Riding on the crest of a steady growth in the profile of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), the membership has moved to standardize the practice of valuation and review existing scale of fees in the country.
Under the proposed plan, NIESV is preparing a professional practice manual, to be known “Green Book”, and a committee has already been set up to work on the new scale of fees and professional charges to bring the practice of the profession to global standards.
NIESV President, Dr. Bolarinde Patunola-Ajayi, made this known at the induction of 322 newly qualified Estate Surveyors and Valuers held at Ladi Kwali Hall of the Sheraton Hotels and Towers, Abuja.
He told The Guardian that the practice of valuation is dynamic, and there is always new innovation. “Our institution is a member of the International Valuation Standard Council and other regulatory bodies, which examines the template and standard of valuation practice.
“The bodies issue reviews periodically, hence our national practice must be made to conform with the latest versions,” he said.
According to Patunola-Ajayi, the current programmes are meant to benchmark with international practice standards. These include establishing a College of Estate Management to offer postgraduate courses leading to the Diploma that will enable the Graduate of Estate Management or related courses get fully registered as a qualified estate surveyor and valuer within a period of one year.
He charged the new inductees to adhere strictly to the code of professional ethics and practice as well as the provisions of the Constitution of the Institution.
The NIESV President enjoined the inductees to keep abreast with new trends in the profession by regularly attending Continuous Professional Development (CPD) seminars and workshops organized by the Institution and other allied organisations.
According to the President, the practice of estate surveying and Valuation is so verse that the Inductees need to work hard to be become experts in as many areas as their practice or organisations they work for can cover.
The inductees were encouraged to work towards specialisation in some areas of the profession by joining the faculties – Faculty of valuation and compensation; Faculty of plant and machinery; Faculty of estate agency and auctioneering; Faculty of project management; Faculty of housing and Faculty of property and facility management; Faculty of arbitration, reconciliation and expert witness; Faculty of land administration information system; Faculty of rural practice and Faculty of environment.
Patunola-Ajayi lamented the incursion into the practice of the estate surveying and valuation profession by all and sundry, particularly in the area of estate agency and urged the Inductees to be innovative and be above board to make a difference.
He reiterated that property taxation was a veritable source of Internally Generated Revenue for both Federal and State governments. He stated further that to implement equitable property taxation estate surveyors and valuers should be engaged to determine the property values on which the property tax is to be based.
He called on the governments at all level to give opportunity to estate surveyors to value property for tax purposes. “This will generate more revenue for the government and enable her deliver maximum benefits to the citizens. Such move, is also the only way the property tax being levied by various governments can conform to international best practice.”