Estate surveyors and valuers have urged the federal government, states and local councils to reposition the tenement rate administration as a pivotal tool for achieving economic growth and development in the country.
The Nigerian Institution of Estate Surveyors and Valuers (NIESV) pointed out that by addressing existing challenges and implementing strategic reforms, local councils can unlock the full potential of tenement rates as a reliable revenue source. This, in turn, it said, will contribute to improved public services, infrastructure development, and economic stability.
A past president of the institution, Mr Emma Wike, led the charge at the 31st John Wood Ekpenyong yearly memorial lecture entitled: ‘Repositioning Tenement Rate Administration for Economic Growth and Development’ and induction of 148 fellows as well as conferment of honorary fellow on Senate President, Dr Godswill Akpabio, in Lagos.
Wike said although some controversies have often marred the process of tenement rate in the past, effective administration of tenement rating can generate substantial income for the relevant authorities, provided the challenges are tackled directly.
He emphasised that estate surveyors and valuers are the right professionals to manage tenement ratings, as they possess the expertise required for this task. “Estate surveyors and valuers play a crucial role in nation-building, particularly in the areas of revenue generation and wealth creation for all levels of government.”
He urged local councils to establish a proper institutional framework, with licensed estate surveyors and valuers managing the administration of tenement rates and all property-related taxes, adding that the approach would enhance the effectiveness and efficiency of the process.
According to him, by implementing this framework, local councils will not only increase their income but also empower them financially to meet their responsibilities to their communities.
NIESV President, Mr Victor Alonge, said the contribution of the late John Wood Ekpenyong to the growth of the profession has remained indelible in the sands of time. He urged practitioners to emulate his legacies of integrity, and commitment to professionalism.
Addressing the 148 new fellows, Alonge said: “It is expected of them to show quality leadership to other members of the profession, especially the younger ones and espouse the profession for the benefit of humanity. Your actions should inspire and influence those around you. Use this influence wisely.”
He charged them to continue absolute compliance to professional ethics and standards of practice, and total commitment to the aims and objectives of the institution.
“Working overtly or covertly against the interest of the institution will be met with toughest sanctions and penalties. Training, re-training and up-skilling are the hallmarks of professionalism. I charge you to remain committed to the continuous acquisition of knowledge. The digital landscape offers incredible opportunities for all kinds of endeavours and adventure. You have the privilege of using technology to make positive changes,” Alonge said.
On the NIESV’s honorary fellow conferment to the Senate President, Godswill Akpabio, Alonge said the decision was based on the lawmaker contributions to the development of the profession and the institution, which stands him out for a place in the institution’s community of honorary fellows.
Earlier, the Minister of Housing and Urban Development, Ahmed Dangiwa, expressed the need for innovative solutions to tenement rate administration in the country by leveraging the use of technology to improve data collection, enhance policy awareness and strengthen the legal framework to ensure compliance.
He pledged the ministry’s willingness to support initiatives that support efficient tenement rate administration, adding that new opportunities for growth and development can be harnessed across all tiers of government.
Dangiwa commended NIESV for being at the forefront of advancing sustainable development, and formulation of best practices in the real estate sector. He added that the contribution of the institution to policy formulation, town planning and valuation has been enormous.
A past president of the institution, Sir Rowland Abonta, who chaired the event, advised the new fellows to imbibe the culture of good leadership, join hands for the growth of the institution and shun attempts at imposing parallel leadership.
