Govt, Stakeholders Urged to Engage Valuation Professionals Services to Optimize Assets Benefits
As Valuation Day is marked globally today, government and stakeholders in Nigeria have been urged to explore the full opportunities that Valuation offers to optimize the benefits they derive from their assets and resources.
Valuation, which is the sole function of Estate Surveyors and Valuers, means the assessment of the usefulness of an asset or anything owned by man in his environment.
The theme for this year’s celebration is ‘Valuation: Key to decision making for asset and resource optimization.’
Speaking on the significance of the event, an Estate Surveyor and Valuer, Damian Okolo said valuation plays a crucial role in every aspect of human life, in ensuring that the right value is derived from assets and services.
According to him, the society is losing a lot because of its inability to take advantage of the value valuation offers and for not adequately engaging Estate Surveyors and Valuers, who have the sole responsibility of doing valuation.
“Valuation is relevant for insurance, mortgage among other things.
“Assuming you want to take a loan facility from a bank, the bank will ask for collateral. It is on the basis of the value of that collateral that the bank will determine what they will lend to you.
“If you don’t know the value of your property, you will take anything they offer you even when the collateral if greater value than the facility.
“It is when you know the value of your property that you will know what to ask.
“So, in any area where you are talking of value of anything, the services of the Estate Surveyors and Valuers are required,” he said.
He however noted today, property management looks like an all-comers affair, adding that strictly speaking, it is only estate surveyors and valuers that should handle that.
He said Government has a fundamental role to play in ensuring that Estate surveyors and Valuers are relevant.
“That is why there is a ministry of Lands and it should be populated by Estate surveyors and valuers
“Even though in politics, you find lawyers heading such a Ministry, but it should be headed by an Estate Surveyor and Valuer.
“Government has done noble by establishing the Estate Surveyors and Valuers Registration Board of Nigeria, by the Decree No 24 of 1978. This is the body authorized to register anybody that will practice as an Estate Surveyor and Valuer in Nigeria,” he noted.
According to Dr Nkiru Asor, a lecturer with Estate Management Department, Nnamdi Azikiwe University, Awka, the celebration is apt to create the needed awareness on the importance of valuation to human life.
“Valuation creates the awareness to the populace on the need to assess assets and put them to maximum use and conserve utilities for sustainable use.
“The celebration is a wake-up call!
“Many people do not put their properties to best use to derive the maximum benefit.
“So, the event is to tell people who we are, what they should do to derive the highest satisfaction and utility from their assets,” he said.
On his part, the Chairman, 2023 Valuation Day in Anambra, Estate Surveyor and Valuer, Raji Taoheed Adewale observed that valuation professionals are critical in achieving Governor Chukwuma Soludo’s solution agenda.
ESV Adewale added that valuation is a critical aspect of asset and resource optimization because it helps organizations make informed decisions about how to allocate heir resources by valuing their assets and resources.
He said “Valuation is critical in inventory management. It can help improve organization’s investment decision by providing a better understanding of the true worth of their asset.
“Valuation is the act of determining the worth of property for various purposes and can play an important role in supporting the development agenda of governor Chukwuma Soludo by providing valuation services for government projects, supporting public-private partnerships, advising on policy and regulatory issues and accurate and independent valuation of assets.
“Valuation professionals can help government establish fair and transparent valuation processes, develop guidelines for valuing specific assets or resources and ensure that regulations align with international standards.”
Meanwhile, the Anambra State House of Assembly has said it will speedily legislate on any Bill that will enable to state explore the usefulness of Estate Surveyors and Valuers in the state.
The Speaker of the House, Rt Hon Uche Okafor, who disclosed this yesterday when members of the Nigerian Institute of Estate Surveyors and Valuers paid him a visit in his office, regretted that there is presently, no law protecting the practice of Estate Surveyors and Valuers in the state.
Okafor, who spoke through the Chairman, House Committee on Lands, Hon Chidi Udemmadu called for a Bill to establish the Office of the Valuer-General in the state, assuring that as long the Bill will be in the best interest of the people of the state, they will expedite actions on its passage.