Economy, Property and Environment

ESVARBON introduces key regulatory initiatives

 

In order to strengthen its oversight functions to members, the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), has introduced key regulatory initiatives to assist registered estate surveyors and valuers in the delivery of high quality services to the public.

At a press briefing recently in Lagos, the Chairman of the Board, Sir. Nweke Umezuruike, said the introduction of the initiatives, including use of Adhesive Stamps for professional reports, Creation of Regulatory Compliance and Enforcement Unit and The Nigeria Valuation Standards (The Green Book) will enable the board to regulate the activities of members efficiently.

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According to him, “Valuation of properties (real or chattels) is the core aspect of the profession of Estate Surveying and Valuation and in order to ensure compliance with standards and prevent quackery in the practice, ESVARBON, had in 2016 introduced the use of Adhesive Stamp in Valuation Reports. The ovation that greeted the action by users of valuation services, particularly, banks and other financial institutions, corporate bodies, was huge. The endorsement by the users of valuation reports has led to the current high level of success recorded in the use of the adhesive stamps by registered valuers.

“The Board has now resolved to introduce an improved version of the adhesive stamp. This decision is based on the useful feedbacks we have been receiving from registered valuers and the users of valuation reports. The new improved Adhesive Stamp is personalized, with individual practitioner’s name and seal/registration number. It is easier to use, with security features to avoid cloning and counterfeiting. The new Adhesive Stamps have brighter blue colour and aesthetically well-pleasing. It does not have expiry date.

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“Some of the documents that must now carry the new Adhesive Stamps include, Valuation/Appraisal Reports – Individuals and Private Sector Organisations; Letter of Offer; Arbitration, Mediation and Independent Experts Awards; Property and Facilities Management Control and Agreements; Project Management, Agreement and Report Auction Agreement and Notices; Agency (sales and letting) Agreement and Compensation Indemnity Certificates,”he said.

Nweke stated that the new Adhesive Stamp will become operational from January 1, 2019 and that the existing adhesive stamps will continue to be used simultaneously with the new Adhesive stamps until the end of June, 2019 when the use of the old Stamps will be officially discontinued.

“It is important to emphasize the role of clients and patrons of the services of registered estate surveyors and valuers in ensuring compliance on the use of the Adhesive Stamps by registered Estate Surveyors and Valuers in all the aforementioned documents. Non compliance with the use of Adhesive Stamp by registered Estate Surveyors and Valuers automatically triggers disciplinary action against such practitioners.

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Clients with professional reports and documents without adhesive stamps may also find it difficult to get professional redress in any claim of professional negligence against any registered estate surveyors and valuers,”he noted

The Chairman noted that to further boost its regulatory and control functions, ESVARBON has now established a Regulatory Compliance and Enforcement Unit. “The Unit which will be coordinated by a very experienced registered estate surveyor and valuer is charged with the general duty of monitoring and reporting on practitioners compliance with the Board’s regulations and practice standards.

Maduka Nweke

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