The Estate Surveyors and Valuers Registration Board of Nigeria has commenced the process of implementing a newly adopted global property valuation standard.
The new process which has been formally adopted and domesticated into a national valuation standard is the International Valuation Standards.
The new valuation standard is expected to allow for regulatory compliance and enforcement of the IVS by estate surveyors and valuers in the country.
A few months ago, the Green Book, a valuation practice document aimed at ensuring consistent high standards of valuation practice among registered valuers, was unveiled.
According to the Chairman, ESVARBON, Sir NwekeUmezuruike, the Green Book is a product of local and international collaboration with key stakeholders in the valuation profession, including the Nigerian Institution of Estate Surveyors and Valuers at the local level and at the international level, the board worked with the International Valuation Standards Council and the Royal Institution of Chartered Surveyors.
At a training and workshop organised for estate surveyors and valuers, financial institutions credit officers and valuation teachers in tertiary institutions on the new standards in Lagos, Umezuruike said the new guidelines would help valuers abide by internationally recognised valuation standards.
He said, “The Green Book has domesticated the international valuation standards 2017 which is why we are providing the needed capacity for the transition. The Green Book is global in outlook, content and structure. This is because valuation rules are no longer national standards existing in isolation.
“There is now a single benchmark of common valuation standards to which all states can relate, which is the International Valuation Standards, which we have effectively domesticated in the Green Book.”
He said the board had visited banks and other organisations to let them know of the efforts to improve valuation services.
Umezuruike stated that hitherto serious valuation jobs were given to foreigners but that with the new procedures which would be measured against international standards, foreign incursion into the profession would be minimised.
“There will no longer be any need to invite foreigners to do valuation jobs. We are ready to do our best to ensure clients don’t spend their money in vain,” he said.
The Chairman, Professional Practice Committee of ESVARBON, Mr Victor Alonge, said there had been a lot of interactions regarding the new standards which would enable estate surveyors and valuers to render better services.
The Director of Valuation Standards, RICS, Mr Ben Elder, told participants that the Green Book had been designed to reduce risks and contribute to economic development.
He said the IVS, which began in Europe to align accounting standards, became global and a common global language for businesses to understand and compare accounts across board.