneers pre-qualified by the Bureau of Public Procurement.

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“Furthermore, the agency undertook extensive due diligence and security screening of all auctioneers pre-qualified by the Bureau of Public Procurement.

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“We are satisfied that none of the auctioneers engaged in this process has any known involvement in drug-related offences or any other criminal activity capable of compromising the objectives of the Proceeds of Crime (Recovery and Management) Act or the integrity of this exercise,” Marwa said.

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