Auctioneers Seek Investigation Into Public Asset Disposal by Government Agencies

The Nigeria Auctioneers Association has called for an investigation into the disposal of public assets by government ministries, departments, and agencies, alleging that some institutions are bypassing licensed auctioneers and established procedures.

Speaking during a media briefing, the association expressed concern that several government agencies have taken over the valuation and disposal of seized and public assets, a practice it believes could affect transparency, accountability, and revenue generation for the government.

According to the association, assets worth billions of naira are being managed and disposed of through internal structures rather than through licensed professionals. It argued that separating asset custody from asset disposal is necessary to ensure due process and maximize returns to government coffers.

The group raised concerns over the handling of forfeited and seized assets, stating that such properties should be valued appropriately and disposed of through transparent processes that allow public participation. It also alleged that some valuable government assets may have been sold below their market value.

The association urged the Federal Government to review current disposal procedures and investigate claims of irregularities across relevant agencies. It maintained that involving licensed auctioneers would improve transparency and help ensure that public assets generate optimal value for the government.

In response, the Nigeria Customs Service rejected the allegations, explaining that existing laws provide different disposal procedures for various categories of assets.

The service stated that fixed assets purchased through government budget allocations, such as vehicles and equipment that have exceeded their service life, are typically disposed of through auction processes involving licensed auctioneers.

However, Customs explained that goods seized for violations of customs regulations, smuggling offences, or items abandoned beyond approved timelines can be disposed of through alternative methods, including direct allocation or online auction, as permitted by law.

The agency emphasized that the procedures currently in use are guided by legal provisions and should not be confused with the disposal process for government-owned fixed assets.

The debate has renewed discussions about transparency, accountability, and revenue generation in the management of seized and public assets, with stakeholders calling for clearer oversight and compliance with existing regulations.