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Estate Surveyors restate claim to plant, machinery valuation

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By Kingsley Adegboye

In a bid to remain relevant in the scheme of things particularly in the area of valuation which is one of the core areas of estate surveying and valuation, the Nigerian Institution of Estate Surveyors and Valuers, NIESV, last week,  reiterated the need for regular training and retraining of its members. The training and retraining is expected to afford members the opportunity to know about unfamiliar areas with a view to determining their valuations.

Speaking at a two-day International Seminar on Plant and Machinery Valuation with focus on Aircraft, Oil & Gas organised by the Faculty of Plant and Machinery of NIESV in Lagos last week, Mr. Paul Osaji who chairs the Faculty, said it was mandated by the institution to train and retrain members through seminars. According to him, the Faculty decided to organise the seminar because not less than 1.3 trillion Naira has been invested into the acquisition of private jets in Nigeria without proper valuations.

Noting that there are about 200 private jets in Nigeria today, Osaji said the purpose of the valuation is to determine the age of the aircraft and other considerations when buying or selling them. This will enable them  to put actual cost to it. He pointed out that private jet owners in Nigeria did not do valuations of the jets before purchase, which makes them not to know the actual value of their jets.

Osaji who stated that NIESV is the statutory authorised professional body to value plants and machinery, said they studied engineering as part of their course. He stated  estate surveyors apply the principle of economics in plant and machinery valuations.

He argued that for anybody to be able to value anything, the person should be able to understand the dynamics of that thing. “About 1.3 trillion Naira has been invested into private jets by Nigerians. We need to know the value of the aircrafts in terms of their years of manufacture, air worthiness and others”, he said.

The chairman of the Faculty however noted that estate surveyors and valuers have to be trained and retrained in unfamiliar areas to be able to carry out effective valuations in those areas.

Earlier, NIESV’s president, Mr. Emeka Eleh had noted the faculties of the institution were set up to broaden the horizon of members, pointing out that over the years, members had left the core areas of the profession to face other areas. “The core area of our profession is valuation of plants and machinery. But everybody is into agency. We have to get back to these core areas of our profession.

“We should create a platform where we can distinguish ourselves from the quacks. The only way to achieve this, is by organising training and retraining programmes like this seminar”, Eleh said.

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