Certified Institute of Auctioneers, Nigeria Honours EFCC Chairman for Entrenching Greater Transparency in the disposal of Public Assets

In commemoration of their tenth anniversary, members of the Certified Institute of Auctioneers Nigeria (CIAN), Lagos Chapter, the EFCC Chairman have insisted auctioneers can improve the nation’s GDP and contribute significantly to the economy by entrenching probity and accountability.

The EFCC Chairman (Ola Olukoyode) in his good will message; ably represented by Mr Micheal Wetkas, acting director of the Lagos directorate of the EFCC, noted that the EFCC is encouraged to engage the Certified institute of Auctioneers, Nigeria and its members especially members from Lagos chapter who over the last 10 years have upheld professionalism and integrity while practicing auctioneering.

He noted that it is a great milestone for CIAN Nigeria as well its chapter in Lagos state for upholding standards, integrity and accountability as a testament for upright auction practice in Nigeria.

He further stated that “as we reflect in the past decade, it important to recognize, how auctioneering has become a vital mechanism towards contributing to the growth of the economy and redistribution of wealth in Nigeria.

The theme of today’s discourse “Repositioning Auction Practice in Nigeria as a Transparent Secondary Derivative Market Space for the Public and Private Sectors” captures the need for all practicing auctioneers in Nigeria to do right by their clients in both public and private sectors as the ever-changing world is evolving with the use of technology to achieve set goals.

In his speech, the representative of the Commissioner of Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose-Medebem (Mr. Abiodun Adesanya) identified collaboration between Lagos State and auctioneers as key to growth within the sector.

She stressed the need for practitioners to regularize their position with the state and reposition the practice especially as the Institute marks ten years.

Medebem described the event as a celebration of a decade of dedication, professionalism and service that illustrates the commitment and vision that members of the profession have brought to the field of auction business.

She commended the members consistency over the years and urged them to maintain professionalism and ethical practice.

She canvassed a mechanism that will foster transparency, expand the scope of auctioneering services in Lagos to become more inclusive.

Engr. Sunday Asade; Chief operating officer at A.G. Leventis, in his presentation stressed the need for continual development and better understanding of the ever-evolving world that is headed towards artificial intelligence; this is clearly important towards understanding what the customer wants especially in the online space.

He advised members of CIAN to uphold the much-needed level of trust in order to attract the right kind of clients and industries to the sector.

President, FIABCI Africa and Near East Region, Adeniji Adele, stressed the need for financial institutions, technology firms, and institutional investors to participate in auction markets, particularly for trading derivatives.

Adele called for the establishment of a National Auction Regulatory Body to oversee and regulate auction activities across all sectors in line with the bill to set up Chartered Institute of Auctioneers Nigeria as championed by the CIAN.

Immediate Past Chairman of CIAN, Adewunmi Onanuga disclosed the Institute is evolving to continually serve industries, Ministries, Departments and Agencies in line with the mantra to uphold integrity and professionalism.

Dr. Ayodeji Fred Mafikuyomi in his presentation applauded the recent effort in the public sector for greater transparency.

He bemoaned the activities in the past where public assets were sold without much accountability – siting the sales of military helicopters bought at $53 million dollars being disposed for far less at $3million dollars which raises the question as to who bought what at what price.

Chairman CIAN- Lagos Chapter; Hillary Nwaukor (CEO i-Naira.com) noted that the buzz word around transparency is derived from the need for auctioneers to do things right because a self-proclaimed auctioneer without integrity is not an auctioneer.

He further thanked the Lagos state government for providing an enabling environment in the last 10 years for auctioneers to thrive within the state via the passage of the Lagos state auction act into law.