 on Tuesday conducted a public auction of properties and assets seized from drug cartels, with items valued at millions of naira.){kind=link}
The National Drug Law Enforcement Agency (NDLEA) on Tuesday conducted a public auction of properties and assets seized from drug cartels, with items valued at millions of naira.
Speaking at the bidding event in Abuja, NDLEA Chairman, retired Brig. Gen. Buba Marwa, expressed confidence in the process, emphasizing that the auction served as a warning to drug traffickers.
He assured that the exercise was conducted transparently and strictly based on merit, encouraging active participation from bidders.
Marwa explained that the auction was part of efforts to dismantle the financial strongholds of drug traffickers and disrupt their networks.
He noted that in the past, convicted traffickers often resumed their illegal activities after serving time, knowing that their assets would still be intact.
“Now, that is no longer the case. Once you’re convicted, there will be no assets waiting for you after your jail term. These forfeited properties are now being sold off,” he stated.
The NDLEA chairman reiterated the agency’s commitment to ensuring that drug traffickers do not profit from their crimes. He confirmed that the highest bidders would secure the assets, with proceeds reinvested into the agency’s operations.
Grace Orieoma, director of the proceeds and crime department at the Independent Corrupt Practices and Other Related Offences Commission (ICPC), described the auction as a significant step in Nigeria’s fight against corruption.
She praised the NDLEA for its dedication to transparency and accountability, noting that beyond stripping traffickers of their illicit wealth, the agency was also generating revenue for the government.
Iyke Nwoko, former national treasurer of the Nigeria Association of Auctioneers, raised concerns about the valuation of auctioned properties.
He argued that government-assessed values were often too high, making it difficult for bidders to participate.
“For example, if it costs N3 million to construct a structure, the Ministry of Works might value it at N6 million or N7 million, which discourages potential buyers,” Nwoko said, calling for a review of the valuation process to ensure fairer pricing.
Despite these concerns, he commended the NDLEA for maintaining a fair and transparent auction process, ensuring that assets went to the highest bidders without any form of manipulation.