The Honda civic was offered fro 100,000.00 but the former minister offered to buy it at 3.2 million Naira.

Oboy, I don't understand the concept here o.

A vehicle offered for 100k, he was giving out 3.2m, then he is deactivated, biko, what exactly am I missing?

nextprince:
Oboy, I don't understand the concept here o.

A vehicle offered for 100k, he was giving out 3.2m, then he is deactivated, biko, what exactly am I missing?

even in a dream, do you think that type of honda can sell for 2million?

Once you see a bidding is closed, that means no one was able to pay for it.

mmb:
even in a dream, do you think that type of honda can sell for 2million?

Auction, it can be sold for any amount.

nextprince:

Auction, it can be sold for any amount.

Customs has come out to describe such bidders bidding far far above the minimum price as fraudsters, who are trying to push out other potential bidders and ensuring the bid falls to the person below them.

It may be a planned strategy, for example, if the highest bid is 300k, Buddy A then bids 350k at almost the close of bidding, while buddy B quickly comes at the nick of time to bid 3.5m to discourage other people from placing a bid, after the bid closes and Buddy B does not pay the 3.5m, Buddy A of 350k becomes the winner.

Customs has arrived at this conclusion and has cancelled the winner becoming the 2nd highest bidder in the event the initial winner is unable to pay.

Now, the winner who is unable to pay is deactivated from participating in the process again and the item put up for fresh bidding process.

I think they have also reprogrammed their system not to allow such outrageous bids in relation to the minimum price of the item.

But I trust fraudulent Naija peeps to rediscover another way to circumvent the process.

I think they should be making people bid by paying 50% of the bid amount upfront, which will then be returned if they don't emerge successful, while successful bidders will just complete the other 50%.

Successful bidders who refuse to pay the balance will be made to forfeit the initial 50%.

This will go a long way in curbing unscrupulous and unserious bidders.

The only problem may be when they are to return the 50% funds of unsuccessful bidders. Their system may not have a robust technology to support this, and stories may start

agabusta:


Customs has come out to describe such bidders bidding far far above the minimum price as fraudsters, who are trying to push out other potential bidders and ensuring the bid falls to the person below them.

It may be a planned strategy, for example, if the highest bid is 300k, Buddy A then bids 350k at almost the close of bidding, while buddy B quickly comes at the nick of time to bid 3.5m to discourage other people from placing a bid, after the bid closes and Buddy B does not pay the 3.5m, Buddy A of 350k becomes the winner.

Customs has arrived at this conclusion and has cancelled the winner becoming the 2nd highest bidder in the event the initial winner is unable to pay.

Now, the winner who is unable to pay is deactivated from participating in the process again and the item put up for fresh bidding process.

I think they have also reprogrammed their system not to allow such outrageous bids in relation to the minimum price of the item.

But I trust fraudulent Naija peeps to rediscover another way to circumvent the process.

I think they should be making people bid by paying 50% of the bid amount upfront, which will then be returned if they don't emerge successful, while successful bidders will just complete the other 50%.

Successful bidders who refuse to pay the balance will be made to forfeit the initial 50%.

This will go a long way in curbing unscrupulous and unserious bidders.

The only problem may be when they are to return the 50% funds of unsuccessful bidders. Their system may not have a robust technology to support this, and stories may start

Baba, many blessings fall on you for this bit by bit break down. Oboy, Nigerians and tricks are like 5 & 6.

And to think a former minister is involved in this act shows how greedy we can be. Something that should be made for average Nigerians, you a rich man want to displace those average Nigerians again, nawao. What kind of car can't he buy for God's sake?

Lol @ the emboldened. . It will eliminate sharp practices actually, especially of this nature.

nextprince:

Baba, many blessings fall on you for this bit by bit break down. Oboy, Nigerians and tricks are like 5 & 6.

And to think a former minister is involved in this act shows how greedy we can be. Something that should be made for average Nigerians, you a rich man want to displace those average Nigerians again, nawao. What kind of car can't he buy for God's sake?

Lol @ the emboldened. . It will eliminate sharp practices actually, especially of this nature.

Thanks Bro, God bless you too. It may actually not be Aondoakaa, trust sharp Naija peeps. Its possible someone got hold of his TIN or used his details to generate a TIN.