You are here
Home > Business & Economy > Auctioneers seek transparency in FG’s auction processes

Auctioneers seek transparency in FG’s auction processes

Auctioneers seek transparency in FG’s auction processes

Please follow and like us:

  • 0
  • Share

John Ameh, Abuja

Auctioneers on Tuesday condemned alleged underhand dealings in the auctioning of recovered public assets by Ministries, Departments and Agencies of the Federal Government and called for transparency in the processes.

They said the processes were not clean as such underhand deals ultimately defeat the aim of the government, which was to generate funds from auctions.

The auctioneers appeared before the House of Representatives Joint Committee on Public Accounts/Finance, which is investigating the “Status of Recovered Public Funds and Assets from 1999 to 2016.”

Tuesday’s session was presided over by the Chairman, House Committee on Public Accounts, Mr Kingsley Chinda.

Leading the submissions before the committee, a representative of the Certified Institute of Auctioneers in Nigeria, Mr Adesina Okuneye, informed the committee that lack of coordination among the multiples MDAs involved in auction also compounded the problem of lack of transparency in the processes.

For instance, he alleged that it was not unusual to find out that bid winners were delayed unnecessarily or they ended up not being the ones to conduct the auctions.

Okuneye cited some bids involving the Economic and Financial Crimes Commission, which had remained unresolved since June 2017.

He told the committee that the Federal Government could generate substantial money from auctions if they were done transparently.

Okuneye added that with such funds, the government did not need to resort to borrowing to fund its annual budgets.

He stated, “There is a need to sanitise the processes of auctioning in Nigeria. Why do we have to borrow when we have property to sell and make money? There is no accountability.

“There is a need to streamline the involvement of government agencies and there should be a law to sanction government officials who subvert government’s aims and objectives.”

The National President, Nigerian Association of Auctioneers, Mr Musa Kura, confirmed that lack of coordination was a problem with the agencies.

Kura also made an example with the EFCC, which he said called for bids from auctioneers to auction recovered assets, but came into conflict with the Ministry of Defence.

He recalled that while the process initiated by the EFCC was on and took nine months to be concluded last May, the Ministry of Defence suddenly came up and engaged another set of auctioneers for the same assets.

Copyright PUNCH.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: [email protected]



(Visited 1 times, 1 visits today)
Facebook Comments

Please follow and like us:

  • 0
  • Share

Leave a Reply