Buyer of drug-related Lagos property needs additional N32m. Pay

The federal government said on Wednesday that the buyer of two properties seized in 2001 for drug-related crimes would now pay the Lagos state government the full appraisal price of the assets.

This equates to N18m and N20m payable for the Lagos based properties previously purchased for N5m and N2m respectively.

Works and Housing Minister Babatunde Fashola explained the development to State House correspondents after Wednesday’s meeting of the Federal Executive Council.

The properties, a four-bedroom bungalow at Adeniyi Jones, Ikeja, Lagos, and a five-bedroom duplex at Amadasun Street, Ikoyi GRA, Lagos, were seized by the National Drug Law Enforcement Agency in the course of a prosecution of narcotics resources.

He said the government had instructed the buyer to pay N18m for the bungalow and N21m for the five-bedroom duplex, being the price they were appraised at in 2001.

Fashola, however, remained silent about the identity of the buyer and drug dealer whose property the NDLEA seized.

“It was properties that were sold as a result of a NDLEA prosecution for narcotics. So it was proceeds from drug crime, but the valuation process followed the NDLEA Act rather than the Financial Regulation Act. “

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