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Tag: auction

  • EFCC to probe auction complaints, vows fairness

    EFCC to probe auction complaints, vows fairness

    The Economic and Financial Crimes Commission (EFCC) has pledged to review complaints against auctioneers, following the recent public auction of forfeited vehicles conducted by accredited auctioneers on its behalf.

    Its spokesperson, Dele Oyewale, stated this in a press release on Thursday in Abuja, assuring that no one would be short-changed in the process.

    Oyewale explained that the commission was currently awaiting the auctioneers’ report, adding that genuine complaints from members of the public would be reviewed to ensure that ‘‘no one is short-changed in the exercise”.

    He expressed the commission’s concern over reports of negative experiences from some Nigerians who participated in the auction.

    “Among the complaints received by the Commission were the inability of some citizens to access the websites of the auctioneers, being shut out from the platforms after submitting bids, and outrageous bid prices, among others.

    “Relevant departments of the commission monitored the exercise and can confirm that there were glitches. This observation was communicated to the auctioneers for remedial action.

    “The commission, however, could not directly intervene while the exercise was ongoing because the process had been assigned to duly accredited and licensed auctioneers.

    “This is in line with the provisions of Sections 4(a)(b) of the Proceeds of Crime (Recovery and Management) Act, 2022, and Section 55 of the Public Procurement Act, 2007,” he said.

    According to him, the complaints arising from the auction are unfortunate and detract from the commission’s objectives.

    He explained that the commission opted for an online auction to provide a seamless and transparent platform for millions of Nigerians interested in purchasing the forfeited assets.

    He attributed the challenges to the high number of participants, which he said might have overloaded the online facilities.

    “Without making excuses for the auctioneers, it is possible that the sheer number of participants in the exercise (over four million) perhaps stretched the carrying capacity of the auctioneers’ online facilities.

    “This, in addition to unstable internet service in parts of the country, exacerbated the challenge.

    “The commission is currently awaiting the report from the auctioneers and assures that genuine complaints by members of the public will be reviewed to ensure that no one is short-changed in the exercise,” he said.

    According to him, those who completed the process successfully and emerged as winners would certainly be allocated their vehicles.

    “The commission’s sole interest in the public auction is to ensure that the assets are disposed of in the most transparent manner and that the nation gets value for the assets. This cannot be compromised under any circumstances,” he said.

  • EFCC begins auction of 891 forfeited vehicles

    EFCC begins auction of 891 forfeited vehicles

    The Economic and Financial Crimes Commission (EFCC) says it will conduct an electronic auction of 891 forfeited cars between Jan. 20 and Jan. 27.

    The commission announced this on its social media handle on Monday.

    It stated that the vehicles were forfeited in line with the EFCC (Establishment) Act, 2004, Public Procurement Act, 2007 and the Proceeds of Crime (Recovery & Management) Act, 2022.

    Some vehicles listed for auction include Lexus Panamera Porsche, Crosstour, Mercedes Benz, and Venza, among others.

    It listed locations of the vehicles to include Abuja, Benin, Sokoto, Uyo, Lagos, Kaduna, Ilorin, Port-Harcourt, Enugu, Kano, and Ibadan.

    ”Interested parties have been directed to the following websites: www.rihogo.com, https://biznjeg.ng, www.areogunresourcesniglid.com.ng” it stated.

  • NDLEA auctions properties forfeited by drug cartels

    NDLEA auctions properties forfeited by drug cartels

    The National Drug Law Enforcement Agency (NDLEA) on Wednesday auctioned properties and assets seized from drug cartels, worth millions of naira.

    Speaking during the event in Abuja, the NDLEA chairman, retired Brig. Gen. Buba Marwa said that the agency followed a due process and transparency in the auction.

    Marwa, who was represented by the agency’s Secretary, Shadrach Haruna said that the NDLEA  also ensured that prices were close to the estimates provided by the Federal Government.

    NAN reports that the assets were seized during raids and operations across the country.

