Government Not Losing Trillions on Recovered Assets – Auctioneers Chairman

The chairman of the Nigerian Auctioneers Association (NAA), Alhaji Aliyu Mohammed Kiliya, said the federal government was losing billions of naira on salvaged assets and other stored items.

He lamented that the confiscated assets are losing value day by day due to technical deformation, vandalism and weather effects, among others.

He said if the quick divestment of assets – which include homes, places and vehicles – were not made, the federal government would lose heavily.

Kiliya therefore advised government institutions that have custody of the assets to initiate the process and expedite the sale of the items.

He said: “Organizations charged with the responsibility of disposing of these assets should ensure that any auctioneer they wish to engage has the experience, can keep records and also apply the rules and regulations when disposing of them. assets to avoid litigation.”

Kiliya also urged the Federal Ministry of Justice, the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offenses Commission (ICPC), the Ministry of Defense, among others, who have custody of recovered items, to ensure that professional measures are in place for their disposal.

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