Lagos State is set to pave the way for a new dawn in auctioneering practice at it has awarded practice licenses to Hillary Nwaukor, Founder and CEO of i-Naira integrated resources Ltd, the first online auctioning platform in Nigeria.
Speaking at the event held on Monday at the State Secretariat, Alausa, Rotimi Ogunleye, State Commissioner of Commerce, Industry and Cooperative, said that the Governor Akinwunmi Ambode led administration saw the need for strict implementation of the law regulating auctioneers activities; adding that Chapter 12, sub-section 2(1) states clearly that “a person shall not carry on the business of auctioning without a license granted under this law authorising him to carry on such business.”
Ogunleye said that working in accordance with provisions of the law will ensure quackery is contained to the barest minimum, while restoring investors’ confidence in the State’s economy.
“It is paramount today to identify with a licensed practitioner either for the execution of court judgments or corporate bodies auctioning programs or prominent artistes, because this is a huge sector that requires only people of integrity be allowed to play in there.
According to him, “it is no longer business as usual or a ‘free-flow’ market, where unqualified persons prey on unsuspecting corporate bodies to swindle them of their fortunes.
“This is a globally recognised profession and currently developing in our clime. We expect it to develop, supporting cross-border auctioning activities. So, we encourage those who are receiving the operational licenses to play by the rules guiding their practice”, he said pleading the State Government’s support to the Certified Institute of Auctioneers of Nigeria (CIAN), to uphold expertise in Nigeria for all matters relating to Auctions and Auctioneering.
Receiving his practice license, Hillary Nwaukor, CEO of i-Naira.com extolled the Lagos State Government for the bold step taken to further rid the sector of illegal practices.
Launched in August 2016, i-naira.com is an indigenous company with specialty in consumer sales promotion. It was established to deliver value bargains to under-served consumers across the country.
Nwaukor described the license as a solid foundation for professionals to build on and institute highest standards, while restoring discipline by way of re-instating decorum in auctioneering practise in the country.
“As a Company, we see this as a huge honour and will boost our chances of convincing clients, especially corporate organizations that we adhere strictly to industry practicing rules. We will also intensify public awareness and understanding of auctioneering as a vital business factor with contribution to the economy of the nation and prosperity of any organisation undergoing auctioning process.
He said that the company through its auctioning platform acts as a middle man between merchants/vendors and consumers seeking for value bargains online. “Our goal is to help companies reach a broader consumer base across the country beyond their traditional audience and channels. Our robust self-aware intelligent platform, i-naira.com, offers bargain merchandise in categories that include fashion, electronics, household items, automobiles and real estate, using promotions and auctioning as tool,” Nwaukor added.
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