    Marwa said that the auction was a demonstration of its commitment to tackling drug trafficking and criminal organisations.

    He emphasised the importance of the forfeiture process, adding that it was a key aspect of the 2022 Proceeds of Crime Act.

    He explained that the agency’s Process and Crimes Department manages and realizes forfeited assets, ensuring that criminals do not benefit from their illegal activities.

    He added that the auctioned properties, forfeited to the Federal Government by federal high courts, included high-end buildings and landed properties used as instruments for drug manufacturing and housing.

    He said that the forfeiture process served as a deterrent to criminals, disrupting their enterprises and rehabilitating individuals dependent on drugs sold by these individuals.

    According to him, the auction is a milestone in the fight against drug trafficking and organised crime.

    “This auction sends a strong message to drug cartels that crime does not pay,”he said.

    Marwa commended the transparency of the process, adding that that no agency member or individual connected to the forfeited assets was involved in the bidding.

    Observers from the Independent Corrupt Practices Commission (ICPC) and Civil Society Organisation (CSO) praised the NDLEA for its transparency, urging the agency to continue its good work.

    Some of the properties are located in Lagos, Ondo, Anambra and Adamawa.

  • Customs reiterates readiness for easy release of auctioned vehicles, containers

    Customs reiterates readiness for easy release of auctioned vehicles, containers

    The Nigeria Customs Service (NCS), Port Terminal Multiservices Ltd. (PTML) Command, has reiterated its readiness to facilitate easy release of vehicles and containers won by bidders in the ongoing-electronic auction process of overtime cargoes.

    The Customs Area Controller of PTML Command, Comptroller Saidu Yusuf, said this in a statement on Wednesday in Lagos.

    The statement was signed by the Chief Superintendent of Customs, Muhammad Yakubu, the Public Relations Officer of the command.

    Yusuf described the process of auctioning through the online portal https://auction.nigeriatradehub.gov.ng as very seamless, robust, under-utilised and efficient enough to accommodate more entries.

    On the safety of vehicles in PTML, Yusuf said operators of the terminal place high priority on security.

    He, however, assured the winners of getting their vehicles the exact way they were imported into the country.

    Yusuf said the command had zero incidences of vandalism and theft in the terminal.

    “PTML command is prepared and everything has been put in place to serve beneficiaries who bidded and won.

    “Winners are expected to present their documents and after paying the required amount, the officers confirm the beneficiary or the winner of that bid, then the beneficiary proceeds to the terminal operator to pick their vehicle.

    “Like we have been saying everytime, PTML is one of the safest places cargo can be kept, it is not just a terminal, it is a model port and the security is very tight as one is verified before accessing the port,” he said.

    While congratulating the winners of the 190 vehicles from the PTML, Yusuf said the system opens for bidding every Tuesday from noon to 6.00 p.m. to verify persons with Tax Identification Numbers generated from the Federal Inland Revenue Service, amongst other conditions.

    On the level of transparency of the system, Yusuf said “you don’t need to know anyone as the people who have come forward are Nigerians from different locations and most of them never knew anyone in the NCS or port environment.”

    He said some of the winners who reside in different parts of Nigeria were on the ground in Lagos to receive their vehicles at the PTML Mile 2 terminal.

    A few of the winners who spoke shortly after receiving their vehicles described the process as easy, transparent and commended the Comptroller General of Customs, Bashir Adewale Adeniyi, MFR for making it possible for all Nigerians irrespective of class and location to benefit from the auction.

    Mr Godwin Aguddah, one of the winners from Abuja, applauded the initiative.

    Aguddah urged other government agencies to take a leaf from customs in the area of transparently using technology to promote trade.

  • DMO auctions 4 FGN bonds valued at N360bn

    DMO auctions 4 FGN bonds valued at N360bn

    The Debt Management Office (DMO), on Tuesday announced the offer for subscription of four Federal Government of Nigeria (FGN) bonds valued at N360 billion through auction.

