INSTITUTE OF AUCTIONEERS CALLS FOR PROFESSIONALISM IN NATIONAL ASSET MANAGEMENT

January 22, 2018

By Adewumi Ojo

The certified institute of Auctioneers of Nigeria, Lagos state chapter, has canvassed for a transparent action in disposing of national asset through engagement of professionals that will solidify its value and income generation.

At an event organized by the Institute in Lagos, which focused on “2018 Budget Outlook Reflating the Economy through Auction practice”, fellows of the institute lamented the poor handling of sale of national assets and rotten state of some national properties.  They believed that sale of national asset can generate revenue for the country if professionals can be engaged.

They posited that proper handling will contribute effectively to the growth of GDP and economy especially in reducing budget deficit.

They resolved that engagement of professional auctioneers will encourage transparency and accountability that will positively impact on the economy.

Elaborating on this, a fellow of the institute, Dr. Yemisi Shyllon regretted the way some of the national asset is being handled, which according to him  has  led to loss of revenue for the country.

“There are lot of assets of the government that are wasting away because they don’t dispose them appropriately and of course our (auctioneers) involvement will ensure transparency and government can get good value for such asset. When an auctioneer is involved it means that the asset will be properly listed, valued and the process will be very transparent and everything will go to the government directly.

He enjoined government to make use of the institute of auctioneers in disposing of national asset, believing that it will guarantee more value and probity to the resources.

“If the Certified Institute of Auctioneers can be involve in the disposal of national asset, in the process of privatization, because we have skilled people and professionals who can give better valuation and ensure that the government gets the best value for the asset.

Auctioneers should be given the opportunity to contribute their professional expertise in the issue of disposal of national asset with a view to having the best value for those things to be sold and ensure there’s transparency and probity in the whole process”

”We are calling for speedy passage of our Bill at the National Assembly which will recognize the institute as a chartered institute, it will go a long way, now it has passed second reading, it’s now with the committee”.

The keynote speaker, Barr. Dayo Adebayo, said government is not benefiting from the sales of national treasury by relevant bodies which they put in charge. He alleged that process of sale of national asset has always been manipulated and lacks transparency which has caused government to lose a lot in the process.

He said the processes adopted by these bodies has always been cumbersome for auctioneers to be involved calling for a modern method as it’s done in developed nations.

“Registration process put in place by those in charge has always been tough and cumbersome to approach by auctioneers, there’s no transparency and government is not even benefiting optimally from it. Qualified hands must be engaged in ensuring professionalism, value and advantageous process in the disposition of this.”

In his remark, the Lagos State Commissioner for Commerce, Industry and Co-operatives Mrs Olayinka Oladunjoye who was represented by the Director of Commerce, Mr. Akeem Adeniji lauded the landmark role of the Institute and for organizing the event. He similarly commended the Institution’s effort in positioning the nations economy positively.

The Commissioner promised to keep collaborating with the Institute for more efficiency and accountability that will aid economic sustainability and development.

He posited that maximum benefit can be attained if the Institute can create more advocacy and leading role in auctioneering while urging them to show more of their relevance in promoting auctioneering in the county and institutions.

“The event they organized here today is a very good way of starting the year, and of course the profession needs that feasibility, they have been operating without the knowledge of many people but they have the potential to add to the economy, the GDP, and to create employment.

“Once there’s concrete feasibility from this institute, advocacy from them will be given due consideration, now we have a lot of public asset we have a lot of history how they are being disposed and a lot of things that have followed such disposal. If we now have an institute whose sole responsibility is to dispose assent following due diligence in a transparent manner I think such Institute should be accorded its pride of place especially in curbing corruption in the country.

In his address, the Chairman of Lagos state chairman of the Institute, Dr. Jogun Onabanjo, said auctioneering plays a pivotal role in the sale of national asset with the level of their expertise and professionalism.

Onabanjo said engagement of auctioneers in the sale of national treasury gives room for transparency, efficiency and value to properties.

“The federal government need a lot of money and some of the money they need is to be gotten from the sale of national asset, when you want professionals to sell for you those professionals would be auctioneers, the reason is that they sell by integrity, public will be there, whatever happens during sale is to be observed by everybody, picture and video are taken, and governments now a days need to be seen as been honest, and open, and that is why they need auctioneers.

When I sold a guitar for king Sunny Ade a lot of people were there and it was transparent, an auctioneer is someone that has been trained to sell asset especially to the public by a competitive method which is called bidding”