Firm Launch First Online Auction Platform in Nigeria

Nigerians who want to auction their properties can now do so as i-Naira Integrated Resources Limited has launched the first online auctioning platform in Nigeria.

Speaking during the launch, CEO of the company, Mr. Hillary Nwaukor said the company through its auctioning platform will act as a middle man between merchants/vendors and consumers seeking for value bargains online.

The company, he added, is a wholly owned Nigerian Company registered in 2011 as a Consumer Sales Promotion (CSP) company that is geared to provide value bargains for hugely underserved consumers in Nigeria due to sales channels limitation.

 According to him, “Our goal is to help companies reach a broader consumer base in Nigerian beyond targets they would normally reach through their traditional channels. Our robust self-aware intelligent system is poised to show case merchandise on select category of items (fashion, electronics and households, autos, real estate) to consumers using promotion and auctioning as a tool.”

He stated that firms such as consumer products vendors, asset management companies, insurance companies, banks, charity organisations are welcome to showcase their items on the platform.
Nwaukor pointed out that in auctioning, prices can start at zero, “but an auction will only close at a price within the agreeable terms between i-naira.com and the vendor that provided the item for sale. Some auctions are absolute while others are reserved auction.

“Effectively, what this means is that an absolute auction can start and close at any amount and the last bidder wins the item but a reserved bid can start at any amount but must close at a reserved price acceptable by the vendor or at an amount higher before a winner can emerge.

“We as a company have decided to invest in valuable items that will be won at any amount from the 1st August in order to elucidate the concept of auctioning to a hugely underserved market. The latest items, ranging from household goods, mobile phones, fashion and electronics can be won at half the market price on our platform. This is our marketing strategy to highlight the true meaning of value bargaining.”