    According to a statement issued by the DMO, the first offer is April, 2029 FGN bond valued at N90 billion, at interest rate of 14.55 per cent per annum (10-year re-opening).

    The second offer is a June, 2033 FGN bond valued at N90 billion, at 14.70 per cent interest rate per annum (10-year re-opening).

    There is also the June, 2038 FGN bond valued at N90 billion, at interest rate of 15.45 per cent per annum (15-year re-opening).

    The fourth offer is a June 2053 FGN bond, also valued at N90 billion, at interest rate of 15.70 per cent per annum (30-year re-opening).

    “Auction date is Dec.11 and settlement date is Dec. 13.

    “They are offered at N1,000 per unit subject to a minimum subscription of N50 million and in multiples of N1,000 thereafter.

    “For re-openings of previously issued bonds, successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned. plus any accrued interest on the instrument,” the DMO said.

    It said that interest on FGN bond was paid semi-annually while the bullet repayment was on the maturity date.

    The DMO gave the assurance that FGN bonds like all other FGN securities, were backed by the full faith and credit of the Federal Government and charged upon the general assets of Nigeria.

    “They qualify as securities in which trustees can invest under the Trustees Investment Act.

    “Qualify as government securities within the meaning of Company IncomeTax Act and Personal Income Tax Act for tax exemption for pension funds among others.

    “They are listed on the Nigerian Exchange Limited and FMDQ OTC Securities Exchange,” it said.

  • How we auctioned 2 helicopters for N1.2bn – NCAT

    How we auctioned 2 helicopters for N1.2bn – NCAT

    The Nigerian College of Aviation Technology (NCAT), Zaria, Kaduna State, says it auctioned two helicopters at 556,200,322 USD (N1.2 billion), because of underutilisation.

    The Rector and Chief Executive Officer of the institution, Capt. Alkali Modibbo, told newsmen on Sunday in Zaria that the two Bell 206B – III model helicopters were disposed after satisfying all due diligence.

    Modibbo explained that a Federal Government licenced auctioneer, Messrs Tresmo Nigeria Limited, was appointed to dispose the affected helicopters sequel to the approval and valuation reports obtained from the Federal Ministries of Aviation and Works, respectively.

    According to him, the auctioneer paid $275,782,661.25 and $280,417,661.25 (totalling N1.2bn) vide FGN Remita receipts bearing reference numbers 3008-4333-3046 and 1008-4304-1098, accordingly.

    He recalled that the Nigerian Navy expressed interest to acquire the two helicopters via a letter dated 13th December 2022, with Ref. No: NHQ:04/61/93/OPS/VOL. VII/23.

    “I am directed to convey the compliments of the Chief of the Naval Staff to the Rector and Staff of the Nigerian College of Aviation Technology (NCAT), Zaria, and to further Express our interest to inspect the 2 Bell 206L – 3 (Long Range) helicopters proposed to be disposed by your organisation.

    “The Nigerian Navy (NN) is aware that the 2 Bell 206L – 3 helicopters are currently grossly underutilised due to none training of helicopter pilots at the facility.

    “I am to respectfully inform the Rector that the NN operates a similar type of helicopter and hereby expresses its interest to inspect the helicopters for possible acquisition with a view to bolster its operations towards ensuring a safe and secure maritime environment,” the letter  read in part.

    Consequently, the Director of Tresmo Nigeria Limited, Mr. Adeyemi Apata, applied to be appointed as the auctioneer for NCAT vide a letter dated March 3, Modibbo revealed.

    Furthermore, the NCAT chief executive said that the Federal Ministry of Aviation in a letter dated 15th March, 2023, granted approval for the disposal of the two Bell 206 helicopters to enable the college acquire Basic Trainer Helicopters.

    Again, in furtherance of following due process, the college obtained the Valuation Reports of the affected helicopters from the Federal Ministry of Works and Housing via a letter dated 30th March 2023.

    This culminated to the engagement of Messrs Tresmo as the auctioneer vide NCAT.11/1204/VOL.1/043, dated 6th April 2023, Modibbo stated.

