The president of the Nigeria Association of Auctioneers (NAA), Alhaji Aliyu Mohammed Kiliya, has said the federal government is losing trillions of naira on recovered assets and other stored items.

He lamented that the forfeited assets were losing value day by day as a result of technical deformation, vandalisation and weather effects, among others.

He said if quick disposal of the assets - which include houses, plazas and vehicles - was not done, the federal government would lose heavily.

Kiliya, therefore, advised government institutions which have custody of the assets to initiate the process and speed up the sale of the items.

He said, "Those organisations saddled with the responsibility of disposing of these assets should ensure that any auctioneer they want to engage has the experience, can keep records and also apply rules and regulations during the disposal of the assets to avoid litigation."

Kiliya also urged the Federal Ministry of Justice, Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and other Related Offences Commission (ICPC), Ministry of Defence, among others, which have custody of the recovered items, to ensure that professional measures are put in place for their disposal.