The Financial Reporting Council (FRC) of Nigeria has urged estate surveyors and valuers to uphold the profession’s long-standing tradition of excellence, value creation and integrity, describing these attributes as central to the growth of the real estate sector and national development.
Speaking at the induction of 539 new members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) in Lagos, the Executive Secretary/Chief Executive Officer, Dr Rabiu Olowo, said both the profession and the national financial architecture are undergoing major transformation. He noted that valuation in today’s Nigeria has evolved beyond a narrow technical function.
Olowo warned that valuers must understand that their work carries significant implications for businesses, regulators, investors, lenders, development partners and the ordinary citizen, whose economic welfare can be influenced by the decisions they report.
“As you become part of the larger national infrastructure that supports investment decisions, you must protect the public interest, enhance capital market integrity, guide government policies, strengthen corporate accountability and shape the credibility of financial reporting,” he said.
He disclosed that the collaboration between NIESV and FRC will create greater opportunities for professionals, adding that both bodies are committed to ensuring that quackery is eliminated from the profession.
The partnership, he said, was demonstrated in the development of the Valuation for Financial Reporting Regulation, a landmark instrument set to reshape valuation practices within financial reporting in Nigeria.
“You will be producing foundational reports that carry legal, financial and reputational implications for organisations. Your assessment of fair value will influence decisions on loans, investments, mergers and acquisitions, insurance claims, government asset management and even court judgments,” he added.
Olowo urged the inductees to embrace continuous learning, stressing that valuation is dynamic and society is increasingly demanding transparency. He advised them to uphold professional ethics, avoid conflicts of interest, rigorously document assumptions and challenge unreliable information.
Chairman of the occasion and Group Chairman of NGX Group, Umar Kwairanga, said the role of estate surveyors and valuers has become central to financial stability and economic growth.
He stressed that accurate valuation, proper guidance and transparent processes are no longer optional but the pillars on which investors, lenders and bankers rely.
Kwairanga noted that integrity remains the foundation of practice, transforming valuation reports into credible documents that inspire investor confidence. He urged the inductees to commit to lifelong learning and uphold true value through the impact they create.
NIESV President, Mr Kunle Alonge, charged the new members to channel their energy into making positive contributions that enhance the profession. He said that in a business environment driven by technology and sophisticated strategies, members must prioritise knowledge acquisition and commit to the institution’s training programmes.
“We have produced highly resourceful and professional members with sound ethical practices comparable globally. Through strategic engagement, we have been interfacing with the National Assembly on laws affecting our practice areas and on reforms of our structures and systems. I urge you to impact society with ideas and skills. Be unsatisfied with being ordinary,” Alonge said.
Special guest of honour and Chairman/CEO of The Address Homes Ltd, Bisi Onasanya, commended NIESV’s leadership and emphasised the importance of integrity in practice. He encouraged the inductees to embrace hard work, develop resilience and remain committed to continuous learning.
