EFCC commences public auction of over 400 forfeited cars in Lagos

THE Economic and Financial Crimes Commission (EFCC) has commenced the auction of 435 cars, which are subjects of final forfeiture orders in Lagos.

The agency said the exercise is being done in line with the EFCC (Establishment) Act 2004, Public Procurement Act 2007, and the Proceeds of Crimes (Recovery and Management) Act 2022.


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According to the EFCC, the exercise scheduled to take place across the Commands of the Commission, started on Tuesday, December 6, 2022 in Lagos with the inspection of items by members of the public, while the auction exercise began today, Wednesday, December 7 and would continue on Thursday, December 8, 2022.

The items are available in four locations: 40 Bourdillon Road, Ikoyi, Lagos; 15A Awolowo Road, Ikoyi, Lagos; 14 Cameroon Road, Ikoyi Lagos; and CVU Obalende, Ikoyi, Lagos.

One of the EFCC car auction venues in Lagos
One of the EFCC car auction venues in Lagos

The secretary to the Commission and chairman of the EFCC Asset Disposal Committee, George Ekpungu, said yesterday at the opening ceremony, “The exercise is the first of the planned auction of forfeited properties across EFCC Zonal Commands and EFCC Headquarters. It is being conducted in conjunction with the Bureau of Public Procurement to ensure compliance with all extant laws.”

Ekpungu, welcoming the auctioneers to the centre, expressed his gratitude to sister agencies, including the Nigerian Army, who were invited to provide adequate security and ensure orderliness.



    He also appealed to members of the public who were present at the auction to listen carefully to the auctioneers and comply with all stipulated guidelines.

    The nine auctioneers allocated to the Lagos Zonal Command of the EFCC to dispose of the 435 cars at the designated centre on 14, Cameron Road, Ikoyi, Lagos, are Rihanna Auction Limited; Kamyus Consult Limited; Areogun Resources Limited; BIS N JEG; Integrated Services Nig.Ltd; Mau & Sons Ltd.; Langar Aghaji & Co.; Fagobe Company Ltd and Musa Kira and Co.

    The cars, which pictures were conspicuously displayed with allocated lot numbers for public inspection, were assigned to auctioneers based on assessed values and an open ballot system.

    The Commission said the display allowed interested bidders to view and indicate interest in any car of their choice.

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