The Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) and Nigerian Institution of Estate Surveyors and Valuers (NIESV) have kick-started a process to standardise and align its proposed ‘Green Book’ with international best practices.
The Nigerian Valuation Standards to be known as ‘Green Book’, which has been under preparation for several months now, was adopted from the International Valuation Standards (IVS) and aimed at instilling public confi dence in the valuation process.
Already, the document is undergoing external stakeholders’ consultation inputs and NIESV Lagos branch last week provided a forum for members to voice their opinions on the proposed valuation reporting template under its Mandatory Continuous Professional Development Programme (MCPD).
Lagos state branch C h a i r m a n , O l u r o g b a Orimalade who set the tune of the programmme, themed, Standardization of Valuation reports in Nigeria is geared towards arriving at a general standard in valuation reporting according to international best practice, and eradicating fears by international affi liated companies especially in the area of technical expertise.
According to him, there has been tremendous pressure on bodies like Securities exchange Commission (SEC), Nigeria Stock exchange (NSE), PENCOM to allow foreign companies to carry out valuation of certain local jobs.
The arguments brought about by some of these companies in Nigeria are that we lack the technical expertise to carry out certain jobs and fi nancial muscle to acquire the necessary technology to carry out key valuation jobs.
“The estate surveyor and valuer more than ever is expected to be at par with the international valuers in service delivery now especially as the Government through the Federal executive council has directed that all companies or entities in Nigeria should make use of only local professionals,” he said.
NIESV President, Dr. Bolarinde Patunola-Ajayi, assured that the institution would keep members abreast with new trends in the profession through MCPD programmes, adding that the current programmes are meant to benchmark with international practice standards.
A board member, and Chairman, Professional Practice Committee (PPC), ESVARBON, Mr. Victor Alonge explained that the ‘Green Book’ would address t h e s h o r t c o m i n g s a n d general inadequacy in the current template.
“It would incorporate Professional Standards (PS) and Valuation Practice Statements (VPS), that all members providing a written valuation would be required to comply with.
“Th e Green Book” will set out procedural rules and guidance for valuers.
It will cover matters relating to ethics and conduct, but also establish a framework for uniformity and best practice in the execution and delivery of valuations,” he said.