Refund Policy

1. Gate Fee (₦5,375)

The gate fee is ₦5,000 plus 7.5% VAT (₦375), totalling ₦5,375. It grants you access to a single auction cycle and is non-refundable once the auction completes, regardless of outcome.

When is the gate fee refunded?

If the auction is cancelled by the listing organisation after you have paid, you receive a full refund of ₦5,375 including the VAT reversal.

How the cancellation refund works

• •The organisation requests cancellation and it is approved (dual authorisation required)
• •All registered bidders are notified immediately via WhatsApp/SMS and email
• •Refunds are processed within 3 business days to your original payment method
• •A credit note confirming the VAT reversal is sent to your registered email

2. Hammer Price (Winning Bid Amount)

You win, pay, and collect the asset

No refund. The transaction is complete. Ownership of the asset transfers to you upon collection.

You win, pay, but do not collect

If you pay the hammer price but fail to collect the asset within the designated collection window, you receive a partial refund of the hammer price minus an administrative fee. The refund is processed within 3 business days. The gate fee is not refunded.

You win but do not pay

If you win an asset and fail to pay within the payment window, no refund is issued. Your gate fee is forfeited and you receive a 12-month ban from all auctions on the platform.

3. Gateway Fee (₦2,000)

The ₦2,000 gateway fee is a pass-through charge covering payment processing costs charged by our payment provider. This fee is never refunded under any circumstances, as it is remitted directly to the payment processor at the point of transaction.

4. Technical Errors

If a technical error on the Auctioneer platform results in an incorrect charge to your account, we will investigate and process a full refund of the error amount.

• •Investigation is completed within 2 business days of the reported error
• •Confirmed refunds are processed within 5 business days

5. How Refunds Are Processed

All refunds are returned to the original payment method used for the transaction. We do not process refunds via cash, bank transfer, or any manual method.

• •Refunds are initiated automatically through our payment processor
• •You will receive a notification confirming the refund has been initiated
• •Processing time depends on your bank but typically completes within the stated timelines

6. Disputes

If you believe a refund decision is incorrect or you have not received an expected refund, you may raise a dispute.

How to raise a dispute

• •Submit a dispute via the in-platform dispute form within 7 days of the transaction or refund decision
• •We acknowledge your dispute within 24 hours
• •Resolution is provided within 5 business days

Escalation

If you are not satisfied with the outcome of your dispute, you may escalate your complaint to the applicable consumer protection authority.