Nigeria Agency Sells Four Properties for N6.1 Billion
The National Drug Law Enforcement Agency raised N6.1 billion from the sale of four properties forfeited by convicted drug traffickers. The largest single sale was a hotel in Lagos that fetched N5.9 billion.
680news.comThe National Drug Law Enforcement Agency sold four properties confiscated from convicted drug traffickers for a total of N6.1 billion at a public auction held in Abuja on Monday. The properties had been forfeited to the federal government under court orders issued pursuant to Nigeria's asset recovery laws.
The largest item, a six-storey hotel in Victoria Island, Lagos, accounted for N5.9 billion of the proceeds. Three additional properties were also sold: one in Lekki Phase 1, Lagos, for N219.5 million; a block of flats in Ejigbo, Lagos, for N104 million; and a property in Akure, Ondo State, for N29.36 million.
Bids for four other properties fell below reserve prices and were rejected.
The Head of Asset Recovery and Management Unit at the Federal Ministry of Justice stated that the auction followed procedures set out in the Proceeds of Crime (Recovery and Management) Act, 2022, and the Public Procurement Act, 2007. All assets were valued by the Federal Ministry of Housing and Urban Development, and auctioneers were pre-qualified through the Bureau of Public Procurement.
Representatives of anti-corruption agencies, civil society organisations, the media and members of the public attended the bid-opening process.
He added that the agency will continue to track, recover and dispose of criminal assets in line with the law. The successful bidders were Tope Ojo and Tunde Olonishakin Estate Firm for the Victoria Island hotel, FSS Limited for the Lekki property, A-BNB Global Innovations Limited for the Ejigbo flats, and Fazeen Global Link Limited for the Akure property.
