Wednesday 27 September, 2017, the Nigerian Institution of Estate Surveyors and Valuers held it annual event, ‘Mandatory Continuous Professionals Development (MCPD) at Classic Events centre, 7A Kudirat Abiola Way, Oregun Ikeja, Lagos. It is an annual programme put together by the Nigerian Institution of Estate Surveyors and Valuers to bring members up to date with current happenings and realities in the practice of real estate, most especially in estate surveying and valuation which play major role in the sector.
The Institution is committed to providing continuous capacity building programme and maintenance of highest possible qualification standards, this is to improve service offered to the public by its members.
The event was the first of its kind. Its the first major event of the new Chairman of NIESV Lagos Chapter, ESV Rogba Orimalade. The hall was filled to the brim, as industry experts trooped in enmasse.
The programme officially kicked off with the Chairman’s welcome address, ESV Rogba. In his address, he pinpointed the importance of the programme and the vision he has to further improve the sector. He also gave an insight of how the programme would look like and what to expect. As many practitioners already know, the Chairman has always been vocal even before he became the Chairman of the ‘very’ branch; a man who is committed and determined to improve the running of the institution.
The theme for this year’s programme is “Standardization of Valuation Reports in Nigeria”. There were 3 major facilitators with who did ‘great justice’ to the topic. Ass. Prof Gabriel K. Babawale spoke on the Standardization of Reports in Nigeria/ Asset Valuation Reporting. ESV Jimmy Omotosho did justice to the topic ” Standardization of Valuation Reports in Nigeria/ Land and Building Valuation Reporting. Whilst ESV Victor Alonge spoke on “Standardization of Valuation Reports in Nigeria inline with Registration Board”.
The 3 speakers explained that, there are certain rules and regulations to be followed in the Valuation process. The Valuation process must be transparent, objective, and must follow due process. They help a great deal because it helps professionals while facing their prospective clients. The standard and valuation of asset will also attract foreign investors to the economy”.
The issue of money was also addressed; a case where an institution offers a ridiculous amount to get a property valued. Experts are of the opinion that, a good valuation report makes you more professional and such institution would respect your charges.
SOME OF THE ISSUES DISCUSSED AT THE EVENT
What is Valuation Standard?
Valuation Standard are professional benchmark, or beacon, set up to enable members provide reliable Valuation Reporting requirements of the business community.
Valuation Standard is not so much concerned with Valuation theory and method but rather with the mechanics of practice including the assembly, interpretation and reporting of information relevant to the task of valuation.
Valuation standards combine professional considerations with the practical needs of the market place. The goal generally is to impose mandatory or advisory standards of competence and integrity on the valuation process. The goal is to promote objectivity, transparency, explicitness, traceability and consistency.
Why are Valuation Reports Important?
Property underpins a major proportion of financial decisions in mature and even maturing economies. For example, Valuation Report of a property is one of the
most important documents that guide your decision-making in selling your
property. The Valuation report evaluates the particular property, and helps both the buyer and the seller in understanding the market value of the property.
Valuation Report thus helps the parties in negotiating the price to be paid for the property. Also, if you are getting a loan from a bank in order to purchase a property, you will have to submit a valuation report to the bank. This is required by the bank to ensure that even if the loan amount is left unpaid, the outstanding amount of the loan is covered by the value of the property.
Valuation Reports are also important in Financial Reporting, Taxation etc.
Property valuations are, therefore, typically commissioned for the following broad reasons:
To get to understand the difference between value and price. They make better buying and selling or even investment decision and an objective assessment of the asset
To remove personal attachment from any arm’s length decision making and judgments.
To prevent funding shocks.
Also present at the event are; The President of the Institution, ESV Bolarinde Patunola Ajayi, ESV Sango Sanya (past President), ESV Ola Olawore, ESV Yinka Sonaike(Chairman board of trustee and Chairman ESV ESVARBON, ESV Roland Abonta, ESV Pastor Jagun(past Chairman), ESV Emma Oka’s Wine(2nd vice President), ESV Elias Oveusor,, ESV, Charles O. Ebiai(National Publicity Secretary), ESV Monday Ahiwe(Ass. National Secretary), Mallam M. Bature (Acting Hon. National Secretary).