Lagos State Government has successfully auctioned 88 forfeited and abandoned vehicles, generating millions of naira in revenue. The auction took place at the Taskforce Yard in Alausa, Ikeja, over two days, attracting over 300 bidders who were eager to purchase a range of vehicles, from luxury cars to commercial buses.
The auction, organized by CR Limited Auction House, featured a variety of vehicles, including well-maintained cars like Lexus ES 350, Lexus RX 300, Toyota Camry, and Honda Accord. However, some of the vehicles, such as commercial and shuttle buses, were in poor condition and required significant repairs. Despite the varied conditions, the auction was a success, bringing in substantial funds for the state.
Ade Ononuga, the Lead Auctioneer and Managing Director of CR Limited, shared insights into how the process worked. He explained that the auction process began six weeks ago, with advertisements placed in national newspapers to inform the public and the previous owners of the vehicles about the upcoming sale. The first advertisement provided details about the vehicles to be auctioned, while a second notice gave the final date and inspection schedule.
“We had over 300 participants register for the auction, which is very encouraging,” Ononuga said. “We have 88 vehicles available for sale, and we are selling them as they are. The buyers inspect the cars, decide if they want to proceed, and pay accordingly. Buyers are responsible for the costs of moving the vehicles once they win the bid.”
The auction was open to anyone willing to pay the N3,500 participation fee, and Ononuga stressed that all bidders had to adhere to the rules of the auction. This included attending an inspection session where potential buyers could check the vehicles before placing their bids.
Ononuga, who has managed auctions for Lagos State for several years, praised the success of the event. His company was awarded the contract to manage the auction after a competitive bidding process. He emphasized the company’s commitment to running transparent and fair auctions, which is why the state continues to choose them year after year.
“This is the third time we’ve organized an auction for the Lagos State government, and so far, it has been a great success,” Ononuga explained. “The government has been impressed with the way we conduct these auctions. They’ve even increased our fee by 25 percent because of the high level of professionalism and the revenue they’ve been able to generate.”
According to Ononuga, the auction has been beneficial not only to the state government but also to the public. He noted that the auction was a great opportunity for people to acquire vehicles at affordable prices, and it attracted a wide range of buyers, from car enthusiasts to business owners.
Before the bidding began, Mrs. Arinola Banjoko, the Director and Coordinator of the Lagos Mobile Court, addressed the participants, emphasizing the importance of following the auction rules. She explained the criteria for participation and warned that anyone who failed to comply with the regulations would be disqualified.
“The auction is a serious business,” Mrs. Banjoko stated. “We want to ensure that the process remains orderly and fair for everyone. Those who do not follow the rules will be disqualified.”
The auction of abandoned and forfeited vehicles is a regular occurrence in Lagos State, as it helps reduce congestion on the streets and provides an opportunity to generate revenue for the state government. The vehicles that are auctioned off often come from various sources, including vehicles impounded for traffic violations, those abandoned in public spaces, or those forfeited by the courts as a result of criminal activity.
The auction process provides a way to remove these vehicles from the roads and ensures that they are either reused or disposed of properly. It also gives the public a chance to purchase vehicles that may have been out of their financial reach in the past.
For many bidders, the auction represents a rare opportunity to acquire high-quality vehicles at a fraction of the original price. Some are looking for a bargain, while others may be hoping to purchase a vehicle for business purposes, such as using a shuttle bus or a commercial vehicle for transportation services.
Despite the varying conditions of the vehicles, many buyers are willing to take the risk, especially with the potential for significant savings. For example, while some of the luxury cars available were in good working condition, the commercial vehicles required more work but were still attractive to buyers who could repair and resell them.
The revenue generated from the sale of the 88 vehicles is expected to contribute to the state’s coffers and can be reinvested into various public services and development projects in Lagos. The state government has been looking for innovative ways to generate additional income, and auctions like this offer an efficient method for monetizing abandoned and forfeited assets.
In addition to the financial benefits, the auction also serves as a deterrent to those who might abandon their vehicles on public roads, knowing that the state will take action and eventually auction off the vehicles. It also sends a message that the state government is committed to maintaining order on the roads and ensuring that public spaces are free from abandoned cars and other vehicles.
The success of this auction is a testament to the growing interest in such sales and the trust that participants have in the process. It also highlights the role of professional auction houses, like CR Limited, in helping the government achieve its goals while ensuring transparency and fairness for all involved.
With the success of the recent auction, Lagos State is likely to continue hosting such events in the future. The state has already planned similar auctions in the coming months, which will offer additional vehicles for sale. For many Nigerians, these auctions provide an affordable option to purchase vehicles, while also supporting the government’s efforts to generate revenue and maintain public order.
In the coming weeks, CR Limited is expected to organize more auctions for Lagos State, and the public will continue to have the opportunity to bid for vehicles. The state government has indicated its intention to hold such events regularly, providing a steady source of income and ensuring that abandoned and forfeited vehicles are dealt with in an efficient manner.
