LAGOS HOTEL, 3 OTHER PROPERTIES FORFEITED BY DRUG KINGPINS AUCTIONED AT N6.1BILLION.(PHOTOS). #PRESS RELEASE.

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 Lagos hotel, 3 other properties forfeited by drug kingpins auctioned at N6.1billion *- It’s a clear message that cartels won’t be allowed to enjoy proceeds of their criminal trade, says Marwa*  A Lagos hotel and three other properties seized from drug kingpins by the National Drug Law Enforcement Agency (NDLEA) and forfeited to the Federal Government through court processes have been auctioned for the sum of Six Billion One Hundred and Forty- Eight Million Nine Hundred and Sixty-Four Thousand Naira (N6,148,964,000.00) only. This was the outcome of a competitive bid process for the sale of eight assets forfeited by drug barons in parts of the country. While bidders who offered above reserved prices emerged winners of four of the listed properties, bids for four others failed because none offered up to the reserved prices. Announcing the winning bids at the bid opening ceremony attended by representatives of ICPC, Civil Society Organisations, auctioneers and bidders at the NDLE...
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AFRICAN DEVELOPMENT BANK TO SELECT NEW PRESIDENT AMID U.S. FUNDING CUTS. (PHOTO).

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African Development Bank to Select New President Amid U.S. Funding Cuts


The African Development Bank (AfDB) is poised to elect a new president this week, as the institution faces growing uncertainty following significant funding reductions from the United States, one of its key non-regional stakeholders.


The leadership transition comes at a pivotal moment for the bank, which plays a central role in financing infrastructure, economic reform, and climate resilience initiatives across the African continent. Current President Akinwumi Adesina, who has served since 2015 and is completing his second term, will not seek reelection, opening the field to a new generation of leadership.


According to officials familiar with the process, candidates from Nigeria, Egypt, and Kenya are among the frontrunners. All bring extensive experience in international finance and development. However, the selection process is expected to be closely watched, particularly as the incoming leader will need to navigate rising challenges to the bank’s capital base and operational independence.


The U.S. Treasury confirmed last month that it would reduce its voluntary contributions to the AfDB by nearly 30% for fiscal year 2025, citing competing global priorities and a strategic shift toward bilateral aid programs. The cuts have raised concerns in African capitals and among other donor nations, who fear reduced U.S. support could undermine the bank’s long-term ability to scale up its development agenda.


“The incoming president will need to rapidly restore confidence among partners and explore new financing models, including enhanced cooperation with the private sector and emerging donors,” said Dr. Fatima Diarra, a Dakar-based development economist. “The AfDB’s credibility as Africa’s premier multilateral lender is at stake.”


The new president will also face pressure to strengthen internal governance, streamline project delivery, and sharpen the bank’s focus on climate change and digital infrastructure — priorities seen as critical to sustaining Africa’s growth momentum amid global economic headwinds.


The election will be decided by a weighted vote of the bank’s 81 shareholders, which includes 54 African nations and 27 non-African countries. A decision is expected by the end of the week.


As the AfDB prepares for a new chapter, observers say the outcome of this leadership race could reshape Africa’s development path — and determine how well the continent can meet its ambitions in a world of tightening aid budgets and geopolitical shifts.

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