EFCC Set To Conduct Online Auction Of 891 ‘Forfeited’ Vehicles On January 27th 2025

EFCC is set to conduct online auction of 891 ‘forfeited’ vehicles on January 27th 2025.

The Agency listed the brand and model of the vehicles as well as the link for online viewing and Auction of the vehicles.

Online inspection of the vehicles by members of the public will run between January 20th – 27th 2025 (7 days).

The e-auction exercise will be held on January 27th 2025 (Monday), between 11 am and 4 pm.

EFCC noted that successful bidders are expected to make full payments within 72 hours (3 days).

The Economic and Financial Crimes Commission (EFCC) has announced that it will conduct an electronic auction of 891 vehicles through its appointed Auctioneers, which it said were forfeited to the Federal Government.

In a notice tagged “PUBLIC NOTICE : EFCC AUCTION”, which was posted to its social media pages, the anti-graft agency said the vehicles have been forfeited in accordance with the EFCC (Establishment) Act, 2004, Public Procurement Act, 2007 and the Proceeds of Crime (Recovery & Management) Act, 2022.

According to the details shared by EFCC, online inspection of the vehicles by members of the public will run between January 20th – 27th 2025 (7 days), while the e-auction exercise will be held on January 27th 2025, between 11 am and 4 pm.

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The agency also listed the brand and model of the “forfeited” vehicles as well as the Web Address for the online viewing and Auction of the vehicles. EFCC noted that successful bidders are expected to make full payments within 72 hours (3 days).

Below are some of the Terms and conditions of sale :

“Any person who places the highest bid for an asset will be declared the winning bidder of the asset at the end of the auction.

“Upon declaration of winning bidder, a 100% payment via Remita Retrieval Reference (RRR) to be issued by Auctioneer for direct payment to Goverment ISA.

“Successful bidder will have 72 hours window to make full payment.

“A7.5% VAT wil be charged added to the “SOLD” price and must be paid to Government TSA.

“At the expiration of the payment window of 72 hours. consequent upon the failure of the Winning Bid to make payment, the second highest bidder will be offered the asset with payment to be made within 24 hours.

“A Release Note will be issued by the Seller for each item won and sent to all buyer after confirmation of payment. The Release Note will be used by buyers to pick up any items won.

“In any case where a Release Note is not issued by the Seller for an item, the buyer of such item will be entitled to a refund of the total bid amount.

“The Commission reserves the right to withdraw any and all assets during the auction process.”

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