It has been ascertained that Estate Surveyors and valuers are the only professionals trained and equipped with the requisite skills of determining the current projected property or asset of an individual, company, or government.
It is also on record that there is an enabling law that recognises the practice of valuation as the sole prerogative of Estate Surveyors and Valuers.
This revelation formed part of the address of ESV Adekunle Adedoye, Chairman, Osun branch of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) during its 2022 Valuation Day in Osogbo on Thursday.
Hinting at the theme of the celebration, “Unlocking the Nation’s Wealth through Valuation”, Adedoye noted that Estate Surveyors and Valuers are responsible for the determination of the economic worth of assets in all its ramifications, the only professionals empowered by training and law to value and fix a monetary value on assets.
This is as the Chairman of the Osun branch of the Estate Valuers Institution frowned at non-professionals who trespass into their line of occupation to evaluate properties for unsuspecting members of the public.
The institution used the medium to call on the government and other stakeholders to stop using the services of such unregistered Valuers, who cross into their profession in a bid for economic survival.
ESV Adedoye pointed out that to the charging of the Estate Surveyors and Valuers practitioners, individuals, corporate bodies, or government who fall prey to the misguided actions of the non-professionals who claim to know about valuation, often regret such transactions.
It added that the professional body as part of its objectives has decided to sensitize the public and make necessary advocacy to government and stakeholders on the proper channel for asset valuation among others.
“Let it be put on record that the enabling law for the practice of our profession, the Estate Surveyors & Valuers Registration Board of Nigeria Decree No. 24 of 1975, now CAP E13 LFN 2004 recognizes the practice of Valuation as the sole prerogative of Estate Surveyors and Valuers.
“Let it also be stated that Estate Surveyors and Valuers are the only professionals trained and equipped with the requisite skills of determining the current or projected worth of an asset of an individual, government, or a company.
“In other words, Estate Surveyors and Valuers are responsible for the determination of the economic worth of assets in all its ramifications, the only professionals empowered by training and law to value and fix a monetary value on assets.”
The Osun NIESV chairman who described as unprofessional and illegal, the common practice of giving out valuation jobs to non-estate surveying and valuation firms, added that such a gesture is against the law of the land.
“It is therefore absolutely wrong, and illegal to give Valuation jobs to non-Estate Surveying and Valuation firms. It is against the law because Valuation is a service that the law of this country exclusively gives to Estate Surveyors and Valuers.”
He stated that in line with the theme of the day, the institution intended to dissect and create awareness of the huge financial potentials and benefits which are embedded in valuation when it is carried out professionally and appropriately.
“There are globally acceptable standards to undertaking Valuation which you will find in a well-documented Nigerian Valuation Standard otherwise known as the Green Book used by Estate Surveyors and Valuers and which unarguably has enhanced the quality of valuation services in Nigeria.
“Efforts shall be made to get other countries to adopt the initiative.
“We also intend to re-awaken public awareness on the importance and benefits of Valuation, its wealth creation capability, and the need to always engage the legally recognized providers of this important service, which are the Estate Surveyors and Valuers.
“We also plan to pay advocacy to the government and other stakeholders on the necessary information needed on everything about property/asset and valuation.
“As Estate Surveyors and Valuers, we shall be deliberate in our efforts to update our skills and competencies and ensure they align with global standards practice. That is the only way we would remain impactful and keep creating wealth through Valuation.”
Adedoye postulated that “the question of why Valuation may be asked? He said, “Valuation of Properties and all Assets for various purposes including Accounting (IPSAS), Insurance, Taxation, Mortgages, rent, buying and selling, Asset Registers, etc is not just one of the core competencies of our profession, but it is central to real estate development and national economic wealth and development. Valuation is the determination of the economic worth of assets in all its ramifications.
“Financial Institutions, corporate organizations, government, and private individuals make critical monetary commitments and decisions on Valuation reports.
“Once you get Valuation wrong, so many other things will automatically go wrong and that should be a major concern to the practitioners and end-users, especially against the attempt by non Estate Surveyors and Valuers to venture into the practice of Valuation.
“The most recent is the inglorious and unacceptable attempt by the Engineers to veer into this core competence of Estate Surveyors and Valuers.”
He, therefore, called on members of the public to beware of non-professionals who are not registered Estate Surveyors and Valuers, who may have the intent of misguiding the public.