i-Naira Integrated Resources Ltd, has joined the first set of auction professionals to receive the ‘Auctioneer Practice License’, marking a new dawn in the auctioneer practice in the state.
Mr. Hillary Nwaukor, founder and chief executive officer, i-Naira Integrated Resources, was credited for pioneering first online auctioning platform in Nigeria dubbed i-Naira.com, which caters for individual, corporate and government auctioning activities.
Speaking at the event held in Lagos State, Prince Rotimi Ogunleye, commissioner of Commerce, Industry and Cooperative, (Hon.) said that Governor Akinwunmi Ambode led administration saw the need for strict implementation of the law regulating auctioneers’ activities; adding that Chapter 12, sub-section 2(1) states clearly that “a person shall not carry on the business of auctioning without a licence granted under this law authorizing him to carry on such business”.
He said that working in accordance with provisions of the law will ensure quackery is contained to the barest minimum, while restoring investors’ confidence in the State’s economy.
“It is paramount today to identify with a licensed practitioner either for the execution of court judgments or corporate bodies auctioning programmes or prominent artistes, because this is a huge sector that requires only people of integrity be allowed to play in there.
Ogunleye said that it is no longer business as usual or a ‘free-flow’ market, where unqualified persons’ prey on unsuspecting corporate bodies to swindle them of their fortunes.
“This is a globally recognized profession and currently developing in our clime. We expect it to develop, supporting cross-border auctioning activities. So, we encourage those who are receiving the operational licenses to play by the rules guiding their practice”, he said pleading the State Government’s support to the Certified Institute of Auctioneers of Nigeria (CIAN), to uphold expertise in Nigeria for all matters relating to Auctions and Auctioneering.
Speaking to Nigeria CommunicationsWeek after receiving the operating license, Mr. Nwaukor of i-Naira.com extolled the Lagos State Government for the bold step taken to further rid the sector of unwholsesome practices.
Nwaukor described the license as a solid foundation for professionals to build on and institute highest standards, while restoring discipline by way of re-instating decorum in auctioneering practise in the country.