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NIESV only body saddled to evaluate assets in Nigeria ― Wike

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NIESV only body saddled to evaluate assets in Nigeria ― Wike

By Chris Ochayi, Abuja

The President of the Nigerian Institute of Estate Surveyors and Valuers, NIESV, Emmanuel Okas Wike has said the surveyor and asset valuer is the only body backed by law to carry out asset valuation in Nigeria.

He said this at a press conference in Abuja on Saturday while addressing the journalists on the issue of asset management and valuation.

According to him, he said by law, it is the only estate surveyor and valuer that have the legal right and the training to carry out asset valuation.

“We are not saying that engineers cannot carry out a valuation. We have engineers who are estate surveyors and valuers but we are asking them to register, get trained with us a valuer then they can now go ahead and do the valuation”.

On forfeited assets, he said the Composition of a Committee by the Federal Government for disposal of Assets forfeited to the Nigerian Government is a step in the right direction and the Nigerian Institution of Estate Surveyors and Valuers wholeheartedly welcome it.

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“Proceeds from the exercise will be a source of additional revenue for the country at this time that the country is bewildered with economic challenges which Covid-19 pandemic has further compounded. That is the reason the noble assignment must be carried out with dignity and national interest”.

“What is worth doing is worth doing well. To achieve the objective of this exercise, the right thing must be done. The right channel must be followed. Capable hands must be engaged. Utmost professionalism is required”.

“The Public Procurement Act emphasized the need for valuation of any public property before the sale of such property. Section 56 (1) of the Act specifically requested the issuance of valuation report by an independent evaluator, or such professional with appropriate competence to carry out a valuation.

“The independent evaluator or such professional with appropriate competence is none other than the professional Estate Surveyor and Valuer who by training and competence is empowered to carry out the valuation of all assets”.

“In addition to his training and competence, the Estate Surveyors and Valuers (registration etc) Act, CAP E13 LFN 2007 vests the competency of assets and properties solely on Estate Surveyors and Valuers.

“In line with the above, we hereby request the following from the government;

Inclusion of updating and enumeration of the identified forfeited assets as part of the scope of the disposal process”.

“Assigning facility and property management of the forfeited assets to Estate Surveyors and Valuers during the pre-disposal period of the said assets.

Assigning the valuation and disposal of the forfeited assets to professional Estate Surveyors and Valuers.

“Appointment of Estate Surveyors and Valuers into the Committee”.

“As a professional body, we are willing and ready to partner with the Committee in this assignment of national importance”. He stated.

On #ENDSARS protest, He also said the #EndSARS protest which recently took place in some major cities of Nigeria, unfortunately, snowballed into violence following the hijack of the movement by hoodlums.

“Unarguably, the aftermath adversely affected the fragile economy of the country.

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The arsonists went on a rampage and destroy private and public properties in Lagos and some other state capitals in a magnitude which was horrendous.

Lagos Chamber of Commerce and Industry, LCCI, put the value of the loss at about #700 billion”.

“The government also came up with figures of the number of properties destroyed. Cost of reconstruction equally run into several billions of Naira according to the government.

The Nigerian Institution of Estate Surveyors and Valuers condemn in strong terms the excesses of men of the Special Anti-Robbery Agency, SARS, which triggered the protests and the wanton destruction of lives and properties by the protesters. It also applauds the scrapping of the outfit.

“While not contesting the fact that properties worth billions of naira were destroyed, we, however, wish to state unequivocally that Estate Surveyors and Valuers are the only professionals empowered by training and law to place monetary value on assets”.

“As the President of the Institution, I am not aware that our members were consulted to put monetary values on the properties destroyed. How the government came about the amount being brandished, I sincerely don’t know.

“This is a challenging moment in our nation no doubt. As a professional body, we throw our weight behind every genuine effort of the government to rebuild the damaged infrastructure and properties”.

As part of our Social Responsibility Programme, we shall gladly offer our services, particularly in the area of Valuation of the damaged properties if and when invited. He emphasized.

Vanguard News Nigeria

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