NDLEA Auctions Seized Assets, Generates N6.15 Billion

The National Drug Law Enforcement Agency (NDLEA) generated N6.15 billion from an auction of seized assets, including a six-floor hotel located in Victoria Island, Lagos. The auction was conducted at the agency's headquarters in Abuja and was announced by NDLEA spokesman Femi Babafemi.

The auction included four properties, with the hotel sold for N5.9 billion to Tope Ojo and Tund Olonishakin's estate firm. Other properties included a flat in Lekki Phase 1 sold for N219.5 million and a block of flats in Ejigbo for N104 million.

The NDLEA Chairman, Brig Gen Mohammed Buba Marwa (retd), stated that the auction aimed to strengthen public confidence in the rule of law and demonstrate accountability in asset recovery. The auction complied with the Proceeds of Crime (Recovery and Management) Act 2022 and the Public Procurement Act 2007, ensuring transparency and integrity throughout the process.