FEC Orders Buyers Of Seized Drug-Linked Properties To Pay 2001 Price

The Federal Executive Council (FEC) has ordered the buyers of two seized properties in Lagos to pay the government the cost of the prevailing price in 2001 when they were purchased.

This followed a memo presented to the council by the Minister of Works and Housing, Babatunde Fashola, which explained that the government was short-paid in the transaction.

He said the properties, a four-bedroom bungalow on Adeniyi Jones 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 the Minister, the properties were sold for N2 million and N5 million respectively.

He said the 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.

FEC orders buyers of seized drug-linked properties to pay 2001 price