Customs Generate Over N500m Revenue Through E-Auction Portal In 30 Days

The Nigeria Customs Service (NCS) has generated N556,738,736 from the sale of seized and overdue vehicles through its e-auction portal spanning from January 16 to February 14, 2024.

In a video shared through its X Account, the Service revealed that since the launch of the portal on January 16, a total of 13,605 individuals registered to participate in the auction.

The Service also noted that 476 vehicles were listed on the portal, of which 462 were successfully auctioned to bidders.

Recall that on January 15, the Service unveiled its upgraded e-auction portal and kicked off its inaugural e-auction event the following day, January 16.

The NCS said the e-auction portal would be open for bids every Tuesday, from 12 noon until 6 pm, and participants 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.

Bidders, upon registration, would be charged a non-refundable fee of N1,000 via the platform, while each bid incurs a participation fee of N1,000.

Participants would also be able to bid about two items per auction window, with no limit on the number of bids placed.

The items available for auction are then sold in their current condition, and the NCS would not consider requests for replacements or refunds.

Bidders who successfully scale through must complete payment within three days and arrange for the collection of items from the specified terminal.

Also, overtime goods purchased through the e-auction are subject to an additional fee on the winning bid, with 25 per cent each allocated to the shipping company and terminal operations.

However, the staff of the Service and owners of the seized items are prohibited from participating in the auction, while winners are to pay a 7.5 per cent Value Added Tax (VAT) and a refundable container deposit, where applicable.