The institute during a public hearing on the bill observed that the proposed council is not registered with Corporate Affairs Commission (CAC) as stipulated by relevant and extant laws.
The stakeholders also observed that there is an existing legislation passed by the House and Senate in the 8th Assembly which was not assented to by Mr. President and currently passed by the 9th Assembly awaiting the concurrence of the Senate.
As stipulated in the memorandum titled: ‘Notice of objection to Auctioneers Registration Council of Nigeria’, submitted by CIAN through its Registrar/CEO, Mr. Adeleke Hassan, the Institute argued that the proposed legislation is inimical to auctioneering development, lead to duplication of regulatory agencies in the country and put financial strain on Federal Government.
