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🇳🇬 Nigeria /Crime & Justice

EFCC faces credibility questions over asset auction

From The Punch · () English

Summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • The Nigeria Association of Auctioneers accuses the Economic and Financial Crimes Commission (EFCC) of undermining transparency by managing its own asset auctions.
  • The association argues that the EFCC's dual role as investigator, asset custodian, and seller creates a conflict of interest and erodes public confidence.
  • Certified auctioneers are better positioned to ensure credibility and openness in the disposal of forfeited assets, according to the association.

The Economic and Financial Crimes Commission (EFCC) faces renewed scrutiny over its plan to auction seized vehicles through a platform it will manage. The Nigeria Association of Auctioneers contends this move undermines transparency, accountability, and due process in disposing of forfeited assets. The association argues that allowing the EFCC to investigate crimes, seize assets, hold them in custody, and then sell them creates a significant conflict of roles that can erode public confidence in the asset recovery process.

The EFCC is now trying to act as a custodian and seller of assets, which is totally unlawful.

— Benjamin IsiborPresident of the Nigeria Association of Auctioneers, criticizing the EFCC's plan to manage its own asset auctions.

Benjamin Isibor, President of the Nigeria Association of Auctioneers, stated that the commission lacks the legal basis to act as both custodian and seller of assets recovered from suspected criminals. He recalled a similar attempt during the tenure of former EFCC Chairman Ibrahim Magu, which was halted after public outcry. Isibor emphasized that the EFCC is now attempting to play the role of custodian and seller, despite being the prosecuting agency and seizing items as proceeds of crime.

We are completely against this process, and it should not be done when there are reputable and certified auctioneers who are on the front line to do this job for you.

— Benjamin IsiborExpressing the association's opposition to the EFCC managing asset sales.

Isibor insisted that certified auctioneers are better equipped to guarantee credibility and openness in the disposal process. He stated, "We are completely against this process, and it should not be done when there are reputable and certified auctioneers who are on the front line to do this job for you." The association maintains it would "stand in the gap for our government and the general public to ensure that the process is seamless and transparent." While the exact number of vehicles for the proposed auction is unconfirmed, the EFCC recently took possession of a fleet of vehicles linked to businesswoman Aisha Achimugu, believed to be worth billions of naira.

This same issue happened during former EFCC chairman Ibrahim Magu. Magu said he was going to bring in foreigners to sell these assets. But it was stopped after our outcry.

— Benjamin IsiborRecalling a previous attempt by the EFCC to manage asset sales.
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Originally published by The Punch. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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