The Economic and Financial Crimes Commission (EFCC) is facing criticism over its plan to auction seized vehicles through a platform it intends to manage, with the Nigeria Association of Auctioneers (NAA) accusing the anti-graft agency of breaching due process and undermining transparency in the disposal of forfeited assets.
The association argued that the EFCC’s decision to investigate financial crimes, seize assets, retain custody of them, and also oversee their sale creates a conflict of interest capable of eroding public confidence in Nigeria’s asset recovery process.
Speaking in an interview with The PUNCH on Tuesday, the President of the Nigeria Association of Auctioneers, Benjamin Isibor, maintained that the commission has no legal authority to act as both custodian and seller of assets recovered from suspected criminals.
According to Isibor, the association successfully challenged a similar proposal during the tenure of former EFCC Chairman Ibrahim Magu.
“The EFCC is trying to act as both custodian and seller of recovered assets, which is unlawful. We opposed a similar move during Ibrahim Magu’s tenure, and it was halted after our intervention,” he said.
He questioned why the commission, after investigating cases and confiscating assets, should also be responsible for establishing the platform to dispose of those assets.
“The same agency that prosecutes suspects and seizes assets now wants to manage their sale. We completely oppose this process because there are licensed and certified auctioneers equipped to handle these auctions professionally and transparently,” Isibor added.
The NAA president stressed that certified auctioneers are better positioned to guarantee openness, accountability, and public trust throughout the disposal process.
Although the association said it had yet to determine the exact number of vehicles earmarked for the proposed auction, it noted that the EFCC recently recovered several luxury vehicles allegedly linked to businesswoman Aisha Achimugu as part of an ongoing investigation.
While the commission has not disclosed the value of the recovered vehicles, industry estimates suggest they are worth billions of naira. The EFCC has also not confirmed whether all or part of the vehicles will be included in the planned auction.
Isibor further questioned the commission’s decision to abandon previously established partnerships with licensed auctioneers, revealing that auctioneers had invested heavily in developing digital auction platforms after being formally engaged by the EFCC.
“Auctioneers spent significant resources building auction portals under contractual agreements with the commission. It is surprising that the EFCC now wants to carry out the process independently after those investments were made,” he said.
He argued that the proposed arrangement violates the principles of natural justice, the Due Process Act, and the Proceeds of Crime Act (POCA), insisting that none of the laws empowers the EFCC to directly conduct auctions of forfeited assets.
The association also expressed concern over the apparent abandonment of existing contractual arrangements without any clear explanation, warning that the move raises serious questions about transparency and compliance with established procurement procedures.
Former National President of the association, Alhaji Musa Kurra, also confirmed that concerns had been raised within the auctioneering industry over the planned exercise.
“There have been complaints about the latest auction announcement. In every system, there are always attempts by some individuals to circumvent established procedures,” Kurra said.
The EFCC has traditionally disposed of forfeited properties—including houses, vessels, and vehicles—through public auctions conducted by licensed auctioneers after obtaining final forfeiture orders from the courts. The process is designed to prevent recovered assets from deteriorating while ensuring proceeds are remitted to the Federal Government.
The latest dispute, however, centers on whether the anti-graft agency should directly manage the auction process or continue relying on independent auctioneers in line with existing procurement and asset disposal regulations.
As of the time this report was filed, the EFCC had not responded to the concerns raised by the Nigeria Association of Auctioneers. The commission’s spokesperson, Dele Oyewale, did not respond to calls, text messages, or WhatsApp messages seeking comments.
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