Nigeria Association of Auctioneers (NAA) has questioned the Economic and Financial Crimes Commission’s decision to conduct an electronic auction of forfeited vehicles, expressing concerns over the Commission’s role as both custodian and seller of the assets.

The EFCC had recently invited members of the public to participate in an electronic auction of abandoned vehicles forfeited to the Federal Government. Interested bidders were directed to an online platform to inspect the vehicles and submit bids.

The Commission said the exercise was being conducted in line with the EFCC (Establishment) Act, 2004, the Public Procurement Act, 2007, and the Proceeds of Crime (Recovery and Management) Act (POCA), 2022.

However, speaking at a press briefing at the association’s national secretariat at the weekend, NAA National President, Benjamin Abhulimen Isibor, questioned the Commission’s decision to oversee the custody and disposal of the assets.

According to him, the development was surprising because the EFCC had previously engaged licensed auctioneers to dispose of forfeited assets, with some of those exercises yet to be concluded.

“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, the auction process remains inconclusive for some auctioneers because many of the vehicles were never released to the successful bidders,” he said.

Abhulimen questioned why another disposal exercise had commenced before the earlier process was concluded.

“We are surprised that, without concluding the process already initiated through licensed auctioneers, the Commission has embarked on another auction exercise,” he said.

He argued that the arrangement raised questions about the separation of responsibilities in the custody, management and disposal of forfeited assets.

According to him, the Proceeds of Crime (Recovery and Management) Act, 2022, does not envisage a situation where the same government agency serving as custodian of forfeited assets also performs the role traditionally assigned to licensed auctioneers.

Abhulimen said the association was not opposed to the disposal of forfeited assets but insisted that the process must comply with established legal and professional standards.

“Our position is simply that the process must be transparent, competitive and conducted in strict compliance with the relevant laws,” he said.

He added that the association had received reports suggesting that some vehicles were previously allocated outside an open and competitive bidding process, warning that such allegations, if established, could undermine public confidence in the exercise.

Meanwhile, the EFCC has maintained that the e-auction is being conducted in accordance with the EFCC (Establishment) Act, the Public Procurement Act and the Proceeds of Crime (Recovery and Management) Act, and that an online platform has been provided for members of the public to inspect the vehicles and participate in the exercise.

he Commission’s decision has, however, generated debate within the auctioneering industry over the respective roles of government agencies and licensed auctioneers in the disposal of forfeited assets.