NIESV Advises Nigerians on Property Valuation

The Nigerian Institution of Surveyors and Valuers, (NIESV) has counseled Nigerians to reduce the losses caused by poor valuations of assets, stressing that asset valuation was an integral part of private and public businesses.

Chairman of NIESV, Federal Capital Territory (FCT) Chapter, Adebanjo Adeleke, gave the advice while speaking during the 2023 Valuation Day themed ‘Valuation: Key to decision making for asset and resources optimisation’ held recently in Abuja,  adding that valuation was central to real estate development, national economic wealth and development.

Adeleke said property and asset valuation was useful for a variety of purposes, including accounting, insurance, taxation, mortgages, renting, purchasing, and selling.

According to him, “Valuation is a basic function that every individual needs because, for maximisation of any resources, you need to know the value.

“Members of the public need to know the advantages of valuation services and will be better off for it. You can’t make proper decisions on your assets or resources without valuing them.”

“For instance, planning for population census requires taking into consideration the number of houses available. If the government wants to embark on road construction, before anything is done, it is necessary to pay compensations where necessary. Before this can be done, you have to do the valuation.”

Although  the Chairman of NIESV, FCT Chapter agreed that the government had given some priority to the challenge associated with the proper valuation, he noted that more needed to be done in sensitising Nigerians on the subject.

Adeleke lamented at encroachment by non-professionals, insisting that valuation was a service that the law of the country exclusively gave to estate surveyors and valuers.

In his words: “We also intend to re-awaken public awareness on the importance and benefits of valuation, its wealth creation capability and the need to always engage the legally recognised providers of this important service, which is the estate surveyors and valuers,”

On his part, the past Chairman of the institute, Emeka Onuorah, harped on the importance of valuation, adding, “If the assets are properly utilised, you need to know the value of various assets so that those underutilized can be sold or put to other uses.”