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Sometimes, disposing of prime assets can be quite cumbersome. In countries with a developed financial system, auctions provide a ready means by which the burden of holding property you no longer wish to possess can be lifted. The great thing about auctions is that the seller, who wants to give up ownership of an asset, can get a monetary reward for letting go of it; the eventual buyer also gains something they actually want, and value. Both parties usually leave the auction house satisfied.

In Nigeria, the option of selling off properties to the highest bidder via an organized platform has been difficult to access. But a new auction house is proposing to change this.

3A Auction House, a general auction house which aims to assist property owners dispose of their assets in a convenient way, has just recently launched in Lagos. The company promises to connect buyers and sellers of property and create a space- online or offline –for auctions to take place.

Abimbola Akingboye, CEO of the new auction house, said at its launch in Lagos that the company would be providing auction services to individuals and corporate bodies that desired to put their items up for sale or buy such items. Such assets include land, vehicles, luxury and investment properties, international properties and commercial assets.

3A Auction House’s online auction platform facilitates bids in a few steps. The intending seller or bidder creates a profile on the site; after this, they will be able to put up property for auction, or place bids for property they desire to have. The highest bidder gets the asset.  However, sellers will have to provide evidence that they own the property they present for auction- pictures, basic details, and relevant documents that prove their ownership of the assets. They will nevertheless be able to set terms and conditions for the sale of the property throughout the auction.

The company will begin operating from Lagos and Abuja but will be able to provide auction services for properties, vehicles and general items from across the country.

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This article was first published on 10th November 2016


Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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