Lack of auction laws costing Nigeria billions – CIAN

The Certified Institute of Auctioneers in Nigeria (CIAN) has stated that the federal government is losing money from selling of government property due to a lack of a parliamentary act to regulate the sector. The Chairman of CIAN, Abuja branch, Shola Abeji, stated that this was due to officials auctioning government property to friends and […]

The Certified Institute of Auctioneers in Nigeria (CIAN) has stated that the federal government is losing money from selling of government property due to a lack of a parliamentary act to regulate the sector.

The Chairman of CIAN, Abuja branch, Shola Abeji, stated that this was due to officials auctioning government property to friends and cronies at low prices.

Speaking during the annual general meeting of the branch yesterday, Abeji noted that the situation could not be corrected due to lack of a law to checkmate the sector.

He said, “The fact that there is no national law allows the profession to be largely unregulated because the law will enable a national code of ethics, practice and a uniform way of behaviour and a standard set of expectations from both the government and the public and that also gives you the legal backing with respect to policy making in Nigeria.”

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Nonetheless, he commended the Independent Corrupt Practices and other Related Offences Commission (ICPC), the Economic and Financial Crimes Commission (EFCC), and other similar agencies of government on the recent auction sale of proceeds of crime assets forfeited to the Federal Government in compliance with the Proceeds of Crime Act (POCA).

Also commended by Abeji is the use of professionals by most Non-Governmental Organizations in carrying out auction sales of their assets.

While stating that it had set up a committee to give advisory on what the cost implications for not having a national auction law was, he said CIAN could not directly confront government organisations that were violating auctioning as it would be difficult to take them up.

He said, “Before the committee comes up with a figure, it is very clear that the auction rule is not in place. We have a lot of parastatals who carry out in-house auctions where you have government assets that are auctioned to cronies, friends at very ridiculous amounts.  Money that could have entered the coffers of the government.”

He, however, noted that there were higher compliance rates of auctioning in the country among NGOs and private citizens,

He, therefore, called on the National Assembly to pass the bill on the chartered institution of auctioneers, and that when that is passed, “We will equally expect the president to give assent to it.”