Estate surveyors and valuers in the country have been asked to ensure compliance with international best practices in valuation.
The Chairman, Lagos State Branch, Nigerian Institution of Estate Surveyors and Valuers (NIESV), Mr. Rogba Orimalade, stated at the Mandatory Continuous Professional Development Programme of the branch that the profession was challenged by lack of technical expertise, financial capacity and the necessary technologies needed to carry out key valuations jobs.
According to him, these issues must be tackled now that the government has made it a priority to engage indigenous surveyors to carry out valuation and management of assets.
“Our foreign counterparts are now lobbying to get the jobs, so the Nigerian estate surveyor must be diligent in their duty in order to compete with them,” he stated.
The Senior Partner, J. O. Omotosho & Associates, Mr. Jimmy Omotosho, said that as estate surveyors and valuers, it had become imperative to comply with both local and international standards of practice.
He added, “With this, we will fulfil client requirements in accordance with the local Green Book, RICS Red Book and the IVS Standard, and demonstrate to our current and potential clients that our work meets the industry recognised standards of best practice and excellence.
“However, the IVSC recognises that standard-setting is a continuous process and future standards are planned in many areas, including credit and debit valuation, deferred revenue, derivatives valuation, discount rates, funding valuation adjustments, liabilities and valuation of portfolios, collections and groups of properties and assemblage value.”
The Chief Executive Officer, Nelson Thorpe Alonge, Mr. Victor Alonge, said that the only service that guaranteed estate surveyors to sit with lawyers, doctors and other professionals was valuation, adding that professionals in estate surveying and valuation should get the green book, which is the code of guidelines to the profession, when it is finally published.
“Valuation remains our core service and we must protect it. Most valuers do not even know that there is a guideline in valuation, which is why there are always errors and mistakes in their reports,” he stated.
Dr. Gabriel Babawale of the Department of Estate Management, University of Lagos, stated that the difference between professional surveyors and those in the trade or service industry was the application of standards.
“We can’t call ourselves professionals without standards. It is the application of the technical standards that distinguishes a professional and a non-professional, and the absence of standards will indicate lack of professionalism, which is why standardisation is important to an estate surveyor,” he said.
The President, NIESV, Dr. Bolarinwa Patunola-Ajayi, said the institution must engage more in capacity building to prevent clients from giving their jobs to other experts and foreigners.