The National Drug Law Enforcement Agency (NDLEA) on Tuesday conducted an auction of properties and assets seized from drug traffickers, with items worth millions of naira put up for sale.
Speaking during the bidding process in Abuja, NDLEA Chairman, retired Brig. Gen. Buba Marwa, reaffirmed the agency’s commitment to ensuring that drug traffickers do not benefit from their illicit activities. He emphasized that the auction was handled transparently, urging bidders to participate actively.
Marwa explained that the objective of the exercise was to dismantle the financial empire of drug cartels and disrupt their operations. He noted that many traffickers previously had little concern about being convicted, knowing that their assets would still be available upon their release.
“But that is no longer the case. Once convicted, these criminals will not have any assets waiting for them after serving their jail terms. These properties have been forfeited and are now being sold off,” he stated.
He assured that the proceeds from the sales would be reinvested into NDLEA’s operations to further strengthen the fight against drug-related crimes.
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 anti-corruption efforts. She commended NDLEA’s dedication to transparency, stating that aside from preventing traffickers from enjoying their illicit wealth, the process also generated revenue for the government.
However, Iyke Nwoko, former National Treasurer of the Nigeria Association of Auctioneers, raised concerns over the valuation process. He pointed out that government-assessed prices for properties were often set too high, making it difficult for bidders to meet the asking prices.
“For instance, if a structure costs N3 million to build, the Ministry of Works might place its value at N6 million or N7 million, which discourages potential buyers,” Nwoko stated. He called for a review of the valuation process to reflect the actual cost of construction and encourage more participation.
Despite these concerns, he praised NDLEA for conducting a fair and transparent auction, ensuring that assets were allocated to the highest bidders without interference.