’Estate surveyors need international standard valuation framework’
The 1st Vice-President, Nigerian Institution of Estate Surveyors and Valuers, Dr. Joshua Patunola-Ajayi, has said that it has become necessary for members of the body to have a documented standard valuation framework that meets international standards.
Patunola-Ajayi spoke at the public presentation of the books: ‘Code of Professional Conduct for Estate Surveyors and Valuers & its explanatory notes’, ‘The Valuation Reporting Template’ and ‘Competency Framework for Registered Estate Surveyors and Valuers’, written by the Estate Surveyors and Valuers Registration Board of Nigeria.
He said there was a need for competency framework and code of conduct that would guide professional surveyors and valuers in the discharge of their responsibilities with best global practices, urging the practitioners to comply with the contents of the books.
The Chairman, ESVARBON, Mr. Williams Odudu, said as a way of conforming to international valuation standards, all the financial institutions in the country and allied agencies of government should adopt the ‘Valuation Reporting Template’ as their guide in valuation matters.
He said, “These books are regulatory nuggets from the stable of ESVARBON to promote ethical conduct, competency and global best practices in the practice of estate surveying and valuation in the country.
“The pitiable gap hitherto provided by the absence of a code of ethics, rules and regulations in the conduct of estate surveying and valuation services has unwittingly offered a channel for quackery and sharp practices to rear their ugly heads in the practice of estate surveying and valuation in Nigeria.”
Odudu said that valuation was a highly distinctive aspect of the profession, and that it was imperative that conformity to international valuation standards be maintained and sustained.
“The ‘Valuation Reporting Template’ is written to fill this need. We are bolstering up efforts at making sure that all financial institutions and other allied agencies of government in the country adopt and put in place the framework as the minimum reporting format for their valuations,” he said.
According to him, estate surveying and valuation services require the exercise of technical skills, appropriate professional knowledge and experience.
“The decision to publish these books, especially the one entitled: ‘Competency Framework for Registered Estate Surveyors and Valuers’, is to curb the activities of quacks in the industry and to widen public understanding of the attributes of estate surveyors and valuers,” he said.
PUNCH.
