The Economic and Financial Crimes Commission (EFCC) has come under criticism over plans to auction seized vehicles through a platform it intends to manage, with the Nigeria Association of Auctioneers accusing the anti-graft agency of undermining transparency and due process in the disposal of forfeited assets.
The association argued that allowing the EFCC to investigate financial crimes, seize assets, retain custody of them and subsequently oversee their sale creates a conflict of interest that could weaken public confidence in Nigeria’s asset recovery process.
The President of the Nigeria Association of Auctioneers, Benjamin Isibor, maintained that the commission has no legal authority to serve as both custodian and seller of assets recovered from suspected criminals.
He recalled that the association had opposed a similar move during the tenure of former EFCC Chairman Ibrahim Magu, leading to the abandonment of the plan.
“The EFCC is trying to act as both custodian and seller of assets, which is unlawful. This issue came up during Ibrahim Magu’s tenure when there were plans to engage foreigners to dispose of recovered assets, but the move was halted after our objection,” Isibor said.
He argued that certified auctioneers should remain responsible for disposing of forfeited assets to ensure transparency, accountability and credibility in the process.
According to him, the association had previously worked with the EFCC to develop digital auction platforms after being formally engaged by the commission. He expressed concern that the agency now intends to manage the process internally despite existing contractual arrangements and investments made by licensed auctioneers.
“We have previously partnered with the EFCC, and auctioneers invested significant resources in building platforms for transparent auctions. It is surprising that the commission now wants to conduct the process itself. We believe that is illegal,” he added.
Isibor further contended that the proposed arrangement violates due process and existing legal provisions governing the disposal of forfeited assets.
He said neither the Proceeds of Crime Act nor the Public Procurement framework authorises the EFCC to conduct asset sales directly, insisting that independent auctioneers should continue to handle the exercise.
The association also questioned why earlier contractual arrangements with auctioneers appeared to have been abandoned without explanation.
“We are concerned that people who invested resources based on agreements with the commission have been sidelined. Due process must be followed regardless of the circumstances, and agencies responsible for enforcing the law should also comply with it,” Isibor said.
A former National President of the association, Alhaji Musa Kurra, said concerns over the planned auction had already been raised within the industry.
“There have been complaints about the latest auction announced by the EFCC. In every process, there are always concerns about attempts to circumvent established procedures,” he said.
Although the association said it had not confirmed the number of vehicles slated for the auction, it noted that the EFCC recently took possession of several luxury vehicles linked to businesswoman Aisha Achimugu as part of an ongoing investigation. The commission has not disclosed the value of the recovered vehicles or confirmed whether they will be included in the proposed sale.
The EFCC has traditionally disposed of forfeited assets, including houses, vessels and vehicles, through public auctions conducted by licensed auctioneers after obtaining final forfeiture orders from the courts. The process is intended to prevent recovered assets from depreciating while ensuring proceeds are remitted to the Federal Government.
The current dispute centres on whether the commission should directly manage the auction process or continue to rely on independent auctioneers in line with established procurement and asset disposal procedures.
As of the time this report was filed, the EFCC had not responded to the allegations. The commission’s spokesperson, Dele Oyewale, did not respond to calls, text messages or WhatsApp messages seeking comment.
(PUNCH)
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