Connect with us

E-Financial

i-Naira.Com Releases Auction Solution for Corporate Bodies

Published

on

Kindly share this post

i-Naira.com has added a unique auction solution – Private Room Online Auction (ProAuction) to its bouquet of services, in an unprecedented move to deliver value added service to Corporate Entities in Nigeria.

Hillary Nwaukor CEO at i-naira.com told Nigeria CommunicationsWeek that “the solution is designed to support agencies of government and corporate Nigeria such as banks, telecoms, real estate and insurance companies with a seamless process of auctioning their items”.

He noted that most reputable businesses in Nigeria invest continually on liabilities associated with operational assets such as vehicles, generators, office furniture and equipment that eventually depreciate and replaced.

“These depreciated items are often time disposed via non-competitive ballot auction systems that limits what the company can recoup from such items,” he explained.

In the same vein recovered assets from defaulting customers of banks and accidented vehicles from insurance companies, Nwaukor said, can be auctioned through the ProAuction solution.

“This product gives the vendor (Nigerian Company) the flexibility to hold auction event without being physically present at a location where the properties are to be auctioned.

“When queried on how it works, he stated that when a company signs up to use the platform to officially dispose liabilities and assets, they will be assigned a private room for the auction event where all items slated for disposal will be uploaded. Each room has an admission fee which can also be set at (0) if the vendor prefers not to charge an entrance fee.The fee effectively deters unserious internet users from bidding and gives confidence to serious bidders to participate.

“The vendor (Corporate Company) will set the number of days, hours, seconds that the items will be visible for bidding, subscribed bidders are at liberty to bid for all listed items within the time frame and after the expiry, the private room closes, winners are contacted and instructed on payment and procedure for taking ownership of their won items”, he said.

In response to the question on what makes the platform better than the traditional auction system currently in use across most business, Nwaukor pointed out that the number of bidders per room is limitless unlike when a physical auction is being held.

He noted that the system is an available and scalable system that captures auction time in milliseconds to determine accurately who the last true bidder on an item is. This enthrones probity and accountability and when a final winner is determined there is a Bid history that is available for review in instances where a dispute emerges.

He called on well-meaning Nigerians as well as corporate entities to take up this innovative product that will help increase their potential returns from auctioning activities.

I-naira.com render services that close service quality gaps in terms of reach in the Nigerian market sphere where consumers are adjudged to be hugely underserved due to limitation of sales channels.

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

Published

on

Kindly share this post

“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


Kindly share this post
Continue Reading

E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

Published

on

Kindly share this post

Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

CBN Urges Banks to Expedite Action on Recapitalisation

Published

on

Kindly share this post

Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


Kindly share this post
Continue Reading

Trending