The Economic and Financial Crimes Commission (EFCC) is facing renewed criticism over its decision to auction seized vehicles through a platform it plans to manage itself. The Nigeria Association of Auctioneers (NAA) has argued that the move raises serious concerns about transparency, accountability, and due process in the disposal of forfeited assets.
Speaking with The PUNCH on Tuesday, NAA President Benjamin Isibor said the EFCC should not be allowed to investigate financial crimes, seize assets, retain custody of them, and also oversee their sale. He described the arrangement as a conflict of interest that could undermine public confidence in the asset recovery process.
According to Isibor, the association previously opposed a similar proposal during the tenure of former EFCC Chairman Ibrahim Magu. He maintained that the commission has no legal authority to act as both custodian and seller of recovered assets.
“The EFCC is now trying to act as both custodian and seller of assets, which is unlawful,” Isibor said. “The commission investigates cases, seizes the assets, and now wants to establish a platform to sell them. That is a role that should be performed by licensed auctioneers to ensure transparency.”
He argued that certified auctioneers are better equipped to guarantee a credible and open disposal process, adding that the association remains committed to protecting the integrity of government asset sales.
Although the association said it could not confirm the number of vehicles slated for the planned auction, it noted that the EFCC recently recovered a fleet of luxury vehicles linked to businesswoman Aisha Achimugu as part of an ongoing investigation. The commission has not disclosed the value of the vehicles or confirmed whether they will be included in the proposed auction.
Isibor further questioned why the EFCC was moving away from its previous practice of engaging licensed auctioneers, noting that some auctioneers had invested significant resources in developing digital auction platforms under contractual agreements with the commission.
“We have worked with the EFCC in the past, and auctioneers spent substantial resources building online portals for these exercises,” he said. “It is surprising that after making such commitments, the commission now wants to handle the process itself.”
He also argued that the proposed arrangement contradicts the principles of natural justice and existing legal frameworks governing the disposal of forfeited assets, including the Proceeds of Crime Act (POCA) and due process regulations.
“The law does not empower the EFCC to conduct the sale of recovered assets by itself,” he said. “That is our concern.”
The association also questioned why previous contractual arrangements with auctioneers appeared to have been abandoned without explanation, insisting that all asset disposal exercises should comply with established procurement and legal procedures.
Former NAA National President, Alhaji Musa Kurra, said concerns had already been raised within the profession over the planned auction, warning against attempts to sidestep established processes.
Over the years, the EFCC has 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 proceeds are typically remitted to the Federal Government while preventing recovered assets from deteriorating.
The current dispute centres on whether the EFCC should directly manage the auction process or continue to rely on independent, licensed auctioneers.
As of the time of filing this report, the EFCC had not responded to the concerns raised by the auctioneers’ association. The commission’s spokesperson, Dele Oyewale, did not reply to calls, text messages, or WhatsApp messages seeking comment.