You need to active Javascript on your
BusinessDay
Nigeria's leading finance and market intelligence news report.

I-Naira, Nigeria’s first online auction platform gets CIAN award 

I-Naira Integrated Resources Limited has been awarded and recognised by the Certified Institute of Auctioneers of Nigeria (CIAN) on the basis of industry standard and professionalism.

The auction company is the first online auction platform adjudged as transparent by the Organised Private Sector (OPS). I-Naira’s strength is derived from the innovative use of technology to deepen the need for accountability while running auction events for its’ clients.

Speaking at the ceremony, Samuel Ilori, former Chief Judge of Lagos State, said that the auction profession is witnessing great leaps and bounds in Nigeria, despite the fact thst it is relatively new in the public and private sector.

Ilori said the profession is constituted by the finest professionals in the country with the wealth of experience in their respective professions.

According to Olayinka Oladunjoye, the commissioner for Commerce and Industry, the State Government will not relent in its efforts in designing and implementing innovative policies that would strengthen auctioning practice.

The commissioner disclosed that the government is at the forefront of creating a conducive business environment to make auctioneering practice more operational and attractive in Lagos state.

Oladunjoye also confirmed that the state government has written agencies of government (state and federal), manufacturing companies, insurance companies as well as financial institutions within the state on the implication of auctioning their assets without working with a recognised and licensed auction company in Lagos.

While receiving the award, Hillary Nwaukor, the Founder/CEO at i-naira.com,said that he felt honoured owing to the fact that an idea to build an auction solution for the Organised Private Sector (OPS) five years ago has become a reality; “not only has it become a reality, we have equally become a force to reckon with after three years of operations. Thus, indeed, I am happy and thankful to the registrar, Adeleke Hassan, the chairman of Lagos state CIAN chapter, Jogunola Onabanjo and the governing council of Certified Institute of Auctioneers for the recognition.” Nwaukor said.

He stated that i-naira.com auction system is a stable software that is designed with transparency.

” Our customers and clients alike are happy with bid outcomes whenever we run an auction event online”, he said.

Nwaukor, further said that the firm is steadily bridging a major gap in the Nigeria business space – where most auction events in Nigeria are considered opaque and marredby lack of clear-cut transparency.

The convenient narrative by the management of some of these organisations, is that auctioned items are mostly not recognised in their books (fully depreciated assets), thus they cannot be bothered with how the departments assigned to dispose of such assets carry out supposed auction events. Nonetheless, the foregoing justification does not in itself make it right or legal for businesses not registered as auction companies to carry on the affairs of auctioning without engaging professionals.

i-Naira.com was recently engaged in April/May 2018 to dispose of the assets of Mobilising for Development (M4D) – a DFID sponsored project in Kano, Jigawa, and Kaduna.

Nwaukor said; “emphatically, there can’t be any more assurance or validation required to evidently demonstrate the strategic importance of iNaira.com auction solution in closing the transparency gaps in auction processes in Nigeria while giving corporate entities the opportunity to earn more from assets they consider fully depreciated in their accounting books”.
JUMOKE AKIYODE-LAWANSON  

Get real time updates directly on you device, subscribe now.