By Adebiyi Kayode, News Agency of Nigeria (NAN)
In recent years, few government functions in Nigeria have attracted as much public interest and scrutiny as the disposal of recovered proceeds of crime.
When billions of Naira in luxury vehicles, real estate, and financial assets are seized from suspects of financial crimes, the public rightfully demands absolute transparency in how those assets are managed and auctioned.
The Economic and Financial Crimes Commission (EFCC), under the leadership of Ola Olukoyede, in its bid to ensure absolute transparency rolled out its Electronic Auction (E-Auction) platform.
The EFCC deliberately phased out traditional physical auctions in favour of a robust E-Auction platform. Benefits of this digital shift are undeniable.
The essence is to move asset disposal from closed-door arrangements into the open, where every Nigerian can see and take part.
For decades, physical auctions in Nigeria were plagued by allegations of collusion, sharp practices, undervaluation, and limited public access.
Before now, disposal of forfeited assets was mostly physical. Interested buyers had to show up at specific venues, often at short notice.
The limited access fueled suspicion. Critics argued the system created room for favouritism and leakages, and that government was not getting full value for assets recovered from crime.
Officials within the commission admit the perception alone was damaging. When people do not trust how proceeds of crime are managed, it weakens confidence in the entire anti-graft effort.
The e-auction reform digitizes the entire chain. Forfeited properties, vehicles, jewelry and other items are listed on a public online portal with clear descriptions, photographs and reserve prices.
The idea, according to the EFCC, is to expand access, remove middlemen, and ensure transparency is built into the process, not added later.
Any interested Nigerian from any location can register, complete verification and pay a refundable deposit to participate. Bidding happens live on the platform and the highest bidder wins.
Payments and issuance of documents are also handled electronically to cut down human contact.
Civil society organisations have welcomed the move as it eliminates all forms of hurdles, allegations of collusion, sharp practices, undervaluation, and limited public access.
For an agency under constant public scrutiny, the e-auction is more than a technology tool. It is a statement that asset recovery will no longer happen in the shadows.
By putting the process on a public dashboard, the EFCC is betting that openness is the fastest way to restore credibility to asset recovery.
However recently, misleading news reports attempted to cast doubt on the Economic and Financial Crimes Commission (EFCC) over its asset auction processes.
Allegations were leveled suggesting that the commission was circumventing due process and operating as both prosecutor and seller of forfeited assets.
A critical review of the legal framework, official statements, and industry endorsements, however, reveals a starkly different reality.
The EFCC, under the Chairman Ola Olukoyede, is executing one of the most progressive, transparent, and technology-driven asset recovery operations in the history of Nigerian law enforcement.
The controversy began when media outlets carried statements from one Mr Abhulimen Isibor, who falsely paraded himself as the “President of the Nigerian Auctioneers Association (NAA)”.
He accused the EFCC of violating procurement laws and natural justice.
The truth, however, caught up quickly.
However, on Thursday, July 30, the authentic, court-affirmed leadership of the Nigerian Auctioneers Association issued a formal rebuttal and held a press briefing in Abuja to set the record straight.
The bona fide President of the NAA, Alhaji Musa Kurra, whose leadership was duly mandated by a judgment of the National Industrial Court (NIC) sitting in Bauchi, categorically disavowed Isibor’s statements.
He revealed that Isibor is a former official facing active contempt of court proceedings for usurping office.
More importantly, the official leadership of the auctioneers’ governing body did not merely distance itself from the false claims.
It gave the EFCC an unqualified vote of confidence.
Addressing journalists, Alhaji Musa Kurra stated:
“NAA acknowledges and commends the EFCC leadership under Barrister Kayode Olukoyede for its consistent efforts in conducting public auctions in a transparent, accountable, and digitised manner through the E-Auction platform.
This process was designed to eliminate sharp practices, broaden participation, and ensure value for money in the disposal of forfeited assets.”
Kurra further emphasised that certified members of the NAA remain actively engaged in the Commission’s auction operations across the country.
It proved that the EFCC has not sidelined private sector experts, but rather partnered with them to elevate standards.
Firm Legal Ground: The Proceeds of Crime Act (POCA) 2022Critics claiming that the EFCC lacks the mandate to manage recovered assets display a fundamental misunderstanding of Nigerian law.
Under the Proceeds of Crime (Recovery and Management) Act (POCA) 2022, relevant law enforcement agencies (including the EFCC) are explicitly mandated to establish specialised Proceeds of Crime Management Directorates.
Under POCA, law enforcement bodies are legally empowered to hold custody of controlled property and manage or dispose of assets that are subject to final court forfeiture orders or items susceptible to rapid deterioration.
Far from being an arbitrary maneuver, the EFCC’s operational framework strictly adheres to POCA.
POCA introduced explicit provisions allowing for interim sales of high-maintenance or deteriorating assets.
The assets include luxury sports cars or perishable commodities) before annual disposal exercises, with proceeds safely deposited into government escrow accounts until final judicial determination.
Any Nigerian, regardless of location, can register, view asset details, and place competitive bids transparently online.
Proceeds from these digitised auctions go straight into government coffers.
Recovered funds have directly supported high-impact national development initiatives, including the Nigerian Education Loan Fund (NELFUND) and the Consumer Credit Scheme.
As EFCC noted regarding the commission’s core philosophy:
“Probity, fairness and accountability are the core values that drive our work in the commission.
We have strengthened integrity, transparency and accountability in asset disposal by replacing physical auctions with electronic auctions… to make Nigeria better for all of us.”
The recent smear attempt against the EFCC follows a familiar pattern in anti-corruption work: when reforms block opportunities for sharp practices, those who stand to lose often resort to media campaigns and legal distortion.
The EFCC’s transition to open, digitised asset disposal is a landmark victory for governance in Nigeria.
Backed by the Proceeds of Crime Act 2022 and endorsed by legitimate industry leaders like the Nigerian Auctioneers Association, the Commission’s e-auction framework stands as a beacon of accountability.
It ensures that the proceeds of crime are truly returned to benefit the Nigerian people.
Civil society organisations and other stakeholders have welcomed the move but are urging regular independent audits of the portal and quarterly publication of proceeds to sustain trust.(NAN features)
**If used, please credit the author and News Agency of Nigeria
Edited by Isaac Aregbesola