Firm unveils $100m online auto auction investment

A United States–based Nigerian entrepreneur and Chief Executive Officer of Asper Online Auto Auction, Otunba Saheed Ashogbon, has expressed frustration over what he described as the Federal Government’s lack of response to his proposal to remove abandoned and disused vehicles from roads across the country, even as he announced plans to invest $100 million in Nigeria’s online auto auction sector.

Ashogbon made this known in an interview in Lagos where he disclosed that despite logistical challenges and regulatory bottlenecks, the project has commenced, with recruitment and interviews already underway.

He disclosed that Asper plans to introduce a virtual auto auction model similar to what operates in the United States, aimed at selling abandoned, disused and privately owned vehicles nationwide.

“I want to introduce a business that will benefit the country. I propose to bring an auction platform from the USA to sell all disused and abandoned vehicles across the country,” he said.

According to him, total investment earmarked for the project stands at $100 million, with the company planning to establish its headquarters in Lagos and set up branches in all 36 states of the federation.

Ashogbon revealed that research conducted by his company identified more than 500,000 indiscriminately parked and abandoned vehicles in Lagos alone, describing the situation as a major environmental and traffic concern.

He explained that the Asper model differs from existing platforms, noting that vehicles listed on the platform would be auctioned on scheduled days, rather than being displayed for prolonged periods. According to him, auctions are expected to run daily once a minimum of 50 vehicles nationwide is secured, with bidding taking place between 9 a.m. and 5 p.m.

The entrepreneur said the investment would help clear abandoned vehicles and roadside car dealers, create thousands of jobs, and generate tax revenue for governments at all levels.

With his project, he said the company has already engaged about 2,500 agents and vehicle inspectors across the country, recruited through an international hiring platform.

He added that agents and marketers would earn commissions on successfully auctioned vehicles, alongside salaried positions for staff.

He also said the company plans to use pidgin English and other simplified communication methods in its outreach to ensure inclusivity, particularly for semi-literate participants.

However, Ashogbon expressed disappointment over what he described as the government’s lukewarm response to his proposal, stating that he had written multiple letters to relevant authorities, including state governors and the President, without receiving support, particularly in securing land for vehicle impoundment facilities.

“I am disappointed. I wrote 14 letters and reached out to several state governments and the Federal Government, but I did not get the required support, especially in terms of land acquisition,” he said.

As a result, he noted that Asper has adopted an “off-site” auction model for now, where vehicles remain with owners until sold, after which agents would ensure delivery to buyers.

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