Practitioners urged to strategise amid speculation of government assets sale

Amid mounting speculations surrounding government assets sale to support the 2024 budget, the Certified Institute of Auctioneers, Nigeria (CIAN) has urged its members to proactively prepare for the anticipated surge in high-value auctions.

This counsel was shared during the 11th yearly national conference in Lagos, recently, where qualified members were inducted as fellows of the institute.

The two-day conference had in attendance the Lagos State Commissioner of Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose-Medebem, who was represented by the State Head of Auctioneering, Biodun Okesanya, who delivered the keynote address, where the Commissioner stressed the importance of collaboration between the state and auctioneers towards moving the sector forward. She stressed the need for practitioners to regularise their position with the state government.

The Registrar/Chief Executive Officer, Certified Institute of Auctioneers, Nigeria, Adeleke Hassan, said there is a need for Auctioneers to strategically position themselves for success.

He stated, “Auctioneers should enhance visibility and present a polished image to stand out in the industry.” Highlighting the significance of networking, Hassan said participation in networking events and engagement with the government can significantly strengthen the presence of auctioneers in the market.

He said auctioneers have proven excellence in selling government assets, attributing their success to transparent public sales. Hassan noted that the entire process is open to the public, promoting transparency in the sale of government assets. This transparency is crucial for building trust and awareness.

The Registrar also underscored the vital role members play in elevating the auctioneering profession. “Breaking away from conventional career paths and fostering awareness through increased networking and communication will contribute to changing perceptions about the profession,” Hassan stated.

In a compelling presentation, Fellow of CIAN, Dr. Jogun Onabanjo, shed light on significant opportunities within the automobile sector for Nigerian auctioneers.

Emphasising the growth potential, he pointed out that Nigeria alone accounted for a substantial 75 per cent of the 15.6 million registered vehicles in West Africa, totaling 11.9 million vehicles.

Onabanjo’s address utilised the what, why and where framework to analyse how auctioneers can maximize their benefits in the automobile auction arena.

Highlighting the vast sources of potential auctioned cars, he mentioned their presence on the streets, various offices, and governmental institutions such as the Police, LASTMA, Ministries, Courts, Army, Ports, and other parastatals.

Chapter Chairman, CIAN, Lagos, Hillary Nwaukor, in his opening remarks, assured attendees of gaining valuable knowledge. He emphasised that whether participants are seasoned professionals or just getting their feet wet in the world of auctions, the event will provide them with exciting opportunities and insights, strategies, and trends in the auction industry.