The Chairman, Estate Surveyors and Valuers Registration Board of Nigeria, Mr. William Odudu, has advocated a review of the valuation standards currently being used by the Nigerian Institution of Estate Surveyors and Valuers.
Odudu, who stated this in a paper presented in Abuja at the 21st John Wood Memorial lecture and 2015 Fellows induction ceremony of the NIESV, noted that the current valuation standards needed to be upgraded to international standards.
In his paper titled, “International Valuation Standards and the estate surveyors and valuer,” he said apart from the review, ESVARBON needed to urgently put in place the mechanism for monitoring and enforcing compliance.
He said, “The board has statutory powers to regulate the practice of the profession of Estate Surveying and Valuation in all aspects and ramifications.
“The NIESV valuations standards and guidance notes compiled and published in 2006, though helpful will now need upgrading to bring it up to the International Valuation Standards.
“Apart from upgrading the valuation standards, the ESVARBON will need to put in place urgently, the mechanism for monitoring and enforcing compliance.
“Non-compliance by registered estate surveyors and valuers should attract appropriate disciplinary actions by the NIESV and the board.
He lamented that despite the guidance notes of the institution, the haphazard style of carrying out valuation exercise by registered estate surveyors and valuers still persisted.
He blamed the development on inconsistencies in valuation bases, lack of uniformity in the presentation of reports, care-free attitude in respect of supervision of and implementation of the use of international valuation standards by ESVARBON.
He said, “There is still inconsistencies and lack of uniformity in the bases, methods and reporting standards amongst our noble colleagues.
“This is evidenced in the use of dissimilar bases and methods of valuation as well as dissimilar reporting styles for same valuation assignment.
“For example, bank managers have noted widely divergent mortgage values for the same property carried out by different estate surveying firms.”
The President of NIESV, Mr. James Omeru, said the lecture series was designed to sensitise members of the institute to topical issues in estate valuation.
He called on members of the institute particular those inducted as fellows to rise up to the challenges that would emerge owing to their new status as fellows of the institute.