Amid mounting speculation surrounding government asset sales to support the 2024 budget, the Certified Institute of Auctioneers, Nigeria (CIAN) has urged its members to proactively prepare for the anticipated surge in high-value auctions.
This counsel was shared at the just concluded 11th Annual National Conference of CIAN, themed, “Opportunities for Auctioneers in the Nigeria Economy” In Lagos, where qualified members were inducted as Fellows of the Institute.
Tope Ojo, Chairman of the Faculty of Auctioneering at the Nigerian Institution of Estate Surveyors and Valuers, said that the government will borrow and sell off assets to fund the budget, which is an opportunity for every auctioneer seated in this hall.
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He stated that the Nigerian government proposed a budget of N26.01 trillion for the fiscal year 2024, with N8.25 trillion earmarked for servicing public debt.
Analysts say Africa’s biggest economy is likely to seek loans and off assets to fund the budget amid a shrinking economy. Thus, moribund asset disposal by the government presents opportunities for auction practitioners in Nigeria.
“Auctioneers should enhance visibility and present a polished image to stand out in the industry.” said Adeleke Hassan, Registrar/CEO of CIAN.
He said that participation in networking events and engagement with the government can significantly strengthen the presence of Auctioneers in the market.
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“Auctioneers have proven excellence in selling government assets, attributing their success to transparent public sales,” Hassan noted. “The entire process is open to the public, promoting transparency in the sale of government assets. This transparency is crucial for building trust and awareness.”
In his opening remarks, Hillary Nwaukor, Chairman of CIAN, Lagos State chapter, said that the event will provide attendees with exciting opportunities and insights, strategies, and trends in the auction industry. “Whether you’re a seasoned professional or just getting your feet wet in the world of auctions.”
He advised members to connect with like-minded professionals in line with the need to promote auction best auction practices in Nigeria.
Meanwhile, Jogun Adeniyi Onabanjo, Fellow of CIAN in his presentation shed light on significant opportunities within the automobile sector for Nigerian auctioneers.
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Emphasising the growth potential, he pointed out that Nigeria alone accounts for a substantial 75 percent of the 15.6 million registered vehicles in West Africa, totaling 11.9 million vehicles.
Onabanjo’s address utilised the What, Why and Where framework to analyse how auctioneers can maximise their benefits in the automobile auction arena.
Highlighting the vast sources of potential auctioned cars, he mentioned their presence on the streets, various offices, and governmental institutions such as the Police, LASTMA, Ministries, Courts, Army, Ports, and other parastatals.