The Certified Institute of Auctioneers of Nigeria has urged the federal government to certify auctioneering practitioners to unlock fresh streams of revenue and employment for the auctioneering industry.

The institute made the appeal on Sunday.

Chairman of CIAN, Babatunde Disu, said that the official certification would curb unprofessional practices, protect consumers, and strengthen confidence in auctions as a legitimate economic activity.

He said that auctioneering was poorly understood in Nigeria, despite its global role in asset valuation and transparent sales.

“Our focus is professionalism; Auctioneering is not a casual activity. It is a structured process that ensures that goods are sold at their true economic value,” he said

He argued that without regulation, assets were often undervalued, depriving sellers, including government agencies and businesses, of optimal returns.

He said that CIAN had been engaging the Lagos government on a review of existing auctioneering laws to align them with modern standards and international best practices.

According to Mr Disu, clearer rules would help safeguard the rights of both buyers and sellers while reducing disputes and sharp practices.

He noted that CIAN currently has more than 400 registered auctioneers in the state and is expanding its reach nationwide.

(NAN)