Auction Will Promote Liquidity, GDP Growth In Nigeria– Institute

The Certified Institute of Auctioneers, Nigeria, says leveraging on auction will promote liquidity and improve the contribution of the service sector to the GDP.

Mr Adeleke Hassan, Registrar of the institute, made the observation at the opening ceremony of 3A Auction House in Lagos.3A Auction House is a company that specialises in expedited sale of properties and other assets through auction and online bidding platforms.

Hassan said that exploring auction as a property exit strategy for many abandoned buildings, vehicles and assets in the country would accelerate cash flow and boost investments.

“Properties, vehicles and other luxury items that most people, even the government bought when the economy was booming have been abandoned. They have become burden to them.

“If you have a car that you have not used in two to three months, sell it and invest the money in something else.“The longer these properties stay unused, the more their value depreciates,” he said.

Hassan said that auctioning had become entrenched practice in the country, adding that value of the business could run into billions of naira.He, however, said that most people identified as auctioneers were untrained and unregulated, leaving the public to be susceptible to their nefarious activities.

“3A Auction House is the first recognised auction house in the country; what we have in the country is online auction that are not done in the right way,” Hassan said.

Mr Abimbola Akingboye, the Managing Director, 3A Auction House, said that the company’s operation would reposition auction while boosting investment in the country.

“Placing a price on a property more than the actual value is what our operation will correct.“Integrity has been bastardised in Nigeria, leaving a lot of people to be sceptical and wary about disposing and acquiring assets.

“We will leverage on technology to reach a large number of people. More so, some Nigerians in the Diaspora have been enquiring on how to utilise the platform to acquire properties in the country.

“Infact, the first major assignment given to us by a client is to auction a $2 million private jet.“Our operation will ensure that assets are sold in a transparent and open bidding environment.”

Akingboye said that the organisation was working with private investors, government establishments and financial institutions to facilitate trade.Mr Abimbola Akinkuowo, Executive Director in the company, said the organisation was liaising with government to ensure that more Nigerians benefitted from public sale of government properties.

According to him, the auction industry will boost employment, investment and socio-economic development in the country.


Institute Raises Alarm Over New Maize Disease

With Nigerians still grappling with high price of food stuffs, the Institute of Agricultural Research and Training, IAR&T, Moor Plantation, Ibadan, has raised an alarm of looming acute scarcity of maize in the South-West sub-region of the country due to the discovery of a new maize disease ravaging maize on the field in the area.

The institute which is the zonal coordinating research institute for maize in the South-West in a statement issued in Ibadan yesterday by its Head of Public Relations Unit, Mr. Adeniyi Amusat, said uncommon pest/disease is presently ravaging maize farm in the South West agro-ecological zone of Nigeria which may likely lead to shortage of maize in the region.

While calling on all stakeholders to aggressively address the looming danger, he maintained that if not checked there may be scarcity and shortage of maize as experienced with tomato recently.

The statement noted that the new discovery portends serious danger for production and consumption of maize in the country as it forms larger percentage of live stock feeds formulation especially in poultry.

He however, assured that IAR&T which is the institute saddled with maize production mandate in the region is already setting machinery in motion to control the menace.

Credit: NationalMirror