The public auction of 435 cars, which are subjects of final forfeiture orders in Lagos, in line with the EFCC (Establishment) Act 2004; Public Procurement Act 2007 and the Proceeds of Crimes (Recovery and Management) Act 2022, have been commenced by the Economic and Financial Crimes Commission (EFCC).
According to a statement issued by the EFCC media office, the exercise which is scheduled to take place across the Commands of the Commission, started on Tuesday, 6 December 2022 in Lagos with inspection of items by members of the public, while the auction exercise began today, Wednesday 7 December and continues on Thursday, 8 December 2022.
The items are available in four locations: 40, Bourdillon Road, Ikoyi, Lagos; 15A Awolowo Road, Ikoyi, Lagos; 14 Cameroon Road, Ikoyi Lagos and CVU Obalende, Ikoyi, Lagos.
Speaking during the opening ceremony yesterday, Dr.George Ekpungu, Secretary to the Commission and Chairman, EFCC Asset Disposal Committee, ADC, said: “the exercise, which is the first of the planned auction of forfeited properties across EFCC Zonal Commands and EFCC Headquarters, is being carried out in accordance with the (Establishment) Act, 2004, Public Procurement Act, 2007 and Proceeds of Crimes (Recovery and Management) Act, 2022.
“It is being conducted in conjunction with the Bureau of Public Procurement to ensure compliance with all extant laws”.
While welcoming the auctioneers to the Centre, he expressed his gratitude to sister agencies, including the Nigerian Army, who were invited to provide adequate security and ensure orderliness.
Ekpungu also appealed to the members of the public present at the auction to listen carefully to the auctioneers and comply with all stipulated guidelines.
The nine auctioneers who were allocated to the Lagos Zonal Command of the EFCC to dispose of the 435 cars at designated Centre on 14 Cameron Road , Ikoyi , Lagos are Rihanna Auction Limited; Kamyus Consult Limited; Areogun Resources Limited; BIS N JEG;Integrated Services Nig.Ltd;Mau & Sons Ltd.; Langar Aghaji & Co.; Fagobe Company Ltd and Musa Kira and Co.
The cars, which pictures were conspicuously displayed with allocated lot numbers for public inspection, were allocated to auctioneers based on assessed values and open ballot system.
The display was to provide an opportunity for interested bidders to view and indicate interest in any car of their choice. Judging by the outcome of past public auctions by law enforcement agencies in Nigeria, it remains to be seen how transparent this exercise could turn out.