To ensure proper implementation and compliance with the recently launched National valuations standards, also called Green Book, the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) has rolled out of a comprehensive capacity building programme for stakeholders, estate surveying and valuation practitioners.
The two-day event held in Lagos received full complements of financial institutions, credit officers, regulatory agencies, valuation teachers and registered estate surveyors and valuers.
Chairman of ESCARBON, Sir Nweke Umezurike said the training was geared towards bringing the relevant stakeholders on the imports of the valuation standards in their works. It is also aimed at making the stakeholders see the efforts of the board in improving the valuation practice.
While urging the clients to reciprocate by paying what is fair to the practitioners, Umezurike wants the clients to patronise registered valuers rather than their friends and relatives in order to reduce the frequency of valuation reviews.
He stressed that the key professional document was produced by ESVARBON last year in fulfillment of its obligations under the enabling Act to ensure greater transparency and responsibility in valuation practice in Nigeria.
The chairman said, the Nigeria Valuation Standards represents a significant development in improving the quality of valuation advice given to clients and in eliminating their dissatisfaction.
The Green Book, he said, is a valuation practice document aimed at ensuring consistent high standards of valuation practice among registered values in Nigeria.
“As registered estate surveyors and valuers, we should be rightly proud of our achievement as the first real estate profession in Africa to formally adopt and domesticate the International Valuation Standards (IVS) into a national valuation standards.
“This step will thus allow for regulatory compliance and enforcement of IVS in Africa’s most populous country and the world’s 20th largest economy.
The document is a product of local and international collaboration with key stakeholders in the valuation profession, including the Nigerian Institution of Estate Surveyors and Valuers.
He urged registered estate surveyors and valuers to seize the opportunity offered by the board’s implementation capacity building programmes to develop themselves and win back the trust of clients and demonstrate that they are as good as any of their colleagues on this planet.
He also tasked stakeholders on proper use of the national valuation standards and encouragement of registered estate surveyors and valuers with proper remuneration.
According to him, clients should now expect consistently high standard of valuation and reporting from values, upon the full implementation of the green book.
Also the chairman, Professional Practice Committee, Mr. Victor Alonge said the training was aimed at keeping credit officers and other stakeholders abreast with the new standards with the hope of making them patronise registered members for their valuation jobs.
The chairman, International Valuation Standards Council (IVSC), one of the facilitators, Mr. Ben Elder, stressed the need for trust in reduction of risk as well as transparency in valuation.