    The NCAT Rector added that the auctioneer also accepted and executed the disposal of the helicopters via a letter signed by Mr Baba Malik on 7th April 2023, which also remitted the proceeds of N1.2 billion into the Federal Government account.

    He therefore emphasised that due diligence was followed in the auctioning of the two unutilised helicopters to boost the training needs of the college.

  • FG reopens 4 bonds valued at N360bn for auction

    FG reopens 4 bonds valued at N360bn for auction

    The Debt Management Office (DMO), has on behalf of the Federal Government of Nigeria (FGN), listed four FGN bonds valued at N360 billion for auction.

    Announcing the bond auction, the DMO listed the first offer as a Feberuary 2028 FGN bond, valued at N90 billion at interest rate of 13.98 per cent per annum (10-year re-opening).

    The second is an April 2032 FGN bond, valued at N90 billion at 12.50 per cent interest rate per annum (10-year re-opening)

    There is also an April 2037 FGN bond, valued at N90 billion, at 16.24 per cent interest rate per annum (20-year re-opening).

    The fourth offer is an April 2049 FGN bond, also valued at N90 billion, at an interest rate of 14.80 per cent per annum (30- year re-opening).

    It announced that the auction date is Feb. 13, while settlement date is Feb. 15.

    According to the DMO, for re-opening of previously issued bonds, successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned plus any accrued interest on the instrument.

    “Interest is payable semi-annually, while bullet repayment (principal sum) is on the maturity date.

    “FGN bonds are backed by the full faith and credit of the Federal Government of Nigeria and are charged upon the general assets of Nigeria.

    “They qualify as securities in which trustees can invest under the Trustee Investment Act.

    “They also qualify as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption for funds among other investors.

    “They are listed on the Nigerian Exchange Limited and FMDQ OTC Securities Exchange,’’ the DMO said.

    It said that all FGN bonds qualify as liquid assets for liquidity ratio calculation for banks.

  • Netherlands auction World Cup jerseys

    Netherlands auction World Cup jerseys

    An auction of match-worn World Cup jerseys of the Netherlands national team has raised €380,000 ($402,934).

    The proceeds will be used to help the situation of migrant workers in Qatar.

    To this end, the Dutch football federation KNVB said on Monday it plans to work with the international workers’ association BWI.

    The money is to be used to help in the protection of migrants’ rights, legal assistance, personal development and social activities, such as football.

  • PHOTOS: EFCC auctions over 400 seized cars in Lagos

    PHOTOS: EFCC auctions over 400 seized cars in Lagos

    The Economic and Financial Crimes Commission (EFCC) has commenced the auction of a total of 435 cars, which are subjects of final forfeiture orders in Lagos State.

    The Commission in a statement disclosed that this is in line with the EFCC (Establishment) Act 2004; Public Procurement Act 2007 and the Proceeds of Crimes (Recovery and Management) Act 2022.

    The exercise scheduled to take place across the Commands of the Commission, started on Tuesday, December 6, 2022 in Lagos with the inspection of items by members of the public.

    TheNewsGuru.com (TNG) gathered that the auction exercise, which began today, Wednesday, December 7, will continue on Thursday, December 8, 2022.

    The items are available in four locations: 40, Bourdillon Road, Ikoyi, Lagos; 15A Awolowo Road, Ikoyi, Lagos; 14 Cameroon Road, Ikoyi Lagos and CVU Obalende, Ikoyi, Lagos.

    Speaking during the opening ceremony yesterday, Dr. George Ekpungu, Secretary to the Commission and Chairman, EFCC Asset Disposal Committee, ADC, said:

    “The exercise, which is the first of the planned auction of forfeited properties across EFCC Zonal Commands and EFCC Headquarters, is being carried out in accordance with the (Establishment) Act, 2004, Public Procurement Act, 2007 and Proceeds of Crimes (Recovery and Management) Act, 2022.

    “It is being conducted in conjunction with the Bureau of Public Procurement to ensure compliance with all extant laws”.

