Bid what you see, The highest bidder is the winner

EFCC Auction Guidelines

  1. Auction commences 11:00 AM to 4:00 PM on Monday, 27th January, 2025
  2. The auction is open to the general public throughout Nigeria for the duration of the bidding period stated above.
  3. Asset Viewing is free on website.
  4. Prospective bidders will only be granted viewing access to view the vehicles in the respective lots on the websites from Monday 20th  January to Monday 27thJanuary, 2025
  5. The assets will be sold “AS IS” and “WHERE IS” in their current condition and location.
  6. No asset will be sold below its reserve price. A winning bid can only be equal or above the Commission’s reserve price.
  7. 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.
  8. Upon declaration of winning bidder, a 100% payment via Remita, Retrieval Reference (RRR)   to be issued by Auctioneer for direct payment to Government TSA.
  9. Successful bidder will have 72 hours window to make full payment.
  10. A7.5% VAT will be charged added to the “SOLD” price and must be paid to  Government TSA
  11. 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 24hours.
  12. A Release Note will be issued by the Seller for each item won and sent to all buyers 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.
  13. Sellers have the right to withdraw any and all assets during the auction process.
  14. Buyers fee of 10% shall be paid by the buyer.

NB

The Exercise is not open to:

  1. Staff of Economic and Financial Crimes Commission (EFCC) 
  2. Persons, groups or organizations against whom the forfeiture order is made.

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