Experts under the aegis of the Nigerian lnstitution of Estate Surveyors and Valuers, yesterday, urged the Federal Government to embark on appropriate valuation and utilisation of abandoned assets in the country.
They made the call at the second edition of international valuation day tagged, “Valuation: Key to decision making for asset and resource optimisation”, organised by the Institution’s Lagos State branch.
The day was to create awareness on a core competence of Estate Surveyors and Valuers, which is valuation. A member of institution, Mr. Tiwalade Adegbiji, said when such assets were appropriately valued and utilised, it would be easy for the government to realise equitable revenue from them.
He advised the government to deploy services of estate professionals in carrying out the valuation.
Chairman of the branch, Mrs. Olabisi Demola-Alade, said it is disheartening that in this 21st Century people still engage quacks to carry out valuation of assets and properties, which is a very important requirement for mortgage, insurance and some other crucial financial and economic decisions.
Demola-Alade said: “Encroachment of non Estate Surveyors and Valuers into Valuation and their engagement by individuals and organisations is an assault and infringement on the existing Act of the National Assembly. The Council of the institution has been, and shall continue to respond promptly, appropriately and accordingly to all kinds of assault against our Core Competencies. No stone will be left unturned in defending and protecting our God given profession and heritage.”
The chairman said the Lagos branch woud complement by deepening the awareness of their services and responsibilities as professionals and critical stakeholders in the built sector.
“ In line with the Advocacy drive of The Council of the Institution, we shall continue to draw the attention of the government and the public to these issues, with a plea to do the right things, because either we are willing to accept it or not, real estate is the main driver of the economy.
“We want it explicitly known to the Nigerian public that only the members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) are trained and accredited by the enabling law, Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) Act Decree No 24 of 1975 (Now CAP E13LFN 2004) to carry out valuation of assets in Nigeria. We possess the professional competence for Valuation. We are the only professionals that have the appropriate recommendation to carry out valuation and other real estate matters,” she said.
