Estate surveyors seek CIBN’s support to enhance standards

To ensure professional proficiency and good ethical standards, the Nigerian Institution of Estate Surveyors and Valuers (NIESV) has sought the partnership of the Chartered Institute of Bankers of Nigeria (CIBN).

The President of NIESV, Dr Bolarinde Patunola-Ajayi, said the partnership will focus in the areas of common operations in banking and real estate practice with a view to meeting the best global standards and national regulations.

Speaking, when he led NIESV council members on a courtesy visit to the CIBN’s President, Prof.  Segun Ajibola, last week at Bankers House in Lagos,  Dr  Patunola-Ajayi said, the move became necessary since in practice,  members render services to banks in a number of ways.

The services, he said, include property valuation for all purposes, foreclosure and sale of properties, letting and leasing of properties, property and facilities management, valuation of assets, project management, real estate consultancy and advisory services, debt recovery and auctioneering.

According to him, there is urgent need for members to work out the best mortgage valuation template that is acceptable to all banks in line with NIESV professional standards and the Financial Reporting Council of Nigeria (FRCN).

The NIESV boss also want the discussion to include the relationship with any firm that carry out valuation for banks during the performance of loan to discharge foreclosure, saying the issue is very important now as the value of property is adversely affected by the global economy and there would be the need to re-appraise the collaterals from time to time.

According to him, the sales of foreclosed and investment property are best handled with the appointment of firms of estate surveyors and valuers, since the bank, will be able to reach the property market quickly and get the best from it, while NIESV recommends appropriate method of sale for the auctioneering of the property to the financial institution in order to ensure recovery of debts on loans collected from banks.

On management of property, Dr Patunola-Ajayi, lamented that although all of these services and many more are rendered to the banks in return for professional fees, the payment of such fees is not in line with  the scale of fees of the  ESVARBON for professional estate surveying and valuation services.

He therefore called on the president of CIBN to address this issue with the aim of paying members fees that are commensurate with services to the banks.

Responding, the CIBN president and Chairman of Council, Prof   Ajibola  stressed the need for collaboration between the two professional bodies,  saying  the relevance of  the professions that provide   the  two essential needs of humanity cannot be under estimated.

According to him, there is need for synergy between the two bodies because of their dealings with money and housing, if the nation’s housing needs are to be realized.

He however appealed to the NIESV to checkmate the unwholesome practices in the profession by curbing quackery as well as enlightening the public on who is really an estate surveyor and valuer.

He also noted the existence of professional encroachment on the profession and called on the leadership of NIESV to emulate CIBN, which has established several subcommittees on professional ethics to sanitise the banking sector.

According to him, there is need to checklist and ensure strict compliance by professionals at all times as it will amount to professional inefficiency if there is for instance no insurance cover for property managed by members of NIESV.

On issue involving the scale of fees, Prof Ajibola said, the complaint has been discussed at the body of Bank Chief Executives meetings but  stressed that it is difficult to help in the enforcement of  the scales because it is within NIESV and its members to see how to guide and protect it, the same way Bankers Committee meet to regulate bankers’ tariff.