The Economic and Financial Crimes Commission (EFCC) is facing renewed scrutiny over its proposed plan to auction seized vehicles through a platform it intends to manage, with the Nigeria Association of Auctioneers warning that the move could undermine transparency, accountability and due process.
According to The PUNCH, the association argued that allowing the EFCC to investigate financial crimes, seize assets, retain custody of them and oversee their sale creates a conflict of interest that could erode public confidence in Nigeria’s asset recovery process.
Speaking to The PUNCH, the association’s president, Benjamin Isibor, maintained that the anti-graft agency has no legal basis to act as both custodian and seller of forfeited assets. He recalled that a similar proposal under former EFCC Chairman Ibrahim Magu was halted following objections from auctioneers.
Isibor said the association opposed the latest plan because licensed auctioneers were better positioned to conduct transparent and credible asset sales. He also noted that auctioneers had previously invested heavily in developing digital auction platforms after being engaged by the commission.
Although the association said it had not confirmed the number of vehicles proposed for the auction, it referenced the recent seizure of luxury vehicles linked to businesswoman Aisha Achimugu, adding that the recovered assets were believed to be worth billions of naira. The EFCC has not stated whether those vehicles will form part of the planned auction.
The auctioneers further argued that the proposed arrangement contravenes principles of natural justice, the Due Process Act and the Proceeds of Crime Act, insisting that none of the laws authorises the EFCC to conduct asset sales directly.
Isibor also questioned why existing contractual arrangements with auctioneers appeared to have been abandoned despite investments made in building auction platforms.
A former National President of the association, Alhaji Musa Kurra, said concerns over the planned exercise had already been raised within the industry, warning that some individuals might attempt to manipulate the process for personal benefit.
The EFCC has historically disposed of forfeited assets, including houses, vessels and vehicles, through public auctions conducted by independent auctioneers after obtaining final forfeiture orders from the courts.
The current dispute centres on whether the commission should manage auctions directly or continue relying on licensed auctioneers in line with established procurement and asset disposal procedures.
As of the time The PUNCH filed its report, EFCC spokesperson Dele Oyewale had not responded to calls, text messages or WhatsApp enquiries seeking the commission’s reaction.
