The Economic and Financial Crimes Commission (EFCC) recently concluded a public auction of forfeited vehicles, an exercise intended to transparently dispose of assets recovered from investigations into corruption, money laundering, and cybercrime. The auction, held online between January 20 and 27, 2025, aimed to ensure easy participation and fair competition among bidders. However, the process was unfortunately marred by a series of technical difficulties and complaints from participants, prompting the EFCC to pledge a thorough review of the exercise. The commission acknowledged the public outcry and committed to addressing legitimate concerns to ensure fairness and uphold the integrity of the auction process.
One of the major issues reported by participants was the difficulty in accessing the websites of the accredited auctioneers managing the online platform. The surge in traffic, with over four million registered participants attempting to access the auction simultaneously, appears to have overwhelmed the servers, effectively locking out many potential bidders. This unprecedented level of interest, while demonstrating public engagement in the process, unintentionally created a bottleneck that prevented many from submitting bids or even participating in the auction. Combined with intermittent internet connectivity issues experienced in various parts of the country, the accessibility problem significantly hampered the smooth execution of the auction.
Adding to the technical challenges were reports of participants being unexpectedly shut out of the platform after successfully submitting their bids. This perplexing issue left many bidders frustrated and uncertain about the status of their participation. The EFCC recognized the gravity of this problem and assured bidders that it was working with the auctioneers to investigate the cause and rectify the situation. Furthermore, allegations of inflated bid prices surfaced, raising concerns about potential manipulation or unfair practices. The seemingly exorbitant bids for some vehicles cast doubt on the transparency and competitiveness of the auction, leading to demands for a thorough investigation into the bidding process.
The EFCC, while acknowledging its role in overseeing the auction, clarified that it was not directly involved in the bidding process itself. The commission emphasized that the auction was conducted by independent, licensed auctioneers in accordance with the Proceeds of Crime (Recovery and Management) Act, 2022, and the Public Procurement Act, 2007. These regulations stipulate the engagement of accredited auctioneers for the disposal of forfeited assets, ensuring compliance with legal procedures and promoting transparency. The EFCC’s role was primarily to monitor the process and ensure adherence to the established guidelines, not to directly manage the auction platform or influence the bidding.
The commission emphasized its commitment to transparency and accountability in the disposal of forfeited assets. The primary objective, as stated by EFCC spokesperson Dele Oyewale, is to ensure that the assets are sold in a manner that maximizes value for the nation while maintaining the highest levels of integrity. The reported issues, although regrettable, do not detract from the commission’s underlying goal of ensuring a fair and transparent process. The EFCC is awaiting the official report from the auctioneers, which will provide a detailed account of the proceedings and address the specific complaints raised by participants.
Following the review of the auctioneers’ report and the assessment of legitimate complaints, the EFCC will take appropriate action to address any identified shortcomings. Successful bidders who did not encounter issues during the auction will receive their vehicles as scheduled. The EFCC is determined to ensure that all participants are treated fairly and that the auction process adheres to the principles of transparency and accountability. The commission’s commitment to investigating and resolving the reported issues underscores its dedication to maintaining public trust and ensuring the integrity of its operations. The EFCC aims to learn from this experience and implement necessary improvements to prevent similar challenges in future asset disposal exercises.
