Fadekemi Ajakaiye
Amid growing speculation that government intends to sell some assets to support the 2024 budget, the Certified Institute of Auctioneers, Nigeria (CIAN) has urged its members to proactively prepare for the anticipated surge in high-value auctions.
This advice was given during the 11th Annual National Conference of CIAN which was held in Lagos on the 8th and 9th of November 2023, and where qualified members were inducted as Fellows of the Institute.
The two-day conference had in attendance the Lagos State Commissioner of Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose-Medebem who was represented by the Lagos State Head of Auctioneering, Biodun Okesanya who delivered the keynote address; where the Commissioner stressed the importance of collaboration between the state and auctioneers towards moving the sector forward, she stressed the need for practitioners to regularize their position with the state the Lagos state Government.
The host, Lagos Chapter Chairman of CIAN; Hillary Nwaukor in his opening remarks, assured all attendees of gaining valuable knowledge… “Welcome to the 11th National Conference of the Certified Institute of Auctioneers, Nigeria. This year’s conference is themed: Opportunities for Auctioneers in the Nigeria Economy.” He emphasized that whether you’re a seasoned professional or just getting your feet wet in the world of auctions, this event will provide you with exciting opportunities and insights, strategies, and trends in the auction industry. He advised members to connect with like-minded professionals in line with the need to promote auction best auction practices in Nigeria.
The Conference also had in attendance the largest private Art Collector in Nigeria, Omooba Dr Yemisi Shyllon of Pan African University, Lagos, Dr Ayodeji Mafikuyomi, Ade Onanuga, delegates from all over the country, observers, members of the press among others present.
The Conference Chairman, Mr. Shola Abeji, in his welcome address, admonished all delegates to take the advantage of this year’s conference by taking note of the thought-impactful lectures to be delivered during the conference.
Professor Benjamin Ehighe a Professor of Consumer and Organizational Psychology at the University of Ibadan delivered a paper on “The Strategic Importance of Emotional Intelligence: A Case of Managing Internal & External Customers in the Auction Sector in Nigeria”, while the immediate past President of Academic Staff Union of Universities (ASUU), Prof. Biodun Ogunyemi, University of Lagos, delivered a paper on “Curriculum development for Auction Education in Nigeria.”
Addressing attendees, the Chairman of the Faculty of Auctioneering at the Nigerian Institution of Estate Surveyors and Valuers, Tope Ojo stated, “The government will borrow and sell off assets to fund the budget, which is an opportunity for every auctioneer seated in this hall.”
He stated that the Nigerian government proposed a budget of N26.01 trillion for the fiscal year 2024, with N8.25 trillion earmarked for servicing public debt. Analysts say Africa’s biggest economy is likely to seek loans and off assets to fund the budget amid a shrinking economy. Thus, moribund asset disposal by the government presents opportunities for auction practitioners in Nigeria.
The Registrar/CEO of the Certified Institute of Auctioneers, Nigeria, Adeleke Hassan, said there is a need for Auctioneers to strategically position themselves for success.
He stated, “Auctioneers should enhance visibility and present a polished image to stand out in the industry.” Highlighting the significance of networking, Hassan added, “Participation in networking events and engagement with the government can significantly strengthen the presence of Auctioneers in the market.”
Auctioneers have proven excellence in selling government assets, attributing their success to transparent public sales. Hassan noted, “The entire process is open to the public, promoting transparency in the sale of government assets. This transparency is crucial for building trust and awareness.” To further boost visibility, Hassan recommended leveraging media platforms such as television and social media during auctions. “Utilizing these platforms enhances visibility and ensures broader public participation,” he explained. The Registrar also underscored the vital role members play in elevating the auctioneering profession. “Breaking away from conventional career paths and fostering awareness through increased networking and communication will contribute to changing perceptions about the profession,” Hassan stated.
In a compelling presentation, Dr Jogun Adeniyi Onabanjo; Distinguished Fellow of CIAN shed light on significant opportunities within the automobile sector for Nigerian auctioneers.
Emphasising the growth potential, he pointed out that Nigeria alone accounts for a substantial 75% of the 15.6 million registered vehicles in West Africa, totaling 11.9 million vehicles. Onabanjo’s address utilized the What, Why and Where framework to analyze how auctioneers can maximize their benefits in the automobile auction arena.
Highlighting the vast sources of potential auctioned cars, he mentioned their presence on the streets, various offices, and governmental institutions such as the Police, LASTMA, Ministries, Courts, Army, Ports, and other parastatals. Onabanjo also provided an insightful list of stakeholders in the automobile business, ranging from financial institutions to car dealers, auto mechanics, autoworkers, painters, tire sellers, spare part sellers, website developers, social media marketers, and auctioneers – all of whom stand to gain from the flourishing auction industry.
