Group advocates auction bid system for sales of houses

house..-CopyAS a means of reducing the plight of landowners as a result of frauds, a call has been made to the public, government and individuals to embrace auction system for the sales of houses and landed properties .

Lagos Chapter Chairman, Certified Institution of Auctioneers of Nigeria and Chief Executive Officer, United Auction House, Dr. Jogunola Onabanjo made the call during the launching of United Auction House Limited at Lagos Chambers of Commerce and Industry (LCCI), Ikeja Lagos.

The association, which has a well-defined structure and transparent mode of operation promises good business deal to it clients.
Speaking at the occasion, Onabanjo stated that United Auction House would boast the businesses of real-estate/properties in the country. “People relocating abroad or coming back home can conveniently buy or sell properties anywhere in the country without fear of being defrauded”.

He further maintained that since the auction system on house/property sale is new in Nigeria, it is the duty of certified auctioneers to educate the government and the masses on the benefits and importance of dealing with registered and genuine business partners.

Speaking to The Guardian, he said “that the United Auction House would regularly auction properties by bidding, every last Thursday of every month, at LCCI Conference and Exhibition Centre Ikeja Lagos.

Commenting on the necessity of the United Auction House, Lagos Vice-Chairman, Certified Institute of Auctioneers of Nigeria, Ade Onanuga lamented that prior to its emergence, the sale of properties in Nigeria has been through private treaty, tender or close bid, which is often characterized with mistrust, lack of transparency and manipulation by either the government entity or private/commercial organizations. “Auction Bid is open, transparent and devoid of manipulation of any kind. The sale goes to the highest bidder. It does not allow for lobbying or parochialism”.

He further narrated the experience of his firm that bided for a property along side one of the leading banks and oil exploration company in Nigeria. “Infact, by the time, we concluded the bidding processes, the directors of this organizations hijacked it and bought up the properties, rather than allow it to be sold to the public that submitted their bids”. The Auction system will not give room for such hijacking and un-transparent method. The event had in attendance stakeholders, members of Certified Institution of auctioneers, lawyers, and bankers landowners.

The highlights of the event include the demonstration of the auction bid system, the distribution of free copies of the United House Lot Catalogue and free medical care for participants.



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