NDLEA Auctions Lagos Hotel, Three Other Drug-Linked Properties for N6.1bn
The agency said four of eight forfeited assets drew winning bids above reserve prices, while the rest failed to meet the benchmark.
- On Monday, the National Drug Law Enforcement Agency auctioned four properties forfeited by convicted drug traffickers for a total of N6.15 billion, with a six-storey hotel in Victoria Island, Lagos, commanding N5.9 billion of the proceeds.
- The Proceeds of Crime Act, 2022, provides the legal framework enabling the Federal Government to recover and dispose of assets linked to criminal activities, targeting the financial structures sustaining organised crime.
- Successful bidders included FSS Limited, which acquired a property in Lekki Phase 1 for N219.5 million, alongside A-BNB Global Innovations Limited and Fazeen Global Link Limited, which secured additional forfeited assets at N104 million and N29.36 million respectively.
- NDLEA Chairman Mohamed Buba Marwa stated the public disposal reinforces the rule of law, sending "a clear message that criminal proceeds will not be allowed to remain in the hands of those who seek to profit from the misery caused by illicit drugs."
- Tamarantare Francis Ali-Bozi, Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, noted the process complied with the Public Procurement Act, 2007, with all assets professionally valued by the Federal Ministry of Housing and Urban Development.
23 Articles
23 Articles
Nigeria: NDLEA Sells Drug Barons' Assets for N6.1bn, Sends Warning to Criminal Networks
Abuja -- The National Drug Law Enforcement Agency (NDLEA) has dealt a major financial blow to drug trafficking syndicates, raising over N6.1 billion from the auction of properties confiscated from convicted drug kingpins across the country.
NDLEA auctions forfeited Lagos hotel, other properties for N6.15 billion
The NDLEA said the assets, located in Lagos and Ondo states, were among eight properties forfeited to the federal government following court orders. The post NDLEA auctions forfeited Lagos hotel, other properties for N6.15 billion appeared first on Premium Times Nigeria.
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, NDL…
Lagos Hotel, 3 Other Properties Forfeited By Drug Kingpins, Auctioned At N6.1bn - Security News Alert
A Lagos hotel and three other properties seized from drug kingpins by the National Drug Law Enforcement Agency (NDLEA) and forfeited to the Federal Government through court processes have been auctioned for the sum of Six Billion One Hundred and Forty-Eight Million Nine Hundred and Sixty-Four Thousand Naira (N6,148,964,000.00) only. This was the outcome of […] The post Lagos Hotel, 3 Other Properties Forfeited By Drug Kingpins, Auctioned At N6.1…
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