NDLEA Sells Seized Lagos Hotel for ₦5.9 Billion
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A luxury Lagos hotel confiscated from convicted drug traffickers has been sold for ₦5.9 billion. The sale forms part of a wider government asset recovery drive that generated over ₦6.1 billion from forfeited properties.
Nigeria’s National Drug Law Enforcement Agency (NDLEA) has raised ₦6.15 billion from the auction of properties seized from convicted drug traffickers. The assets, located across Lagos and Ondo states, were permanently forfeited to the federal government through court orders under the country’s asset recovery framework.
The largest transaction was a six-storey hotel in Victoria Island, Lagos, which sold for ₦5.9 billion. Additional properties in Lekki, Ejigbo, Ijesha/Itire, and Akure were also successfully auctioned, while three assets failed to meet their reserve prices. The sale highlights the government’s efforts to convert proceeds of crime into public assets and reinforce deterrence against illicit drug activities.
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