The national president of the Nigeria Association of Auctioneers (NAA), Engr Benjamin Abhulimen Isibor has raised concerns over the Economic and Financial Crimes Commission’s (EFCC) decision to conduct an electronic auction of abandoned vehicles in its custody, even as he questions the commission’s dual role as both custodian and seller of forfeited assets.
It could be recalled that the EFCC recently published advertisements in national newspapers inviting members of the public to participate in an electronic auction of abandoned vehicles forfeited to the federal government. Interested bidders were directed to the commission’s designated online platform to inspect the vehicles and submit bids.
According to the EFCC, the e-auction was being conducted in accordance with the provisions of the EFCC (Establishment) Act, 2004, the Public Procurement Act, 2007 and the Proceeds of Crime (Recovery and Management) Act (POCA), 2022.
However, speaking during a press conference at the association’s national secretariat over the weekend, the NAA president expressed reservations about the commission’s decision to oversee both the custody and disposal of the forfeited assets.
He noted that the development was particularly surprising given that the EFCC had previously engaged licensed auctioneers to conduct similar disposal exercises, which, according to him, remain incomplete.
“We were appointed by the commission in previous exercises and we delivered commendable results. In many instances, the winning bids significantly exceeded the reserve prices. However, that auction process for some of the auctioneers remains inconclusive because many of the vehicles were never released to the successful bidders,” he stated.
Abhulimen questioned the rationale behind commencing another disposal exercise without first bringing the previous auction process to a logical conclusion.
“We are surprised that, without concluding the process already initiated through licensed auctioneers, the commission has embarked on another auction exercise.”
The NAA president further argued that the current arrangement raises important questions regarding the separation of responsibilities in the custody, management and disposal of forfeited assets.
According to him, the provisions of the Proceeds of Crime (Recovery and Management) Act, 2022 do not envisage a situation where the same government agency that serves as custodian of forfeited assets also assumes the role traditionally performed by licensed auctioneers.
“What auctioneers observed from the EFCC advertisement and the information published on its website is that the commission appears to be assuming the functions of professional auctioneers by directly conducting the sale of assets under its custody,” he remarked.
Abhulimen maintained that while the association fully supports the lawful disposal of forfeited assets, the process must comply with established legal and professional standards governing public asset disposal.
“We are not opposed to the disposal of forfeited assets. Our position is simply that the process must be transparent, competitive and conducted in strict compliance with the relevant laws,” he said.
The NAA President also disclosed that the Association had received reports suggesting that some vehicles were previously allocated outside an open and competitive bidding process, stressing that such allegations, if true, could undermine public confidence in the exercise.
Abhulimen urged the commission to provide greater clarity regarding the legal framework underpinning the electronic auction and to ensure that all interested members of the public are afforded equal opportunity to participate in a transparent, verifiable and competitive process.