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Estate surveyors seek consumers’ protection in electricity assets valuation

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FILE PHOTO: Electricity pylons PHOTO: REUTERS/Neil Hall/File Photo

Determined to ensure better performance of major public utilities, estate surveyors have moved to educate members on the valuation of electricity supply assets.

They met at a one-day webinair organised on ‘Valuation of Electricity Supply Assets by the Faculty of Plant and Equipment Valuation of the Nigerian Institution of Estate and Valuers (NIESV) in Lagos.

The facilitators were plant and machinery expert, Mr. Paul Osaji on ‘Obsolescence in Electricity Infrastructure Assets’ and the Managing member, RKN Valuation Advisors, LLC, Gregory Kort on ‘Valuation of Electricity Generation Assets in a Carbon Neutral Market Place’ and Mr. Kola Adefila.

Setting the tone for the programme, the faculty Chairman, Mr. Kelvin Ofili, who said the final consumers of electricity supply are poor farmers in rural communities, urged valuers to protect them.

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Ofili said the webinar is meant to train and retrain estate surveyors to face challenges of asset valuation in electricity generation, transmission and distribution business in the country.

“Public utility is usually regulated all over the world by government agency to guarantee value for money for the citizenry, who pays for the cost of running the entire power infrastructure value chain – from electricity generation to distribution.

“Nigerian government having realised the importance of this electricity supply services and the need to optimise value to consumers of electricity services commenced unbundling and partial privatisation of its power sector.

According to him, this will establish a competitive market with the intention of achieving better management, increase in electricity generation and cost-effective supply as well as attract private investment in that sector.

Ofili added: “The government power sector privatisation policy will generate a lot of demand for different services of which asset valuation for different purposes such as purchase price allocation, accounting, merger and acquisition.”

In his speech at the webnair, NIESV President, Emmanuel Wike, lauded the faculty for organising the programme in line with the mandate of the institution to advance training and acquisition of specialist knowledge by practitioners.

“To remain relevant and maximally benefit from the potentials and long-term prospects in the industry, we must intensify our skills acquisition efforts,” he said.

Wike said: “We will not relent in growing our standards and professionalism to be at par with international best practices and standards, especially in today’s technology driven world, where every profession is embracing technology to remain relevant.

“We cannot afford to operate in isolation of other internationally accepted market standards in the real estate sector.”

He disclosed that the 15 faculties in the institution are training their members to be specialists in their areas of specialisation. “This has greatly improved the quality of services rendered by our members and the institution, as members are adjudged to be the leading professionals in valuation and real estate services in Africa.”

He noted that the Nigerian economy is unique with specific challenges in all areas of professional services. “Valuation of electricity supply assets is one of the specific challenges. This training programme offers a fresh insight into the challenges, as well as a roadmap to turning the challenges to prospects and benefits,” Wike added.

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