Naomi Gabriel —
The Association of Capital Market Valuers in Nigeria have said they ensure the housing sector is listed on the stock exchange, following its recognition by the Securities and Exchange Commission.
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The association, whose membership is mostly from the Nigerian Institution of Estate Surveyors and Valuers, gave this assurance during a courtesy visit to SEC.
“When a business wants to raise money, when they need to determine how much should be raised as well as when they approach the negotiating table, valuations are needed in all instances, the association’s Chairman, Chudi Ubosi, was quoted in a statement.
“We are aware that registration is the entry point for all Capital Market Operators and with the enactment of the Investment and Securities Act 2007, these registrants are required to meet a certain cash/assets’ mix in their capitalization.”
Ubosi noted, “Some of these entrants may engage valuers whose allegiance is not to SEC meaning that the integrity of such valuation may be at stake and the results questionable. We believe that an operator with the cash/asset mix of 60/40 ought to have those assets valued to ensure they are genuine.
“Our role as estate surveyors and valuers in determining the value of the assets of these companies will ensure transparency, accountability and continued enhancement of investor confidence in the market.”
He urged SEC to look into all its operations and see how to ensure that valuation is done by SEC’s registered valuers, especially in raising capital, listing SUKUK, bonds, etc, stressing that valuers have important roles to play in these matters.