News
FG REALISES ₦6.15BN FROM AUCTION OF DRUG BARONS’ FORFEITED ASSETS
By Ezinne Blessing
The Federal Government has generated more than ₦6.14 billion from the public auction of properties confiscated from convicted drug traffickers by the National Drug Law Enforcement Agency (NDLEA).
The proceeds were realized through a competitive bidding process involving eight high-value assets forfeited to the government following court orders against narcotics offenders across the country.
At the conclusion of the exercise, four properties attracted successful bids above the government’s reserve prices and were sold, while the remaining four assets were withdrawn after failing to meet the required valuation benchmarks.
Speaking during the official bid opening ceremony at the NDLEA Headquarters in Abuja, the Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, announced the successful bidders.
According to Ali-Bozi, the estate consortium of Tope Ojo and Tunde Olonishakin emerged as the highest bidder for a six-storey hotel located in Victoria Island, Lagos, with an offer of ₦5.9 billion.
Other winning bidders included FSS Limited, which secured a property in Lekki Phase One, Lagos, for ₦219.5 million; A-BNB Global Innovations Limited, which acquired a block of flats in Ejigbo, Lagos, for ₦104 million; and Fazeen Global Link Limited, which purchased a property in Akure, Ondo State, for ₦29.36 million.
The Chairman and Chief Executive Officer of the NDLEA, Brigadier-General Mohamed Marwa (rtd), represented by the Agency Secretary, Shadrach Haruna, described the auction as a major victory in the fight against illicit drug trafficking and financial crimes.
“Public auctions such as this serve a broader national purpose. Beyond generating revenue for the Government, they reinforce public confidence in the rule of law, demonstrate accountability in the management of recovered assets, and send a clear message that criminal proceeds will not be allowed to remain in the hands of those who seek to profit from the misery and destruction caused by illicit drugs,” he said.
Marwa reaffirmed the agency’s commitment to ensuring that assets recovered from criminal enterprises are managed transparently and utilized for the public good.
“We shall continue to pursue drug traffickers, dismantle criminal networks, recover the proceeds of crime and uphold the rule of law without fear or favour,” he added.
The NDLEA boss noted that the auction process complied fully with the provisions of the Proceeds of Crime (Recovery and Management) Act, 2022, as well as the Public Procurement Act, 2007.
He explained that all the properties were professionally assessed by the Federal Ministry of Housing and Urban Development before the auction, while the Bureau of Public Procurement conducted extensive background checks to ensure that none of the participating auctioneers had links to criminal drug networks.
The exercise was observed by representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, accredited auctioneers and members of the media, in a move aimed at ensuring transparency and public accountability.
The successful auction marks another step in the government’s efforts to deprive criminal networks of illicit wealth while strengthening confidence in Nigeria’s asset recovery and anti-narcotics enforcement framework.
News
Experts Renew Call for Development-Oriented Governance in Nigeria
By Rukevwe odeh
Political leaders and scholars continue to assess Nigeria’s governance structure and development trajectory, focusing on how government policies can better serve citizens and strengthen national unity. The conversation has gained renewed attention following discussions surrounding the June 12 Democracy Day celebrations.
At the center of the debate is the challenge of overcoming long-standing governance issues in post-independence Nigeria. Analysts are examining whether the country’s political class can embrace a clear developmental vision, backed by strong ideological commitment and strategic policy decisions, to stimulate economic advancement and foster sustainable national growth.
News
Nigerian Railway Corporation Continues to Run at a Loss Despite Heavy Government Funding
By Rukevwe odeh
Despite substantial government funding over the years, the Nigerian Railway Corporation (NRC) continues to operate at a financial loss and depends heavily on borrowing to sustain its services, even as rail systems worldwide drive economic expansion and industrial development.
Across many developed regions such as Europe, Asia, and North America, rail transport plays a major role in boosting productivity by efficiently moving passengers and freight and supporting national growth. However, Nigeria’s rail system has struggled to achieve similar outcomes despite repeated modernization efforts and large-scale investments.
According to recent disclosures by NRC management, the corporation’s operations remain unprofitable largely due to high running costs, especially fuel expenses, which have made it difficult to maintain consistent service delivery without financial support. As a result, the agency continues to rely on government funding and loans to keep trains running.
Although Nigeria introduced its first railway line in the late 19th century and later established the NRC in the mid-20th century, the system has faced decades of decline, underinvestment, and operational inefficiencies. These challenges have persisted despite ongoing rehabilitation projects and attempts to revive rail transport as a viable alternative to road travel.
Today, while rail transport remains globally recognized as a key driver of economic development, Nigeria’s railway system is still battling financial instability and operational constraints that hinder its full potential.
News
Three Secondary School Teachers Detained Over Alleged PDP Political Meeting in Nsukka
By Rukevwe Odeh
Three secondary school teachers have reportedly been detained by security operatives at the University of Nigeria, Nsukka (UNN), following allegations that they participated in a political gathering associated with the Peoples Democratic Party (PDP) in Nsukka, Enugu State.
According to sources, the teachers were apprehended during a meeting that security personnel allegedly suspected to be politically motivated. The circumstances surrounding the detention have since sparked reactions among residents and stakeholders within the local community.
Reports indicate that the teachers were taken into custody for questioning as security agencies continue investigations into the nature and purpose of the gathering. However, details regarding the alleged political meeting remain sketchy at the time of filing this report.
The incident has generated concerns over the involvement of public school teachers in political activities, as well as the broader implications for civil and political engagement within the state.
As of press time, neither the security authorities nor relevant government officials had issued a detailed statement clarifying the reasons for the detention or the outcome of the ongoing investigation.
Further developments are expected as authorities continue their inquiries into the matter.
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