EFCC’s Planned Direct Auction of Forfeited Assets Is Illegal, Threatens Transparency and Due Process’, Says NAA President
The President of the Nigeria Association of Auctioneers (NAA), Engr. Benjamin Isibor Abhulimen, has described the reported plan by the Economic and Financial Crimes Commission (EFCC) to directly auction forfeited and recovered assets without engaging licensed auctioneers as unlawful.
He warned that such a move would undermine transparency, due process, accountability, and internationally accepted standards governing the disposal of public assets.
Speaking to journalists in his office recently, Engr. Abhulimen expressed concern that allowing the EFCC to independently conduct the sale of forfeited assets would erode public confidence in Nigeria’s asset recovery process, create opportunities for abuse, and deny the Federal Government the maximum value that should be realised from the disposal of recovered properties.
According to him, the EFCC had previously engaged licensed and accredited auctioneers to conduct the auction of forfeited assets, a process that remains ongoing and has not been formally concluded.
He explained that the appointed auctioneers invested substantial financial, technical, and logistical resources to ensure that the exercise complied with the highest standards of professionalism, transparency, and international best practices.
He further noted that many successful bidders had already taken lawful possession of properties purchased during the exercise, demonstrating the credibility and effectiveness of the professionally managed auction process.
However, he acknowledged that the exercise remained inconclusive following complaints from other auctioneers who claimed they had made significant commitments but were never engaged.
Those auctioneers also questioned the transparency of the earlier process.
The NAA President argued that it is inconsistent with the principles of transparency, accountability, and good governance for the same institution responsible for investigating alleged financial crimes, securing court-ordered forfeitures, and maintaining custody of recovered assets to also assume responsibility for marketing and disposing of those assets without the involvement of independent licensed auctioneers.
According to him, professional auctioneers provide an essential layer of independence by ensuring objective valuation, extensive market exposure, competitive bidding, and transparent disposal procedures that protect public assets from undervaluation, insider dealings, and avoidable revenue losses,
Conflict of Interest and the Rule Against Biaso reinforce his position, Engr. Abhulimen cited the long established principle of natural justice, nemo judex in causa sua meaning that no person or institution should be a judge in its own cause.
He explained that the EFCC serves as the investigator, prosecutor, and custodian of seized and forfeited assets. Consequently, permitting the same agency to determine the valuation, marketing strategy, and eventual sale of those assets creates an inherent conflict of interest and raises legitimate concerns about impartiality, fairness, and public accountability.
“The separation between law enforcement and commercial asset disposal is a fundamental safeguard against abuse of power. Independent auctioneers exist to guarantee transparency, competition, and public confidence throughout the disposal process,” he said.
The NAA President emphasised that the statutory mandate of law enforcement agencies is to investigate criminal activities, prosecute offenders, and recover proceeds of crime—not to engage directly in commercial trading or auctioneering.
He maintained that the disposal of forfeited assets should continue to be carried out through licensed professional auctioneers operating under judicial authorisation and in accordance with established legal and regulatory procedures.
While reaffirming the Nigeria Association of Auctioneers’ commitment to supporting the EFCC and other government institutions in strengthening Nigeria’s asset recovery framework, Engr. Abhulimen stressed that the Association remains committed to promoting transparency, accountability, due process, and value for money in the disposal of public assets.
He warned that sidelining licensed auctioneers would weaken public confidence and undermine the integrity of Nigeria’s asset recovery system.
“Nigerians are watching. We are fully aware of the EFCC’s reported actions, and the Nigeria Association of Auctioneers will continue to advocate for strict compliance with the law, due process, and internationally accepted standards governing the disposal of forfeited assets,” Isibor stated.
He concluded by urging all law enforcement agencies to maintain a clear institutional separation between investigative functions and the commercial disposal of seized assets, insisting that all forfeited property should be disposed of through independent, transparent, and professionally managed auction procedures under appropriate judicial supervision.
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