NDLEA auctions drug barons’ assets for N6.1bn

NDLEA auctions drug barons’ assets for N6.1bn

The National Drug Law Enforcement Agency, NDLEA, has auctioned four properties forfeited by convicted drug traffickers for N6.1bn, with a six-floor hotel in Victoria Island, Lagos accounting for the bulk of the proceeds.

Speaking at the event on Monday in Abuja, the NDLEA Chairman, retired Brig.-Gen. Buba Marwa, said the exercise underscored the Federal Government’s commitment to ensuring that criminals do not benefit from the proceeds of illicit activities.

Marwa who was represented by the Agency Secretary, Mr Shadrach Haruna, said public auctions of forfeited assets served a broader national purpose beyond revenue generation.

“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.

“They also 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,” he said.

The NDLEA boss reaffirmed the agency’s commitment to strengthening Nigeria’s asset recovery framework and ensuring that recovered assets were managed and disposed of transparently, lawfully and in the public interest.

Marwa said the agency would continue to pursue drug traffickers, dismantle criminal networks, recover proceeds of crime and uphold the rule of law without fear or favour.

He stressed that transparency remained central to the auction process, noting that representatives of sister law enforcement and regulatory agencies, civil society organisations, the media, bidders and members of the public were invited to witness the exercise.

According to him, bids received for each asset were assessed against approved reserve prices, while the highest responsive bidder meeting all stipulated requirements emerged successful.

The NDLEA chairman added that the entire process was conducted openly, fairly and transparently in the presence of all stakeholders to enhance public confidence in the disposal of recovered assets.

Marwa further stated that the auction complied fully with the provisions of the Proceeds of Crime (Recovery and Management) Act, 2022, the Public Procurement Act, 2007, and other applicable laws, regulations and guidelines.

He explained that all assets offered for sale were professionally valued by the Federal Ministry of Housing and Urban Development, the designated official valuer of the Federal Government.

The NDLEA boss also disclosed that the agency carried out extensive due diligence and security screening on all auctioneers pre-qualified by the Bureau of Public Procurement (BPP).

“The agency was satisfied that none of the auctioneers engaged for the exercise had any known involvement in drug-related offences.

“Also, no other criminal activities capable of compromising the objectives of the asset recovery programme or the integrity of the auction,” he said.

Marwa reiterated the agency’s resolve to ensure that recovered criminal assets are managed in accordance with due process and utilised for the benefit of the Nigerian people.

The Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, Mrs Tamarantare Ali-Bozi, announced the successful bidders at the ceremony.

Ali-Bozi said the winners emerged after the opening and evaluation of bids for the forfeited properties.

Representatives of the ICPC, civil society organisations, auctioneers and prospective bidders witnessed the process.

The documented auctioned properties In her remarks, the Director of Proceeds of Crime Management (DPCM), Assistant Commandant General of Narcotics (ACGN) Obiageri Iwuchukwu, described the public auction of forfeited assets as transparent, fair and accountable.

She acknowledged that the exercise was conducted in strict compliance with relevant laws and regulations.

According to her, every participant in the process was given a fair opportunity, while every stage of the exercise was carefully managed to ensure transparency and sustain public confidence.

The director attributed the success of the exercise to the effective collaboration among various directorates, departments and units of the agency, as well as the support of stakeholders involved in the process.

She commended all officers and partners whose dedication contributed to the successful conduct of the auction.

The News Agency of Nigeria (NAN) reports that the auction was conducted through a competitive bidding process at the NDLEA headquarters in Abuja.

NAN reports that it involved eight assets forfeited to the Federal Government following court orders obtained against drug kingpins.

At the end of the exercise, four properties were successfully sold for a total of N6,148,964,000, while bids for four other assets failed to meet approved reserve prices and were therefore unsuccessful.

The most valuable asset sold was a six-floor hotel located in Victoria Island, Lagos, which attracted a winning bid of N5.9billion from Tope Ojo and Tunde Olonishakin Estate Firm.

Other successful bidders included FSS Limited, which secured a property in Lekki Phase 1, Lagos, with a bid of N219.5 million; A-BNB Global Innovations Limited, whose N104 million bid won a block of flats in Ejigbo, Lagos.

Also including was Fazeen Global Link Limited, which acquired a property in Akure, Ondo State, for N29.36 million.

NAN