Honoured in 2018 as the auction company of the year by the Certified Institute of Auctioneers Nigeria on the basis of professionalism and working in line with best industry standards, i-Naira.com has made a major statement that start-ups can grow organically towards achieving set goals.
i-Naira.com, over the years, championed the idea of Contracting independent e-auctioneers to carry out asset disposal for corporate businesses and government agencies in Nigeria under a transparent bidding environment that entrenches probity and accountability.
While some companies were initially reluctant to outsource auction activities to third party companies, many others embraced the idea of independence when assets are being sold by corporate bodies in Nigeria.
The Chief Auctioneer – Mr. Hillary Nwaukor at i-Naira.com noted that the firm is steadily bridging a major gap in the Nigeria business space – where most auction events in Nigeria are considered opaque and marred by lack of clear-cut transparency.
“The convenient narrative by the management of some of these organisations, is that auctioned items are mostly not recognised in their books (fully depreciated assets), thus they cannot be bothered with how the departments assigned to dispose of such assets, carry out supposed auction events. Nonetheless, the foregoing justification does not in itself make it right or legal for businesses not registered as auction companies to carry on the affairs of auctioning without engaging professionals”, he said. “More so, the auction tool deployed by i-Naira brings transparency to bear start-to-finish while running an auction project”.
So, what informed Hillary Nwaukor’s decision to resign from a supposedly lucrative job at the Nigerian National Petroleum Corporation (NNPC) to set up i-Naira.com?
In a LinkledIn post while marking the company’s 5th year operational anniversary, Mr. Nwaukor narrated how it all started:
“This time in 2016, I made a bold step to resign from the NNPC to launch my long-nurtured vision of infusing transparency into asset disposal processes in Nigeria through a forward auction system that was designed with Nigerians in mind (i-Naira.com).
While I did not imagine the journey to be a walk through the park, I remained focused on my goal. Looking back 5 years after, we have served some of the most respected internationally sponsored NGOs in Nigeria such as Propcom Mai-karfi , DAI MADE project and M4D.
We have also served AIICO INSURANCE PLC with salvage Auction Sales, Nigerdock with surplus fabrication material disposal and many Nigerian banks who would rather remain anonymous under our private auction services.
More so, we have been supporting the Central Bank of Nigeria to educate the general public on the STMA Act as well as the importance of Secondary Derivative Market platforms such as I-Naira.com for the completeness of the National Collateral Registry (NCR).
We are well aware about the task ahead, thus, we will continue to position our brand to serve an ever-increasing crop of institutionalized businesses looking to plug unnecessary leakages when assets are being disposed.
“We are thankful to all our clients and our teeming customers for your patronage”.