The Managing Director, Bank of Industry, Mr. Rasheed Olaoluwa, has tasked the Nigerian Institution of Estate Surveyors and Valuers to fashion out a way of checking fraudulent practices among its members.
He said bankers’ confidence in valuation done by members of NIESV would be restored if the leadership of the institution could tackle the problem.
Olaoluwa said this in Osogbo on Saturday during the 45th annual conference of the institution.
The BoI boss said commercial and development bankers had been disappointed on many occasions after discovering disparity in valuation of property done by members of NIESV and the real values of the assets.
Olaoluwa also charged estate surveyors and valuers to emulate the rest of the world by adopting the use of technology to advance their practice.
He said, “There are a number of bad eggs among your members. I want you to tackle this at this conference. As bankers, we rely on valuation done by estate surveyors and valuers; but for example, there are some properties valued by some of your members at N200m but when you see the properties, their value is less than N50m.
“The institution must also ensure that it goes on along with the rest of the world because the rest of the world is going at a very fast rate. The institution must adopt technology to increase efficiency, reduce operation cost and add value to the services of its members.”
The President of NIESV, Mr. James Omeru, in his welcome address, said estate surveyors and valuers were honest, devoted, patriotic and highly result-oriented.
He stated that the theme of this year’s conference, ‘Urban regeneration as a catalyst for national development’, was picked in order to deliberate on how to proffer solutions to environmental, social and infrastructural challenges facing urban centres in the country.