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Customs generated over N500 million from e-auction of seized vehicles between Jan.16 and Feb.13 

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The Nigeria Customs Service (NCS) announced that it successfully raised over N500 million from the sale of seized and overdue vehicles through its e-auction portal, spanning from January 16 to February 13, 2024.  

This achievement was highlighted in a video shared on the Nigerian Customs Service’s official X account on Sunday, detailing the triumph of the e-auction events across five windows, from Tuesday, January 16, to Tuesday, February 13, 2024. 

The NCS reported that the e-auction attracted considerable interest, with 13,605 individuals registering to participate.  

Furthermore, the update disclosed that throughout the five auction windows, 476 vehicles were listed on the portal, out of which 462 were successfully auctioned to bidders. 

  • “The total value of won vehicles is N556,738,736,” the post further highlighted. 

What you should know  

  • The Nigeria Customs Service (NCS) unveiled the upgradeded NCS e-auction portal on Monday, January 15, 2024, kicking off its inaugural e-auction event the following day, January 16, 2024.  
  • Interested individuals can access the portal at https://auction.nigeriatradehub.gov.ng. 
  • Earlier, Nairametrics reported that the Customs declared the e-auction portal would be open for bids every Tuesday, from 12 noon until 6 pm.  
  • To participate, bidders are required to have a Tax Identification Number (TIN) from the Federal Inland Revenue Service (FIRS), verified through Tax Pro-Max, and an active email account for registration on the platform. 
  • Upon successful registration, a non-refundable fee of N1,000 is charged through the platform.  
  • Additionally, each bid incurs a participation fee of N1,000. Participants are allowed to bid on up to two items per auction window, with no limit on the number of bids placed. 
  • Items available for auction are sold in their current condition, and the NCS will not consider requests for replacements or refunds.  
  • Winning bidders must complete payment within three days and arrange for the collection of items from the specified terminal. 
  • Overtime goods purchased through the e-auction are subject to an additional fee on the winning bid, with 25% allocated to the shipping company and 25% to terminal operations.  
  • It is important to note that Nigerian Customs officers and owners of the seized items are prohibited from participating in the auction.  
  • Winners are also obligated to pay a 7.5% Value Added Tax (VAT) and a refundable container deposit, where applicable.

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