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Lagos Issues i-Naira.com with Practice Licence

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In order to eliminate quacks from every online business in the state, the Lagos State government has issued the Founder and Chief Executive Officer of i-Naira Integrated Resources Limited, Mr. Hillary Nwaukor, as well as other auction professionals, the Lagos State ‘Auctioneer Practice Licence’, marking a new dawn in the auctioneer practice in the state.

Nwaukor was credited for pioneering first online auctioning platform in Nigeria dubbed i-Naira.com, which caters for individual, corporate and government auctioning activities.

Speaking at the event held recently at the state secretariat, the Lagos State Commissioner of Commerce, Industry and Cooperative, Rotimi Ogunleye, said Governor Akinwunmi Ambode led administration saw the need for strict implementation of the law regulating auctioneers activities.

He added that that Chapter 12, sub-section 2(1) states clearly that “a person shall not carry on the business of auctioning without a licence granted under this law authorising him to carry on such business.”

He said working in accordance with provisions of the law will ensure quackery is contained to the barest minimum, while restoring investors’ confidence in the state’s economy.

“It is paramount today to identify with a licensed practitioner either for the execution of court judgments or corporate bodies auctioning programmes or prominent artistes, because this is a huge sector that requires only people of integrity be allowed to play in there,” he said.

Ogunleye noted that it is no longer business as usual or a ‘free-flow’ market, where unqualified persons prey on unsuspecting corporate bodies to swindle them of their fortunes.

“This is a globally recognised profession and currently developing in our clime. We expect it to develop, supporting cross-border auctioning activities. So, we encourage those who are receiving the operational licenses to play by the rules guiding their practice,” he said.

He pledged the state government’s support for the Certified Institute of Auctioneers of Nigeria (CIAN) to uphold expertise in Nigeria for all matters relating to online auctions and auctioneering.

Speaking after receiving the operating licence, Nwaukor commended the Lagos State government for the bold step taken to further rid the sector of illegal practices.

Launched in August 2016, i-Naira.com is a wholly owned Nigerian company with speciality in consumer sales promotion. It was established to deliver value bargains to under-served consumers across the country.

Nwaukor described the licence as a solid foundation for professionals to build on and institute highest standards, while restoring discipline by way of re-instating decorum in auctioneering practise in the country.

“As a company, we see this as a huge honour and will boost our chances of convincing clients, especially corporate organizations that we adhere strictly to industry practicing rules. We will also intensify public awareness and understanding of auctioneering as a vital business factor with contribution to the economy of the nation and prosperity of any organisation undergoing auctioning process,” he said.

He further said that i-naira.com was founded to fill a yawning gap in the market, which is delivery of value bargains to consumers.

According to him, the company through its auctioning platform acts as a middle man between merchants/vendors and consumers seeking for value bargains online.

“Our goal is to help companies reach a broader consumer base across the country beyond their traditional audience and channels. Our robust self-aware intelligent platform, i-naira.com, offers bargain merchandise in categories that include fashion, electronics, household items, automobiles and real estate, using promotions and auctioning as tool,” Nwaukor added.

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