NDLEA Realises N6.15bn From Auction of Lagos Hotel and Other Seized Assets

The National Drug Law Enforcement Agency (NDLEA) has raised N6.15bn at a public auction of eight properties confiscated from convicted drug traffickers. Five assets sold above reserve price, led by a six-floor hotel on Victoria Island that fetched N5.9bn. Other successful bids included N219.5m for a Lekki Phase 1 estate, N104m for flats in Ejigbo, N29.36m for a property in Akure and N4.3m for a building in Itire. Three assets failed to meet their valuation and remained unsold. Representatives from the Independent Corrupt Practices Commission, civil society and auctioneers oversaw the transparent bidding process. NDLEA said the exercise strips criminal networks of illicit proceeds and reinforces public confidence in the rule of law. NDLEA Chairman Brig.-Gen. Mohamed Buba Marwa (retd) reaffirmed the agency’s resolve to pursue drug traffickers, dismantle criminal syndicates and recover assets under the Proceeds of Crime Act.

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