Re: Auction of Diezani’s assets

While appreciating the effort of the Acting  Chairman of the Economic and Financial Crimes Commission,  Mr Ibrahim Magu and his team in the fight against corruption and economic crimes in Nigeria, we are however surprised about the statement credited to him in the media that foreign auctioneers will be engaged to the auction the jewelries […]

While appreciating the effort of the Acting  Chairman of the Economic and Financial Crimes Commission,  Mr Ibrahim Magu and his team in the fight against corruption and economic crimes in Nigeria, we are however surprised about the statement credited to him in the media that foreign auctioneers will be engaged to the auction the jewelries and luxurious houses forfeited to the federal government as a result of court order made absolute against the former minister of petroleum resources, Diezani Alison-Madueke.

There is no need to invite foreign certified auctioneers to carry out assignment which local certified auctioneers can do very well.

The Certified Institute of Auctioneers of Nigeria has capable and well-trained certified auctioneers who can handle the auction both online and traditionally in line with the best international practice comparable  to anywhere in the world.

To sell these assets, particularly the houses located in different countries abroad, it is our belief that valuers were engaged to determine their reserve prices.

Most countries all over the world use their local professionals in carrying out this type of assignment not only for economic and security reasons but for proper accounting, monitoring and sanctions when need arises.

How do you sanction foreign auctioneers? The case of Process and Industrial Development (P&ID) is a pointer to this.

For the first time in Nigeria, public advertisements were placed last year in many newspapers by the EFCC requesting the services of local certified auctioneers and many auctioneers were prequalified and shortlisted.

The process was transparent and competitive among the local auctioneers. This process should be sustained by engaging local and well trained certified auctioneers with international partnerships and affiliations which in no small measure will generate more foreign exchange and employment to the development of the auction industry’s expertise in Nigeria. With the strength of membership and professional competence of CIAN members, they are in the best position to render any auction services in Nigeria and overseas.

 

Auc. Hassan Adeleke is a certified auctioneer