The Lagos State Government auctioned 88 forfeited and abandoned vehicles, earning millions of naira in revenue. The event, held by CR Limited Auction House, attracted over 300 bidders to the Taskforce Yard in Alausa, Ikeja, on Thursday and Friday. The vehicles included well-maintained models like the Lexus ES 350, Lexus RX 300, Toyota Camry, and Honda Accord, alongside commercial and shuttle buses in poor condition.
Lead Auctioneer Ade Ononuga explained that the auction process began six weeks prior, involving vehicle identification, listing, and advertising to inform the public and previous owners before announcing the auction and inspection schedule.
Over 300 people registered for the auction of 88 vehicles, which were sold to the highest bidders in their current condition. Bidders were responsible for their own transportation and related costs. The immediate past chairman of the Certified Institute of Auctioneers in Nigeria’s Lagos chapter noted that the auction was conducted transparently, requiring a participation fee of N3,500. He described the event as a significant success, generating substantial revenue for the state government.
Ononuga emphasized his company’s long-standing relationship with the Lagos State government, having successfully conducted auctions in the past due to their commitment to transparency, professionalism, and customer satisfaction. He expressed confidence that as long as they continue to meet the government’s expectations, they would remain the preferred auction house despite competition.
The government increased the initial fee for the auction by 25% due to the orderly manner in which it was conducted and the significant revenue generated. They noted that bidders often view these events as opportunities to benefit from the government, but the auction was treated as a serious business commitment.
Before the auction began, Mrs. Arinola Banjoko, the Director/Coordinator of the Lagos Mobile Court, outlined the criteria for participation and cautioned that anyone not adhering to the rules would be disqualified.