    While welcoming the auctioneers to the Centre, he expressed his gratitude to sister agencies, including the Nigerian Army, who were invited to provide adequate security and ensure orderliness.

    Ekpungu also appealed to the members of the public present at the auction to listen carefully to the auctioneers and comply with all stipulated guidelines.

    The nine auctioneers who were allocated to the Lagos Zonal Command of the EFCC to dispose of the 435 cars at the designated Centre on 14 Cameron Road, Ikoyi, Lagos are Rihanna Auction Limited; Kamyus Consult Limited; Areogun Resources Limited; BIS N JEG; Integrated Services Nig. Ltd; Mau & Sons Ltd.; Langar Aghaji & Co.; Fagobe Company Ltd and Musa Kira and Co.

    The cars, which pictures were conspicuously displayed with allocated lot numbers for public inspection, were allocated to auctioneers based on assessed values and open ballot system.

    The display was to provide an opportunity for interested bidders to view and indicate interest in any car of their choice.

    See photos below:

  • Spectrum auction will democratize broadband for Nigerians – Danbatta

    Spectrum auction will democratize broadband for Nigerians – Danbatta

    The Nigerian Communications Commission (NCC) has said the ongoing process to auction two additional lots in the 3.5GHz spectrum for Fifth Generation (5G) is part of efforts that will further democratise access to high-speed mobile broadband for all Nigerians.

    The Executive Vice Chairman/Chief Executive Officer (EVC/CEO) of NCC, Prof. Umar Danbatta, stated this in Lagos over the weekend while speaking at the 10th Annual Brands and Marketing Conference of the Brand Journalists Association of Nigeria (BJAN) where the NCC was conferred with the “Regulator of the Decade” Award.

    Represented by the Commission’s Executive Commissioner, Stakeholder Management, Adeleke Adewolu, the EVC noted that the ongoing process, for which arrangements are in top gear, followed the successful auctioning of two bands of the 3.5GHz spectrum in December of 2021.

    Danbatta disclosed that the Commission is currently reviewing the licences and frameworks for fixed broadband to update them in line with current challenges and make them more effective as part of the pivotal initiatives deployed by NCC that are already bearing fruits.

    The EVC was emphatic that the Commission, in pursuit of its mandate, has been relentless in creating the conducive atmosphere for the rollout and adoption of new technologies, and government has taken the firm position that the country must leverage digital technologies to grow the economy.

    As such, he said the development of policies such as the National Digital Economy Policy and Strategy (NDEPS) 2020-2030 and the Nigerian National Broadband Plan (NNBP) 2020-2025, which the NCC and other agencies and partners are assiduously implementing.

    Danbatta informed the participants at the conference that content creation and consumption have grown around the telecommunications infrastructure provided by technology, which Nigerian entertainers have leveraged to become global brands.

    “Due to heavy leverage on digital platforms, the Nigerian entertainment industry has gone global. Nollywood is one of the biggest movie industries in the world. In fact, more movies are produced by Nollywood yearly in comparison to Hollywood.

    “Nigerian music stars are in hot demand worldwide because of their popularity and brand recognition on social media. We should add that many of these global superstars emerging from Nigeria launched into stardom by leveraging Caller Tunes and other mobile content platforms to grow their brands and huge followers online,” the EVC stated.

    Increasing the intensity of his submission, Danbatta declared that “Digital platforms are fostering different types of systemic change, creating new brands, eroding the value of some brands, whilst at the same time increasing the value of other brands. The innovation-transformation-disruption cycle have come to stay and will be exacerbated as technology continues to evolve.”

    The EVC left the impressive audience with reasons to be hopeful when he said, “Let me assure you that the NCC will continue to aggressively drive the roll out and seamless operation of infrastructure to drive new digital technologies for the benefit of all sectors of our economy.

    “It is our hope that Nigerian brands will continue to leverage on robust infrastructure to grow their value and ensure that our country derives maximum benefit from unfolding digital transformation efforts.”