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I-Naira, Nigeria’s first online auction platform honoured by CIAN

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…Nwaukor was also admitted as a Fellow of the Certified Institute of Auctioneers, Nigeria during the 1st Lagos State Auctioneers Forum

I-Naira Integrated Resources Limited has been awarded and recognized by the Certified Institute of Auctioneers of Nigeria (CIAN) on the basis of industry standard and professionalism.

According to a report by TechEconomy.ng, The auction company is the first online auction platform adjudged as transparent by the Organised Private Sector (OPS).

I-Naira’s strength is derived from the innovative use of technology to deepen the need for probity and accountability while running auction events for its’ clients.

Speaking at the ceremony, Hon. Justice Samuel Ilori, former Chief Judge of Lagos State, said that the auction profession is witnessing a great leap and bound in Nigeria, however a new baby in the public and private sector.

Justice Ilori said the profession is constituted by the finest professionals in the country with the wealth of experience in their respective professions.

According to Olayinka Oladunjoye, the Commissioner for Commerce and Industry, the State Government will not relent in its efforts in designing and implementing innovative policies that would strengthen auctioning practice.

He disclosed that the government is at the forefront of creating a conducive business environment to make auctioneering practice more operational and attractive in Lagos state.

He noted further that the state government has written agencies of government (state and federal), manufacturing companies, insurance companies as well as financial institutions within the state on the implication of auctioning their assets without working with a recognised and licensed auction company in Lagos.

While receiving the award, Hillary Nwaukor, the Founder/CEO at i-naira.com, said that he felt honoured owing to the fact that an idea to build an auction solution for the Organised Private Sector (OPS) five years ago has become a reality; “not only has it become a reality, we have equally become a force to reckon with after three years of operations. Thus, indeed, I am happy and thankful to the registrar Mr. Adeleke Hassan, the chairman of Lagos state CIAN chapter, Dr. Jogunola Onabanjo and the governing council of Certified Institute of Auctioneers for the recognition.

“Nwaukor stated that i-naira.com auction system is a stable software that is designed with transparency as the organisation’s watchword, therefore, our customers and clients alike are happy with bid outcomes whenever we run an auction event online”, he said.

Nwaukor, further said that the Firm is steadily bridging a major gap in the Nigeria business space – where most auction events in Nigeria are considered opaque and marred by lack of clear-cut transparency.

“The convenient narrative by the management of some of these organisations, is that auctioned items are mostly not recognised in their books (fully depreciated assets), thus they cannot be bothered with how the departments assigned to dispose of such assets, carry out supposed auction events. Nonetheless, the foregoing justification does not in itself make it right or legal for businesses not registered as auction companies to carry on the affairs of auctioning without engaging professionals.

i-Naira.com was recently engaged in April/May 2018 to dispose of the assets of Mobilising for Development (M4D) – a DFID sponsored project in Kano, Jigawa, and Kaduna.

He stated, “emphatically, there can’t be any more assurance or validation required to evidently demonstrate the strategic importance of i-Naira.com auction solution in closing the transparency gaps in auction processes in Nigeria while giving corporate entities the opportunity to earn more from assets they consider fully depreciated in their accounting books”.

Source: TechEconomy.ng

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Transport

In an Epic Move, Gov Mbah Inaugurates 5 Ultramodern Bus Terminals, Rolls Out 100 Mass Transit CNG Buses Across Enugu

Reporter: SANDRA ANI

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Enugu CNG buses and commissioning of Terminals

… Launches New Transport Mgt. System, over 80 bus shelters

… This is unprecedented – Planet Project MD

In an uncommon move that changes the transportation landscape in Enugu State, Governor Peter Mbah, on Thursday, inaugurated five ultramodern transport terminals in various parts of the state in line with his integrated blueprint for a modern and multimodal transport ecosystem.

Mbah also launched the Enugu State Modern Transport System that would enable residents commute with ease, as well as a digital platform and over 80 modern bus shelters constructed across the state.

