Estate surveyors and valuers, under the aegis of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) have faulted the Asset Management Company of Nigeria (AMCON) Act for not according them their statutory duty of property valuation. AMCON is the company set up to take over the toxic assets of banks and manage it, in light of recent failings in some Nigerian banks.
The surveyors, during a seminar held recently in Abeokuta, Ogun State, argued that they are the constituted body authorised by law to value properties, adding that since properties are used as collaterals in securing banking loans, it was out of place for them not to have specific roles to play in the Act. They therefore called for the review of the Act to include them in the operations of the company.
Speaking at the occasion, NIESV President, Mr. Bode Adediji, wondered how AMCON would value, manage and dispose the toxic assets from banks without the services of surveyors. “I do not expect them to buy over toxic assets from banks without going into the process of carrying out inventory of the various assets, its valuation and current market value,” he said.
Adediji who noted that members of NIESV were instrumental to the success of the monetisation policy of the Federal Government. estimated that over 3.8 million properties are to be valued and disposed by AMCON.
He urged the government, CBN and AMCON to avail themselves of the services of estate surveyors and valuers, without which, the company would not live up to expectation like it is happening in other nations.
In his keynote address, AMCON Executive Director, Mr. Abbass Jega, said certain critical issues must be met for the company to achieve its objectives. According to him, AMCON must be managed by professionals, who would be able to guide its activities with best practices, which have been tested and found successful in other parts of the world.
He pledged that estate surveyors would be patronised for due diligence valuation of properties used as collateral for the non_performing loans to be acquired from banks. “The properties are spread across the length and breath of the country and the exercise is expected to commence once the loans are bought over, and must be completed within 12 months after purchase of loans,” he stated.