Lagos State Government and major stakeholders in the auctioneering sector have called for proper regulation and an improved operational environment to fully tap the huge potential of the business.
Speaking at an interactive session with representatives of the Chartered Institute of Auctioneers (CIAN) and National Association of Auctioneers (NAA) held recently at the Secretariat, Alausa, the Permanent Secretary, Ministry of Commerce, Industry and Cooperatives, Mrs. Adetutu Ososanya, FCA stated that the standardisation of auction business will be mutually beneficial to the State and the practitioners.
She said: “The State Government came up with the Auction Law to protect practitioners and ensure only licensed professionals are engaged for auctioneering. Since the passage of the Law, the Ministry has been engaging various stakeholders starting with Ministries, Departments and Agencies (MDAs) and the Local Government Councils”.
Ososanya reiterated the commitment of the Ministry to work closely with all stakeholders in the auctioneering sector, expressing optimism that the collaborative efforts will not only lead to a more robust and profitable auctioneering business but also contribute significantly to the State’s economic development.
She, therefore, charged practitioners to support the government to ensure sustainable growth and success of the auctioneering industry in Nigeria.
Chairman, Chartered Institute of Auctioneers (CIAN), Mr. Hillary Nwaukor commended the Ministry for convening the stakeholders’ meeting and for the desire to create more opportunities for auctioneers while observing that many private sector organisations still dispose of their unserviceable assets without engaging professional auctioneers.
“The auction business can be very robust if the needful can be done to promote the business. The Auction Law also needs to be reviewed and updated to cover more assets and online auctioneering.
The government also needs to look at the process of advertising for auction by considering the security of the location, the safety of participants and so on. There is also the need to employ electronic platforms to drive online payment and website where government’s MDAs can upload auctionable items for the benefit of interested professionals”, he said.
Chairman, National Association of Auctioneers, Chief Babatunde Cole acknowledged the Ministry’s intervention in a recent case that involved an unlicensed auctioneer and tasked the Ministry to further assist and protect licensed practitioners.
All stakeholders at the interactive session unanimously agreed to the setting up of a Standing Committee comprising representatives of the Ministry, CIAN and NAA to further deepen the conversation and ensure effective collaboration towards improving auctioneering practice in the State.
They also recognised the impact of technology on ease of doing business and the need to create an official website that will serve as a one-stop destination for practitioners to make inquiries, renew licenses, obtain details of items for auction and make payments. The move is geared towards streamlining processes, enhancing transparency and making operations more seamless for stakeholders.