EFCC Begins Online Auction of 891 Forfeited Cars

The Economic and Financial Crimes Commission (EFCC) has announced its plan to auction 891 forfeited vehicles through an electronic process. 

The cars were seized in line with the EFCC (Establishment) Act, 2004, the Public Procurement Act, 2007, and the Proceeds of Crime (Recovery and Management) Act, 2022.

In a notice published on its official X (formerly Twitter) account on Monday, the EFCC revealed that the auction would take place from January 20 to January 27, 2025. It also disclosed the names of the approved auctioneers and shared the official auction websites: www.rihogo.com, https://biznjeg.ng, and www.areogunresourcesniglid.com.ng.

The Commission assured prospective bidders that the process is open nationwide. It stated, “The auction will run daily from 11:00 a.m. to 4:00 p.m. on the final day, January 27, 2025. Viewing of the vehicles is free and accessible on the websites from January 20.”

Emphasizing the terms of sale, the EFCC noted that all vehicles would be sold on an “AS IS” and “WHERE IS” basis, reflecting their current conditions and locations. Additionally, no vehicle would be sold below its reserve price, and bids must meet or exceed this set threshold to qualify.

The Commission outlined payment terms, stating that successful bidders are required to make 100% payment via a Remita Retrieval Reference (RRR) issued by the auctioneer within 72 hours of winning. A 7.5% Value Added Tax (VAT) will be charged on the final price and must be paid into the Government Treasury Single Account (TSA).

Quoting the EFCC, “Winning bids must be settled within the stipulated time, as failure to comply will lead to forfeiture of the bid, and the item will be reallocated to the next highest bidder.”

The EFCC has encouraged the public to visit its official social media page for additional information and has provided a link to the auction notice: https://x.com/officialefcc/status/1881271727465914462?s=46.

Prospective participants are advised to act swiftly, as the auction provides an opportunity to acquire vehicles while ensuring transparency and adherence to regulatory requirements.