Estate Surveyors and Valuers Registration Board of Nigeria (ESVERBON) has urged Nigerian estate valuers to embrace the International Valuation Standards (IVS) to improve valuation service delivery to global standard.
Mr Nweke Umezuruike, Chairman of the board, gave the advice at the Mandatory Training/Workshop organised by ESVERBON in Lagos.
The theme of the workshop was: “The Nigeria Valuation Standards (The Green Book) Implementation”
Umezuruike said that the training was one of the board’s contributions to nation-building and capacity development of estate surveyo to equip them to compete favourably in the global market.
He said that the board had, in 2018, published and launched the International Valuation Standards 2017 known as the ‘Green Book’ which provided the guidelines for valuation processes globally.
According to him, the major objective of the training is to facilitate implemention of the Nigeria valuation standard in alignment with the IVS.
“The world is a global village and businesses are being done in the international standards. To follow suit, ESVERBON has launched the IVS 2017.
“Having done that, there is need to domesticate the IVS to replace the National Valuation Standard which operates in the real estate industry before now.
“Now that we are fully aligned with the international best practice of valuation, it is an added advantage for the Nigerian economy.
“There will be competent estate valuers operating in the country. So, there will be no need for seeking for services of foreign operators,” he said.
Me Been Elder, the Global Director of Valuation Professional Groups and Forums, said that IVS were standards for undertaking valuation assignments using globally recognised concepts and principles that promoted transparency and consistency in valuation practice.
According to him, it is pertinent that Nigerian estate valuers switched from the national valuation standard to the IVS which is the global benchmark for professionals in the valuation system.
“This does not mean that the Nigeria national valuation standards is not useful, but an upgrade to the global best practice will boost its valuation service delivery.
“IVS ensures delivery of high quality valuation advice, which meets the requirements and expectations of clients, governments and regulatory bodies.
“It forms the key guidance for valuation professionals globally and will underpin consistency, transparency and confidence in valuations,” Elder said.
Earlier, Mr Rowland Abonta, the President of Nigerian Institution of Estate Surveyors and Valuers (NIESV), called for more professionalism in real estate practice in Nigeria to uphold integrity of the profession.
Abonta said estate surveyors could improve their knowledge and skills on the profession through training and programmes that aimed at upgrading skills of operators.
According to him, application of the IVS would make estate agents more relevant to the society.
He said that valuations were widely used and relied upon in financial and other markets whether for inclusion in financial statements, for regulatory compliance or to support secured lending and transactional activities. NAN
