The Economic and Financial Crimes Commission (EFCC) is facing criticism over its plan to conduct the auction of seized vehicles through a platform it intends to manage, with the Nigeria Association of Auctioneers arguing that the move could undermine transparency and due process.
The association expressed concern that allowing the anti-graft agency to investigate cases, seize assets, retain custody of them, and also oversee their sale creates a conflict of interest that could weaken public confidence in Nigeria’s asset recovery process.
Speaking on the issue, the President of the Nigeria Association of Auctioneers, Benjamin Isibor, maintained that the EFCC does not have the legal authority to act as both custodian and seller of assets recovered from alleged financial crimes.
He recalled that the association had opposed a similar proposal during the tenure of former EFCC Chairman Ibrahim Magu, adding that the earlier plan was eventually halted following objections from stakeholders.
According to Isibor, licensed auctioneers should remain responsible for disposing of forfeited assets, arguing that independent professionals are better positioned to guarantee fairness, transparency, and accountability throughout the process.
He further stated that the association remains committed to ensuring that government asset disposal exercises comply with established legal procedures and maintain public trust.
The association also revealed that it is yet to determine how many vehicles will be included in the proposed auction. However, it noted that the EFCC recently recovered several luxury vehicles during an ongoing investigation involving businesswoman Aisha Achimugu, with the assets reportedly valued at several billions of naira.
The commission has not confirmed whether those recovered vehicles will form part of the planned auction.
Isibor also questioned the EFCC’s decision to establish its own auction platform despite previously engaging licensed auctioneers to build digital auction systems for the commission.
He explained that auctioneers had invested significant resources in developing online platforms under existing contractual arrangements with the EFCC, making the agency’s latest decision both unexpected and difficult to justify.
According to him, the proposed arrangement conflicts with existing legal and procurement principles governing the disposal of forfeited assets. He argued that relevant laws, including the Proceeds of Crime Act (POCA), do not authorize the EFCC to directly conduct asset sales.
The association also expressed concern that previous agreements with auctioneers appear to have been abandoned without any official clarification, urging the commission to uphold due process in handling public asset auctions.
A former National President of the association, Alhaji Musa Kurra, also acknowledged growing concerns within the auctioneering profession regarding the proposed exercise, warning against any attempt to sideline established procedures for personal interests.
Over the years, the EFCC has disposed of forfeited properties, including vehicles, houses, and vessels, through public auctions conducted by licensed auctioneers after obtaining final forfeiture orders from the courts.
The current dispute centers on whether the commission should directly manage the auction process or continue relying on independent auctioneers in line with existing procurement and asset disposal practices.
As of the time the concerns were raised, the EFCC had not issued an official response to the allegations or clarified its position on the planned vehicle auction.