The terminals visited and personally commissioned were the Holy Ghost Terminal 1 (Enugu Central Station 1), designated for inter-state transport; Holy Ghost Terminal 2 (Enugu Central Station 2) for inter-city transport; Nsukka Terminal (Nsukka Central Station); Abakpa Nike Terminal (Abakpa Central Station), and Gariki Terminal (Gariki Central Station).

Enugu CNG buses and commissioning of Terminals
Enugu CNG buses and commissioning of Terminals

Mbah said the projects, which drew huge crowds and elicited palpable joy among the residents, were a key part of the administration’s integrated five-terminal Transport Infrastructure Projects, Phase 1, in line with his vision to grow the state’s economy from $4.4 billion to $30 billion.

Features of the terminal include food courts, banking halls, motels, shops, CNG refilling stations, and cinemas, while the Holy Ghost Terminals 1 and 2 are connected by 400m long sky bridge, said to be the longest in Nigeria. The buses feature free wifi and security equipment.

Addressing a mammoth crowd at the Holy Ghost Terminal 2, the governor recalled that until the commencement of the project in late 2023, the Holy Ghost area was “practically a synonym for chaotic traffic and general disorderliness.”

Continuing, he said, “Aside from the fact it constituted a major municipal blight, we knew we could not attain our audacious economic goals if we lacked an efficient public transport system that offered both comfort and dignity.

“We knew that our goal to make Enugu the most livable city in Nigeria would be a futile bid if we were unable to tackle problems such as persistent traffic gridlock.

“So, from the very first day of this administration, we made a promise: to build a world-class transport system that moves people, connects businesses and communities, and, crucially, that rightfully positions Enugu State as a model of modern governance, sustainable growth, and human dignity.

“Today’s commissioning of the newly completed world-class terminals and the CNG Bus Mass Transit Scheme is indeed beyond a ribbon-cutting exercise. It ushers in a whole new experience; fundamentally connecting our vision to action, and our action to the daily lives of the over seven million residents of Enugu State.”

He explained that alongside the CNG Rapid Bus Service (Mass Transit Scheme), the terminals were “central pillars of our transport agenda – a multimodal highway to the future – integrating road, rail, air, and waterways into one seamless, safe, and efficient ecosystem.”

He also described the terminals as catalysts for economic development and “engines of economic revival.”

“They represent our capacity to deliver projects that empower Ndi Enugu and set our state on a robust trajectory of growth.

“Already, this project is creating jobs, stimulating SMEs, and positioning Enugu to compete with Africa’s best. Through it, we’re creating over 20,000 jobs across BRT, 2,000 hybrid city taxis, airport operations, ride-hailing, and support services.”

He said that the Enugu Transport Management System would eliminate corruption that had been the bane of government enterprises to ensure sustainability, counting on an e-ticketing system that eliminates leakages, guarantees transparency, and ensures every payment is accounted for.

Enugu CNG buses and commissioning of Terminals
Inside the terminal

“Commuters simply need to purchase a ticket and top up as they find suitable. Remarkably, a single valid ticket grants the holder access to other buses. Importantly, our comprehensive insurance coverage protects both the assets and the people who use them,” he stated.

Mbah thanked President Bola Tinubu for his commitment to the state’s development.

“Through words and deeds, the President has demonstrated a sincere love and support towards Enugu – and indeed the South East’s progress. An example is the concession of the Akanu Ibiam International Airport, which would clearly reposition Enugu as an aviation and economic hub.

“So, we commend the President because no administration has given as much support to the sub-nationals as this President has done,” he concluded.

In his goodwill message, the Programme Director/CEO of the Presidential Initiative on CNG, Engr. Michael Oluwagbemi, who was represented by Engr. Tari Mayor-Bright, commended Governor Mbah for the ultramodern terminals and massive deployment of CNG buses.

“This is not just infrastructure, but a bold step in setting up a modern transportation system geared towards a cleaner, safer, and more affordable transport for the people of Enugu State,” he stated.

Also, the Managing Director of the contractors, Planet Project Construction Company, Biodun Otunola, said that building five terminals simultaneously was unprecedented.

“No administration has ever done this before in the history of Nigeria. We are in this industry and we have the records,” he stated.

He described the terminals as products of good research and the political will of the governor to get things done.

