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I-naira launches Nigeria’s first online auction platform

By Bankole Orija
05 August 2016   |   12:58 am
I-naira Integrated Resources Ltd, owners of i-naira.com brand, has launched the first online auctioning platform in Nigeria.
Hillary Nwaukor

Hillary Nwaukor

I-naira Integrated Resources Ltd, owners of i-naira.com brand, has launched the first online auctioning platform in Nigeria.

i-naira.com is a wholly owned Nigerian company with speciality in consumer sales promotion. It was established to deliver value bargains to under-served consumers across the country.

Speaking on the innovative platform, Hillary Nwaukor, CEO, i-naira.com, said it was founded to fill a yawning gap in the market, which is delivery of value bargains to consumers. He further noted that the company through its auctioning platform will act as a middle man between merchants/vendors and consumers seeking for value bargains online.

“Our goal is to help companies reach a broader consumer base across the country beyond their traditional audience and channels. Our robust self-aware intelligent platform, i-naira.com, offers bargain merchandise in categories that include fashion, electronics, household items, automobiles and real estate, using promotions and auctioning as tool.

Nwaukor pointed out that in auctioning, prices can start at zero but an auction will only close at a price within the agreeable terms between i-naira.com and the vendor that provided the item for sale. He emphasized that “Some auctions are absolute while others are reserved auction. Effectively, what this means is that an absolute auction can start and close at any amount and the last bidder wins the item but a reserved bid can start at any amount but must close at a reserved price acceptable by the vendor or at an amount higher before a winner can emerge.

All deals on i-naira.com starts at five thousand Naira only.”

Hillary Nwaukor disclosed that “i-naira.com have also been recognised and encouraged by the Federal Government of Nigeria through the recent invitation to share its innovation story with start-up companies and investors at a forum organised in Abuja in July 2016 by the Office for ICT Innovation & Entrepreneurship (OIIE) under the auspices of the National Information Technology Development Agency (NITDA).

Same month, the company also signed a major deal that gives i-naira.com the exclusive rights to auction Austin Jay-Jay Okocha’s memorabilia for his foundation, the Jay-Jay Okocha Foundation.

When queried on abuse of the system by those who may bid for items and refuse to pay for them, he highlighted that there are measures in place to mitigate such occurrence. For instance, to be able to use the platform, there is a one-time registration fee of N2,000.

This deters seriousness customers from using the platform. Secondly, when a bid is won and bidder refuses to pay, the account is suspended until a mandatory 15% penalty calculated from the final bid amount on the item is paid.

After unveiling its pre-launch campaign in February, i-naira.com has successfully collated over 300,000 re-marketable data from Nigerians interested in wares being auctioned and has recorded an average monthly hit of three million visitors to its website. The company’s micro-blogging handle is also verified by Twitter.

A member of Certified Institute of Auctioneers, Nigeria (CIAN), i-naira.com is adjudged the 1st technologically driven auction platform in Nigeria by the Certified Institute of Auctioneers, Nigeria.