The Nigerian Institution of Surveyors and Valuers has urged Nigerians to reduce the losses caused by poor valuations of assets, noting that asset valuation was an integral part of private and public businesses.
Speaking during the 2023 Valuation Day themed ‘Valuation: Key to decision making for asset and resources optimisation’ held recently in Abuja, the Chairman of NIESV, FCT Chapter, Adebanjo Adeleke, stated that valuation was central to real estate development, national economic wealth and development.
He said property and asset valuation was useful for a variety of purposes, including accounting, insurance, taxation, mortgages, renting, purchasing, and selling.
“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 he agreed that the government had given some priority to the challenge associated with the proper valuation, the chairman stated that more needed to be done in sensitising Nigerians on the subject.
Adeleke also frowned at encroachment by non-professionals, maintaining that valuation was a service that the law of the country exclusively gave to estate surveyors and valuers.
“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,”
Speaking also, the past Chairman of the institute, Emeka Onuorah, stressed the importance of valuation, noting, “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.”
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