Speaking at the various locations, the Commissioner for Transportation, Dr. Obi Ozor; Council Chairman of Enugu North LGA, Dr. Ibenaku Onoh; Chairman of Nsukka LGA, Engr. Jude Asogwa; Chairman, Enugu State Council of Traditional Rulers, Igwe Samuel Asadu; Chairman, Ogige Market Traders Association, Hon. Onyema Idoko; President, Nsukka General Assembly, Clinton Ogbonna; Chairman, Enugu East LGA, Beloved Dan-Anike; Traditional Ruler of Nike, Igwe Julius Nnaji; Chairman, Enugu South LGA, Hon. Caleb Ani; and the Chairman, Enugu South Traditional Rulers Council, Igwe Mike Nna Ukwu, expressed the people’s joy over the projects and buses, describing them as economic catalysts.

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GRBusiness

Borno State Launches Industrial Hub Management to Boost Trade, Investment

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Professor Babagana Umara Zulum of Borno
Professor Babagana Umara Zulum, governor of Borno state

Professor Babagana Umara Zulum, governor of Borno state, has approved the establishment of a dedicated management unit for the Borno State Industrial Hub, aimed at enhancing trade and attracting investment within the state.

According to a statement from Bukar Tijani, secretary to the State Government, the administration is committed to strengthening the hub’s operations and drawing more investors to the region.

His Excellency, Governor Babagana Umara Zulum has approved the establishment of a dedicated Borno State Industrial Hub Management Unit to further strengthen the operations of the Industrial Hub in Maiduguri, improve efficiency, and attract more investment into the State,” the statement read.

Located in Maiduguri, the state capital, the Industrial Hub is a multi-facility complex designed to stimulate economic growth through diversified manufacturing and processing activities.

Current operations include production facilities for solar panels, waste recycling, and food processing, covering ginger, tomato, cassava, and onion, as well as manufacturing lines for corn chips, biscuits, and school furniture.

Since its inception, the hub has shown significant potential to revitalize local industries and create jobs.

To oversee its progress, Governor Zulum appointed Engr. Bukar Kolomi, senior technical adviser to the Governor, as the Industrial Hub Manager, placing the unit under the Ministry of Trade, Investment and Tourism.

Commissioned in 2019 to serve as a catalyst for economic recovery following years of insurgency, the Industrial Hub has faced challenges including stalled activities, infrastructure deficits and security issues.

However, the recent appointment of a dedicated management team signals a renewed focus on addressing these challenges and unlocking the hub’s long-promised role in driving local production and employment.

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Finance

FIRS e-Invoicing Hits 20% Adoption in Two Weeks

Reporter: SANDRA ANI

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VAT controversy | FIRS e-Invoicing

The Federal Inland Revenue Service (FIRS) says that no fewer than 1,000 companies, representing 20% of total eligible firms, have begun integrating its newly launched electronic invoicing  (e-invoicing) system less than two weeks after it went live.

The FIRS e-invoicing platform, which went live on August 1, 2025, after a successful pilot phase that began in November 2024, was designed to modernise Nigeria’s tax administration, curb evasion, and enhance transparency in revenue generation. It also provides the FIRS with real-time visibility into commercial transactions, ensuring authenticity and completeness of invoices.

According to a statement by Dare Adekanmbi, special adviser on Media to FIRS Chairman Zacch Adedeji, at least 1,000 companies, representing 20% of more than 5,000 eligible firms, have already adopted the system and begun integrating with the FIRS platform.

Adekanmbi noted that the initiative, also known as the Merchant-Buyer Model, will be rolled out in phases. “Large taxpayers, which are companies with annual turnover of N5 billion and more, are expected to be the first to be onboarded on the platform,” he said.

FIRS revealed that MTN Nigeria was the first taxpayer to transmit live electronic invoices to the platform, while Huawei Nigeria and IHS Nigeria have concluded test transmissions and are expected to go live soon.

The agency added that the initial compliance deadline of August 1, 2025, has been extended by three months to accommodate companies currently facing onboarding challenges. The new deadline is now November 1, 2025.

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