FG Orders Buyers of Seized Drug-linked Properties to Pay Prevailing 2001 Price

Deji Elumoye in Abuja 

The federal government has ordered the buyers of two drug-linked seized properties in Lagos to pay government the prevailing price of 2001 when they were purchased. 

This was sequel to the approval of a memo presented on Wednesday to the Federal Executive Council (FEC) by the Minister of Works and Housing, Babatunde Fashola, which explained that government was short paid in the transaction.

Briefing newsmen after the weekly FEC meeting presided over by President Muhammadu Buhari at the State House, Abuja, Fashola said the properties, a four-bedroom bungalow on Adeniyi Jones Avenue in Ikeja-Lagos, and five-bedroom duplex on Amadasun Street in GRA, Ikoyi, Lagos were seized by the National Drug Laws Enforcement Agency (NDLEA) in the course of narcotic prosecution. 

According to him, the properties were sold then for N2 million and N5 million respectively. 

The minister said government now wants the buyers to pay the sum of N18 million for the bungalow and N21 million for the five-bedroom duplex being the cost at which they were valued in 2001.

Details later…